Getting the worst of it today (again) is Brazil, the Bovespa -3.1% amidst growing signs of something beyond a healthy slowdown in major customer China. In America, we don't fight the Fed. Brazil? The central bank is expected to cut another 50 basis points to 8% tomorrow, continuing aggressive easing that has brought the benchmark rate down from 12.5% a year ago. EWZ -30% Y/Y.