Brazil's Copom held rates over inflation fears

Brazil's monetary policy committee (Copom) minutes said that a majority of members decided to leave rates unchanged last week fearing that the inflation hike could go beyond January.

One member, however, considered that conditions were met for a reduction in the Selic benchmark rate of 25 basis points to 16.25 pct.

In the minutes of its January meeting, released 30 January, the Copom said that a majority of its members considered that the negative effect of keeping rates unchanged -- when the m