Brazil president intervenes in monetary policy

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Luiz Inacio Lula da Silva, Brazil's president, on Wednesday reneged on an earlier pledge to respect the central bank's autonomy by calling on the institution to cut rates.

Lula said at a conference in Brasilia it was "desirable and possible" for the Central Bank of Brazil to cut its benchmark Selic rate further despite it already being at a record low.

In July 2008, Lula defended the central bank's autonomy shortly after the institution decided to make its biggest rate hike in more than five yea

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