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Bolsonaro. Photo: Evaristo SA/AFP/Getty Images

Brazil’s economy contracted in the first quarter of 2019, raising the prospect of another recession in Latin America’s largest country, per the BBC.

Why it matters: This is more bad news for President Jair Bolsonaro, who had promised to revive an economy that has limped out of a damaging recession in 2015–2016.

  • The electorate is impatient. Five months into his presidency, Bolsonaro’s approval ratings have been cut in half, to about 30%.
  • The FT’s Andres Schipani says he’s alienating much of the country with his focus on “culture wars,” and “shrinking back to his original power base of 15-20% of the electorate."

The big question for investors is whether Bolsonaro will deliver much-needed pension reforms.

  • “We think it will come through [later this year], but the difficulty is how far it will be watered down as it gets through Congress,” says the FT’s Michael Stott, speaking on the World Weekly podcast. “Because Bolsonaro, we shouldn’t forget, doesn’t have a majority in Congress” and hasn’t had much success negotiating with them so far.

Go deeper

What we know about the victims of the Indianapolis mass shooting

Officials load a body into a vehicle at the site of the mass shooting in Indianapolis. Photo:

Eight people who were killed along with several others who were injured in a Thursday evening shooting at a FedEx facility in Indianapolis have been identified by local law enforcement.

The big picture: The Sikh Coalition said at least four of the eight victims were members of the Indianapolis Sikh community.

Pompeo, wife misused State Dept. resources, federal watchdog finds

Former Secretary of State Mike Pompeo. Photo: Joe Raedle/Getty Images

The State Department's independent watchdog found that former Secretary of State Mike Pompeo violated federal ethics rules when he and his wife asked department employees to perform personal tasks on more than 100 occasions, including picking up their dog and making private dinner reservations.

Why it matters: The report comes as Pompeo pours money into a new political group amid speculation about a possible 2024 presidential run.

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