The Federal Reserve unsettled US markets yesterday, when after cutting the Fed funds rate by an expected 25 basis points to 2 per cent, the central bank left its policy outlook open.
Meanwhile, Brazil's stock and bond markets and currency rallied sharply after Standard & Poor's upgraded the country's sovereign rating to triple B minus, the lowest investment grade rung. The Bovespa index surged more than 6 per cent to a record high.
