Brazil surprises with half-point cut

Brazil's central bank slashed its interest rates by a larger-than-expected 0.5% on Wednesday 30 August.

The central bank's monetary policy committee voted unanimously to reduce its selic rate to 14.25% down from 14.75%. Most market observers had expected a quarter-point cut. The selic rate now stands at its lowest level since the central bank established the monetary policy committee in June 1996.

Brazilian economic growth slowed more than analysts had forecast in the second quarter. This has b

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