Egad on Brazil

Zero Hedge quoting Goldman Sachs:

According to the monthly FGV Index, consumer confidence (CC) posted a large 4.9% mom sa decline in February, adding to the even larger 6.7% mom sa decline recorded in January. The overall consumer confidence index is now at its lowest level since the index started to be reported in September 2005. Furthermore, consumer confidence is currently 34% below the April 2012 peak and 26% below the average of the last five years.

Sounds like bad news to me.