Brazil Cuts Rates to 3.75% With Recession Likely After Virus

Brazil cut its benchmark interest rate by half a point to a record low in a bid to mitigate the effects of the coronavirus pandemic that’s likely to push Latin America’s largest economy into recession.

The central bank’s board, led by its President Roberto Campos Neto, on Wednesday lowered the Selic to 3.75%, as forecast by 18 of 36 economists in a Bloomberg survey. Twelve estimated a quarter-point reduction, three foresaw a 75-basis point drop and three expected borrowing costs to remain on hold.

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