January 12, 2017 / 11:28 AM / 8 months ago

Yields on Brazil rate futures tighten after central bank action

SAO PAULO, Jan 12 (Reuters) - Yields on Brazilian interest rate future contracts tightened sharply on Thursday after the central bank cut rates more aggressively than expected to fight a deep recession.

After market close on Wednesday, the central bank reduced the benchmark Selic overnight lending rate by 75 basis points to 13.00 percent, its lowest in two years. Most traders expected a 50 basis-point cut. (Reporting by Bruno Federowski. Editing by Jane Merriman)

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