Brazil cuts rates. Is China next?

Brazil is one of the world's hottest economies. But even it is feeling a need to cut interest rates in response to a slowdown in the developed world.

Despite the fact that inflation is still a major concern in the land of Carnival, Brazil's central bank cut its benchmark Selic rate late Wednesday by half a percentage point.

Rates in Brazil are still a whopping 11.5%, a reflection of the strength of the oil-rich Brazilian economy. But the latest cut comes on the heels of another half-point cut back on August 31. And here's what is most telling. The decision to lower rates was unanimous.

Read Full Article from CNNMoney

- Posted: 2011-10-20 14:24:12

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