Last month, Federal Reserve Chairman Jerome Powell announced a long-awaited cut to the benchmark interest rate, slashing it to 4.8 percent, down from a 23-year high of around 5.3 percent. Just hours later, Brazil’s Central Bank, or BCB, hiked borrowing costs to an astronomical 11 percent, up from an already sky-high 10.75 percent, making the South American nation a hemispheric outlier in terms of monetary policy.
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