Brazil holds rates at record low

The Central Bank of Brazil decided to keep its benchmark Selic rate at 11.25% today as growth and inflation accelerated. It is the first time in 18 meetings that the central bank has voted against a rate cut.

"After evaluating the macroeconomic outlook, the Copom [the rate-setting committee] decided unanimously to halt monetary policy easing," the central bank said.

Analysts were split on whether the central bank would hold or lower rates, but a rate cut was considered more likely after infla