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Brazil Senate committee approves central bank financial autonomy

BY Reuters | ECONOMIC | 09:17 AM EDT

BRASILIA, June 10 (Reuters) - A Brazilian Senate committee on Wednesday approved a constitutional amendment granting the central bank financial autonomy, expanding its independence from the executive branch by allowing full control over its budget for salaries and investments, funded by income generated from its own financial assets.The proposal now heads to a full Senate vote, where it must pass in two rounds before undergoing the same process in the lower house.

(Reporting by Marcela Ayres)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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