Brazilian MPC holds rates despite pressure

President says policy rate is “absurd” but MPC says expectations not yet anchored round targets

Central Bank of Brazil
Central Bank of Brazil

The Central Bank of Brazil’s (BCB) board decided to hold its Selic policy rate at 13.75% at its March 22 monetary policy meeting.

The board has held rates since last September, despite persistent criticism from Brazil’s president.

Year-on-year headline inflation has fallen sharply since last June, from 11.9% that month to 5.6% in February. However, inflation has decelerated much more slowly in recent months, falling to 5.9% in November.

The BCB’s inflation target for 2023 is 3.25%, with a 1.5

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