Brazil’s Economy Grows More Than Expected as Interest Rate Falls

Brazil’s central bank recently lowered its interest rate by 50 basis points to 12.75% making its second consecutive rate cut.

"The global environment became more uncertain, with the disinflationary process continuing despite an environment of high core inflation and resilience in the labor market of many countries," the bank’s statement said.

Banco Central Do Brasil last made a rate hike of 50 basis points in August 2022, carrying the rate to 13.75%, the highest since early 2017, and significantly up from a record low of 2% in March 2021.

Earlier data suggested Brazil’s economic activity grew more than expected as central bankers were seen extending their easing cycle with a second straight interest rate cut last week.

The bank’s economic activity index, a proxy for GDP, rose 0.44% in July from the prior month, just more than the 0.40% median estimate from analysts in a Bloomberg survey. From a year ago, the gauge rose 0.66%, according to data published on Tuesday.

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