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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 375.93

-1.8%

Nov 14 4:00 PM EST

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To: TobagoJack who wrote (10246)	10/19/2006 6:13:12 AM
From: elmatador	Read Replies (1) of 217802

Will catch up with China, TJ! Brazil cuts lending rate to spur economic growth BY FABIO ALVES Bloomberg News Brazil's central bank cut the benchmark lending rate a half percentage point after 10 straight reductions failed to stimulate economic growth. Policy makers cut the overnight interbank rate to 13.75 percent, as expected by 23 of 25 economists surveyed by Bloomberg. Central bankers have slashed the benchmark rate 6 percentage points since September 2005. ''Growth isn't really going anywhere, and inflation expectations are well below the targets, so there's no reason for the central bank not to lower interest rates more aggressively,'' said James Barrineau, who helps manage $9 billion in emerging-market debt at Alliance Bernstein. ``The previous 10 rate cuts didn't stimulate economic activity as much as policy makers had hoped.'' Latin America's largest economy expanded 1.2 percent in the second quarter, the smallest gain in three quarters, after a 3.3 percent growth in the first quarter and a 2.3 percent expansion in 2005. The Brazilian economy probably will grow 3 percent this year, according to the median estimate of about 100 economists in a central bank's weekly survey published Oct. 16. A currency rally ate into export revenue and prompted manufacturers to scale back output and pare staff. he Brazilian real has surged 66 percent, the best performance among the 16-most traded currencies tracked by Bloomberg, since President Luiz Inácio Lula da Silva took office in 2003.

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