Brazil: 75 basis point cut. Benchmark overnight rate adjusted from 10.5 to 9.75 percent.
Indonesia: no change. Benchmark overnight rate still 5.75 percent.
Malaysia: no change. Benchmark overnight rate still 3 percent.
Peru: no change. Benchmark rate still 4.25 percent.
Poland: no change. Benchmark seven-day rate still 4.5 percent.
South Korea: no change. Benchmark seven-day repo rate still 3.25 percent.
The most significant was without a doubt Brazil, so I’m going focus on Brazil today and address the other five another time. Expectations in recent weeks held that Brazil would enact a 50 point cut up until the eleventh hour when certain stakeholders clamored for more. In the end, the central bank went for 75 points. This 25 point discrepancy has bigger implications than meet the eye.