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MNI BRIEF: Brazil's Copom Hikes Selic Rate By 25BP To 10.75%

MNI (BRASILIA) - The Central Bank of Brazil (BCB) unanimously decided to raise its official Selic rate by 25 basis points to 10.75% Wednesday, after holding borrowing costs steady for two consecutive meetings.

"The scenario, marked by resilient economic activity, labor market pressures, positive output gap, an increase in the inflation projections, and deanchored expectations, requires a more contractionary monetary policy," the statement said. 
 
This marks the first hike since August 2022, and follows nearly a year of aggressive easing. The decision was in line with market expectations.
 
"The pace of future adjustments of the interest rate and the total magnitude of the cycle that just started will be determined by the firm commitment of reaching the inflation target and will depend on the inflation dynamics," the Copom statement said, offering no direct forward guidance. (See MNI INTERVIEW: Mesquita Sees 25BP BCB Hike, 50 Not Ruled Out)
HomepageEM Policy NewsEM BriefEM Central Bank NewsBrazil Central BankGlobalStoryRegion
HomepageEM Policy NewsEM BriefEM Central Bank NewsBrazil Central BankGlobalStoryRegion

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