May 6, 2020 / 9:32 PM / a month ago

Brazil makes bigger-than-expected rate cut to record-low 3%

BRASILIA, May 6 (Reuters) - Brazil's central bank slashed its benchmark interest rate by more than expected on Wednesday, with a 75-basis-point cut to a record-low 3.00% cranking up monetary stimulus to help shield the economy from the coronavirus pandemic.

The bank's nine-person rate-setting committee, known as Copom, said its decision was unanimous, although two policymakers suggested an even larger cut. A Reuters survey of 26 economists at the end of April had forecast a second consecutive rate cut of 50 basis points at Wednesday's meeting. (Reporting by Jamie McGeever Editing by Brad Haynes)

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