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Brazil cuts rate for 8th time as recovery falters
* Decision to cut rate by half a point was expected. * Sluggish recovery gives room for more easing. * Lower rates a top priority for President Rousseff. Brazil cut its benchmark interest rate to a record-low 8 percent on Wednesday as policymakers scramble to revive an economy that has failed for nearly a year to respond to a barrage of stimulus measures. The central bank's monetary policy board, known as Copom, unanimously decided to lower the so-called Selic rate by half a percentage point, as expected. It was the eighth consecutive cut since last August, when the Selic stood at 12.5 percent. A slower-than-forecast ... (full story)