Brazil slashes, signals further easing

The Central Bank of Brazil made its most aggressive cut in more than five years on Wednesday and hinted it would ease rates further in the coming months.

The one-percentage-point cut, which leaves the benchmark Selic rate at 12.75%, surprised analysts, the majority of which had forecast a three-quarter-point move.

COPOM, the central bank's rate-setting committee voted five to three in favour of the step. The three against the decision backed a three-quarter-point lowering.

The committee said it

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