Brazil's Real Drops for Third Day on Concerns U.S. Rates Won't Fall Soon

(Bloomberg) -- The real declined for a third day on
speculation the Federal Reserve may keep its benchmark interest
rate unchanged, reducing the allure of riskier, emerging-
markets.

Federal Reserve Bank of Cleveland President Sandra Pianalto
said the central bank ``cannot afford to be complacent'' about
inflation. U.S. labor costs rose 1.8 percent in the first
quarter, more than the 0.6 percent initially estimated, the
Labor Department said today in Washington.


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