The trend of higher growth, lower interest rates and the performance of past investments are factors that will strongly attract investments to the Brazilian capital market.

The way international investors look at Brazil is changing. Brazil is consolidating its position as an interesting investment alternative in the equity market as well as in the bond market.

We are recommending our clients to try to avoid the second half because the uncertainty with the electoral picture may bring volatility. It will be a period of increased risk, but we might be positively surprised.

Based on the performance in 2005 and what is on the horizon, the growth will be sustainable for this year.

Idaho's economic performance continues to rank with the best in the nation. Most signs suggest solid growth will remain on track in the New Year.

A recovery of growth to around trend in the first half of 2006 will not threaten interest rates in either direction.