Posts
After 5 successive rate raises, the central bank unexpectedly cut its benchmark...by 50 bps...to 12%.
The board led by Alexandre Tombini (above) cited the growing risk of recession in Europe and the USA...and declining interest from China for iron ore and other commodities.
Also, President Rousseff enacted recent measures to control spending and slow inflation that reached 7% in August...for the first time since 2005.
