Brazil presidential race will be polarized, Bank of America says

Brazilian Cabinet Chief Dilma Rousseff would maintain central bank independence if elected in October presidential elections, though her victory would raise concerns about the government’s fiscal situation, Bank of America-Merrill Lynch said in a report.

Bank of America, in a report published today, said likely opposition candidate Jose Serra’s past criticism of interest rates raises questions about whether he would intervene in the foreign currency market and respect the monetary authority’s independence if elected.