Brazilian central bank interrupts rate-cutting cycle
Monetary policy committee says space for further monetary stimulus “should be small”
The Central Bank of Brazil left its key Selic rate unchanged at 2% on September 16, after nine consecutive rate cuts starting in July 2019.
The nine monetary policy committee members, led by governor Roberto Oliveira Campos Neto, voted unanimously to hold rates. The committee’s statement says that Brazil faces higher inflation risks. Any further cut would have seen the policy rate reach a new record low.
The MPC says that “current economic conditions continue to recommend an unusually strong
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