Brazil cuts Selic rate to new record low of 7.25 pct
BRASILIA Oct 10 (Reuters) - Brazil's central bank on Wednesday cut its benchmark interest rate for the tenth straight time to 7.25 percent, adding further stimulus to a languid recovery on fears the global economy is still unstable.
Twenty-eight of the 45 analysts polled by Reuters expected the central bank's monetary policy committee to leave the Selic rate unchanged at 7.50 percent. However, an overwhelming majority of market traders had predicted a 25 basis points cut to extend a year-long easing cycle.
The decision was not unanimous.
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