Brazil’s MPC raises rate and tightens forward guidance

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The Central Bank of Brazil’s monetary policy committee increased its policy rate by 75 basis points for the third consecutive time.

The monetary policy committee voted unanimously to increase the Selic rate to 4.25%, bringing its cumulative rises in 2021 to 225bp. The MPC said it was likely to raise the rate again by “the same magnitude” at its next meeting, scheduled for August 4.

The CBB said it was tightening policy in a bid to contain above-target inflation, which is being pushed higher in

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