Brazil, Peru to Cut Rates in 2009

Brazil, Peru to Cut Rates in 2009


Brazil and Peru are expected to start easing rates next year. Credit Suisse believes there is room for a monetary easing cycle in Brazil starting at the next Copom meeting on January 20-21, 2009. Goldman Sachs forecasts six consecutive cuts of 25bp per meeting beginning in January, reducing the Selic to 12.25% by September 2009. The rate should remain unchanged at 12.25% until 2010, says Goldman. On December 10 the rate was kept unchanged at 13.75%. On the same date, Peru also opted to keep rate

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