Brazil Accelerates Interest Rate Cuts Amid Lackluster Growth
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Brazil’s central bank surprised analysts by accelerating the pace of interest rate cuts, bringing borrowing costs below 10 percent for only the second time amid signs of lackluster growth in Latin America’s biggest economy.
In a split vote yesterday, policy makers led by bank President Alexandre Tombini cut the Selic rate by 75 basis points to 9.75 percent. Two dissenting members voted to lower the rate by a half point for a fifth straight meeting.