Brazil surprises with bigger rate cut, signals another

Brazil’s central bank slashed interest rates more than expected on Wednesday, cutting its benchmark Selic rate by 75 basis points to a record-low 3.00% and previewing another cut as it battles an economic crisis fueled by the coronavirus pandemic.

It was Brazil’s biggest rate cut since October 2017 and, recognizing that the downturn will be greater than previously thought, policymakers signaled they are ready to cut rates by up to 75 basis points at their next meeting in June.

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