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Brazil set for steep rate cut despite political storm

Brazil’s central bank is widely expected to maintain its rapid pace of interest rate cuts on Wednesday despite a political crisis that has clouded the future of an economy slowly emerging from its worst recession ever.

Corruption allegations against President Michel Temer, which threaten to unseat the center-right politician and derail his economic reform agenda, tempered investors’ initial bets for an even more aggressive monetary easing cycle.

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