According to their baseline scenario, U.S. GDP is expected to grow just 2.2% this year and 1.8% in 2013.

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Confirming this sentiment and creating a win-win scenario for the CAD was a better than expected US Manufacturing PMI reading out of the United States.

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The panel urged that the tests be repeated, since unemployment is expected to exceed the level envisaged in the worst-case scenario.

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Looking at a different scenario there is a risk that stronger-than-expected U.S. economic growth emerges pressuring longer-term yields higher than expected.

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Therefore, we believe that markets will shift the expected floor for the Selic rate down to 8.5% and price a scenario in which the Central Bank continues to ease at a more gradual pace.

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Under such a scenario, known as dynamic or real-time pricing, it's expected that customers will turn up the temperature of their air conditioners a few degrees to save money.

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Under this scenario, perhaps only 1.3m of the missing 4.1m women should have been expected to return to the workforce as the economy picks up.

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In this scenario, people will act in their best economic self interest, even if that is not the expected behavior under the law.

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