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To: Chip McVickar who wrote (12890)	1/15/1999 12:05:00 PM
From: Henry Volquardsen	Read Replies (1) \| Respond to of 44573

Hi Chip Actually Brazil's inflation has been pretty low the last two years. As the article states prices were up less than 2% last year and there were even some negative monthly numbers. This is a big drop off from the hyper inflation of the early 80s. The high interest rates were needed to try an keep money in the country. The Real was tremendously overvalued and money was naturally flowing off shore. High rates were the only defense but had a devastating impact on the economy. The recent devaluation, however, will likely bring a return of inflation but hopefully it will fall short of the previous nightmare scenario.