It's good and bad news for Brazilians

Changes in liabilities were more of a mixed bag, however, as discount rate fluctuations and interest accumulations were more varied. Brazil saw its strong investment gains more than offset by liabilities that increased 17.2%, in part due to falling discount rates. Brazilian yields fell across the curve, most notably, the three-month government yield fell to 7.4% from 12.9%. Plan liabilities in the U.S. increased 7.4% as the benchmark discount rate fell to 3.8% from 4.1%.