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Brazil Analysts Forecast Steeper Interest Rate Cuts in 2016

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Brazil economists reduced their forecast for the 2016 year-end benchmark interest rate just days before the central bank meets to decide on monetary policy.

The country’s Selic rate will fall to 13.5 percent by the end of this year from the current level of 14.25 percent, according to the central bank survey of about 100 analysts published Oct. 17. That compares to the previous week’s estimate of 13.75 percent. It was the first time since May that analysts lowered their 2016 benchmark interest rate forecast.

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