Barclays On Brazil Rate Cut: "Unexpected...Unprecedented"
Feeling like one of the 62 sellside analysts tonight, all of whom had no idea Brazil would cut its overnight rate by 50 bps? Wondering what this "unexpected, unprecedented" move means for Brazil? Curious what the implications of this shocking announcement are? Here is Barclays which while still shellshocked, is the first to try to put lipstick on the pig that the BRIC economy suddenly has become.
From Barclays : Brazil: Shock and awe strategy - Copom unexpectedly cuts Selic rate 50bp.