Tombini’s inflation credentials strengthened by Brazil rate hike
The Central Bank of Brazil on Wednesday hiked its target rate by 50 basis points, as Alexandre Tombini, the institution's new governor, looked to cement his inflation-fighting credentials.
The central bank said the hike, which takes the benchmark Selic rate to 11.25% – the highest benchmark rate in the G20 – was the first step in "a process of adjusting the base rate, the effects of which, added to those of macroprudential measures, will contribute to the convergence of inflation to the target
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