Gustavo Rangel News
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Brazil’s central bank raised its benchmark rate for the first time since July 2011, as policy makers seek to slow inflation levels jeopardizing an economic recovery.
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Brazil’s real climbed to a one-week high after the central bank raised its inflation forecasts, spurring speculation that policy makers will allow the currency to strengthen to curb price increases.
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Brazil is likely to keep its key interest rate at a record low for the third straight meeting, as policy makers are caught between a fragile economic recovery and faster-than-expected inflation.
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Brazil’s swap rates fell after President Dilma Rousseff announced cuts in taxes on food staples to curb inflation, reviving speculation that the central bank will refrain from increasing borrowing costs.
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Brazil’s real fell from a 10-month high after the central bank sold $1 billion of reverse foreign- exchange swaps to weaken the currency.
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The race to succeed President Alan Garcia of Peru, a country where one-third of the populace lives in poverty, may be decided in up-and-coming neighborhoods such as Independencia where children of peasants who fled the countryside now work and shop at the nation’s biggest mall.
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Credit in Brazil’s economy last month continued to expand at its fastest pace of 2011, failing to respond to efforts by the government to slow its growth.
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Economists covering the Brazilian economy cut their forecast for 2012 inflation for a third straight week as the economy shows signs of cooling and raw materials costs fall on slower global growth.
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Brazil’s central bank slowed the pace of rate increases on a less-than-unanimous vote, saying they need to implement policy adjustments “for a sufficiently long period” to bring inflation to target next year.
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Brazil’s central bank cut borrowing costs by half a point for a second straight meeting, as growth in Latin America’s biggest economy slows amid Europe’s sovereign-debt crisis.
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