Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.404

-14.1%

Dec 31 3:59 PM EST

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To: wl9839 who wrote (15372)	5/18/1999 3:24:00 PM
From: Steve Fancy	Read Replies (2) of 22640

Brazil says Fed decision not to affect local rates ReutersPlus, Tuesday, May 18, 1999 at 15:07 BRASILIA, May 18 (Reuters) - Brazil's Central Bank said Tuesday afternoon that the U.S. Federal Reserves decision to adopt a tightening bias on credit was expected and should not affect its own interest rate policy meeting on Wednesday. "I do not think that there will be a repercussion on the market here," the Central Bank's director of monetary policy, Luiz Fernando Figueiredo, said when asked about the impact on the upcoming meeting. "It was well within expectations." The Fed left interest rates unchanged on Tuesday but signaled its willingness to raise rates in the future to curb inflation by adopting a formal policy bias toward higher borrowing costs. Brazilian markets have worried that a change in U.S. rates policy could lure investors out of capital markets, forcing Brazil's Central Bank to slow its policy of quick rate reductions at home. The bank has slashed the benchmark Selic from to 27 percent from 45 percent amid signs Brazil has turned the corner on a currency crisis that had threatened to undermine the economy. The Central Bank's Monetary Policy Committee (Copom) was expected to cut rates again at its monthly meeting on Wednesday. Copyright 1999, Reuters News Service

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