Brazil offers scant explanation for rate cut

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The Monetary Policy Committee (MPC) at the Central Bank of Brazil on Wednesday cut the country's benchmark interest rate, known as the Selic rate, to 11.5% from 12%.

In a short statement, the policy-makers said they acted to "mitigate the effects" of a "more restrictive global environment". When pressed, a spokesperson told CentralBanking.com that "everything will be clarified in the official document [the Copom´s Ata] that summarises the entire meeting". The document will be published on Octobe

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