(Bloomberg) -- Brazilian Finance Minister Fernando Haddad said he expects the nation’s central bank to cut its policy rate by 50 basis points to 11.75% at its next meeting on Dec. 13, Valor Economico reported.

Haddad’s reported comment at a Labor Party event is in line with Central Bank President Roberto Campos Neto, who said in recent speeches that a half-point cut is the “appropriate pace.” It also matches the market consensus compiled by Bloomberg. 

Read more: No Change in Gears in Sight on Brazil Rate Cuts: Bloomberg Economics 

Haddad, speaking at the event alongside President Luiz Inácio Lula da Silva, also forecast that Brazil will end 2023 with 2 million new jobs. 

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