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Brazil: Selic rate left unchanged at 11%; we expect stability to continue for the rest of the year

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Published on Thursday, July 17, 2014

Brazil: Selic rate left unchanged at 11%; we expect stability to continue for the rest of the year

Also in Brazil, retail sales surprised to the upside in May, supporting our forecast for GDP growth in 2Q14 at 0.1% QoQ. Today we expect a 0.25% MoM drop in May’s economic activity index, although the retail sales print adds an upwards bias to our forecast.