Brazil cuts rates to all-time low, signals further easing ahead

SAO PAULO/BRASILIA, March 21 (Reuters) - Brazil's central bank cut interest rates to an all-time low on Wednesday and signaled it is likely to pursue an additional reduction at its May meeting as inflation continues to underwhelm.

The bank's nine-member monetary policy committee, known as Copom, cut the benchmark Selic rate by 25 basis points to 6.50 percent, capping a 775 basis-point decline since October 2016. The move was widely expected by economists in a Reuters poll. (Reporting by Bruno Federowski and Marcela Ayres; Writing by Bruno Federowski Editing by Tom Brown)