Brazil's central bank cut its benchmark interest rate to a new low of 6.00%...
BRASILIA - Brazil’s central bank cut its benchmark interest rate to a new low of 6.00% on Wednesday, an aggressive first move in a widely anticipated easing cycle to inject life into a moribund economy and prevent inflation from slipping too far below target.
The bank’s nine-member monetary policy committee, known as Copom, voted unanimously to lower the Selic rate by 50 basis points, a move predicted by 10 out of 27 economists in a Reuters poll. Fourteen predicted a milder 25-basis-point cut. “The decision to start with a 50-basis-point cut ... shows that the central bank is confident in its strategy. It sees an important shift in the balance of risks after the approval of pension reform and the Fed rate cut,” said Zeina Latif, chief economist at XP Investimentos.
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