Brazil shocks markets with rate spike

The Central Bank of Brazil on Wednesday confounded analysts' expectations, opting to increase its benchmark Selic rate by 75, not 50, basis points.

Copom, the central bank's rate-setting board, has backed a half-point hike on the last three occasions. The majority of analysts predicted a rise by the same margin again, but the committee opted to tighten to 13% in order to move "inflation toward the [4.5%] target in a more timely manner."

The Selic rate last rose by such a margin since February

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.