The main feature of the recent economic scenario is the speed with which indicators and expectations became worse, and the multiplicity of dimensions in which this deterioration has happened, from the level of activity to the inflation of external accounts. Wherever you look - with the exception of agriculture - the situation seems more difficult than the average of the last ten years.  It is difficult to point out a single cause behind this deterioration. The change in the external panel is undoubtedly an important factor. The Chinese slowdown overthrew the price of some exports and will discourage investment. The indication that the Fed begins to think about going back  to monetary normality in the US caused an impact to the financial assets market in Brazil, which depreciated sharply. The cost of corporate financing increased and will be another limiting factor of investment. Read the full analysis on the impact of the external shift in the Brazilian economy and the nature of the growth model adopted by the country in the last edition of IBRE's Macro Bulletin (in Portuguese).