Brazil hikes but hints tightening may moderate

The Central Bank of Brazil raised its key rate by 75 basis points for the second-straight vote on Wednesday, but looks likely to back smaller hikes in the coming months.

Analysts had tipped the central bank to make the rise and had expected the eight-strong rate-setting board to be unanimously in favour of the move. But three of the board backed a 50 basis-point rise, dissent which market participants took as a signal of a hike of a lesser magnitude in October.

The move follows news that the

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