Brazil's Central Bank Resumes Hiking as Inflation Remains High
By Paulo Trevisani
Brazil's central bank raised interest rates for the first time in two years, just hours after the U.S. Federal Reserve joined a global cutting wave, as the victory over inflation that feels in reach in many parts of the world is looking uncertain in Latin America's largest economy.
The bank took its benchmark Selic rate to 10.75% from 10.5% on Wednesday, after keeping it on hold since May, when an easing cycle was interrupted.
The bank indicated that more hikes could be in store.
"The rhythm of future adjustments on the interest rates and the magnitude of the cycle just started will be dictated by the firm commitment to bringing inflation to target," the bank said in the post-meeting statement.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
September 18, 2024 18:05 ET (22:05 GMT)
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