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Latin America Business News

Brazil Hikes Key Rate 50 basis points to 10.75%

Brazil’s central bank late Wednesday raised its key interest rate to 10.75% from 10.25%, falling short of analysts’ expectations. The Brazilian Central Bank in a statement cited a softening risk of inflationary pressures as the motivation behind the rate hike. Analysts had widely expected the central bank to raise the key Selic rate by 75 basis points, to 11%, but recent reductions in inflation figures and expectations prompted market players to price in the possibility of a rate hike of 50 basis points. The central bank had raised the key rate by 75 basis points in May and again in June.

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