Brazil's Central Bank Are Set to Slow Pace of Rate Cuts After Changing Guidance [Yahoo! Finance Canada]
BNP PARIBAS SPONS ADR (BNPQY)
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Source: Yahoo! Finance Canada
to back off their guidance for an additional half-point cut to the benchmark interest rate. Most Read from Bloomberg Twenty-two of 32 analysts surveyed by Bloomberg expect the bank led by Roberto Campos Neto to lower the benchmark Selic by a quarter-point to 10.5% after markets close on Wednesday. The remaining ten bet on a seventh straight reduction of 50 basis points. Traders are also split, with digital options in the local stock market indicating a 72% chance that policymakers will temper the easing pace. ADVERTISEMENT Campos Neto set the stage for the most suspenseful rate decision so far this year by telling investors last month that the bank is no longer committed to keeping its easing pace, but is instead considering four possible economic scenarios, including one with smaller rate cuts. The change in forward guidance surprised investors who were already worried about the Federal Reserve's reluctance to start reducing borrowing costs and also Brazil's weakening fiscal
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