Brazil cuts rates to new record low as inflation drops

The Central Bank of Brazil
Central Bank of Brazil

The Central Bank of Brazil (BCB) reduced interest rates to a new record low today (October 30) on below-target inflation, protracted weak growth and high unemployment.

The monetary policy committee reduced the key Selic rate by 50 basis points to 5%. Inflation fell sharply last month, moving further away from the central bank’s policy goal. This is the third 50bp-rate cut since the BCB started the current loosening cycle in July.

In September, the IPCA benchmark inflation index rose year on

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