RSS FeedMexico stocks off highs; Brazil eyes rate hike
Equities in the two largest Latin American markets shortly began to drift from stronger levels as stocks on Wall Street fell into the red.
Brazil's Bovespa closed up 14 points at 64,476.84, enough to log its third straight win. Mexico's IPC rose 0.2% to 32,108.99, also marking its third win in a row.
The Mexican economy is particularly sensitive to conditions in the U.S. as Mexico ships about 80% of its goods to its neighbor.
Bernanke's statement "focused on ways the Fed will drain reserves from the system and return its balance sheet to its pre-crisis size and average maturity when the economy approaches full employment--as though that is something the market is worrying about," wrote Sherry Cooper, global economic strategist at BMO Financial Group in a note.
"Why the Fed finds it prudent to emphasize its ability to re-normalize monetary policy when the output gap closes is beyond me. Deflation, not inflation, will be more troubling for the foreseeable future," she said.
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