*The monetary policy committee (Copom) of Brazil’s central bank (BCB) has released the minutes from its
meeting last week in which it raised the country’s benchmark interest rate (Selic) from 10.50% to 10.75%. All nine Copom members voted in favour of raising interest rates and the minutes reaffirmed previous signals that more rate hikes were on the cards. However, the minutes expressed uncertainty about the
“pace and magnitude” of the rate hike cycle. Copom stated that
“the start of the cycle should be gradual” but also reinforced
“the importance of monitoring scenarios over time, without giving future indication of next steps”.
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