Brazil central bank slashes its benchmark rate by 75 points, to 3.0%

Banco Central do Brasil –┬áSelic rate cut by 0.75% to 3.0%

A 50pt cut was broadly expected
  • Citing a deeper economic contraction than the Bank had forecast at its previous meeting
  • foreshadows potential for further cuts at the meeting ahead (another 75bps in consideration)
more to come