July 23, 2019 / 2:03 PM / 4 months ago

BAML lowers end-2019 Brazil rate outlook to 4.75%

BRASILIA, July 23 (Reuters) - Economists at Bank of America Merril Lynch on Tuesday lowered their outlook for Brazilian interest rates and economic growth, predicting that the central bank will undertake an aggressive policy easing cycle starting next week.

BAML now expects the benchmark Selic rate to be cut to a new record low of 4.75% by the end of this year from 6.50% currently, compared with its previous call of 5.50%, starting with a 50 basis point reduction next week.

The bank’s economists also lowered their 2019 economic growth forecast to 0.7% from 1.2% and next year’s projection to 1.9% from 2.2%. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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