Brazil Boosts Rate by Half-Point Saying Level Is High Enough
ByBrazil’s central bank raised its key rate by 50 basis points for a sixth straight meeting and signaled that borrowing costs are high enough to slow inflation toward its target.
The bank’s board, led by President Alexandre Tombini, boosted the Selic rate to 14.25 percent Wednesday as forecast by 50 of 58 economists surveyed byBLOOMBERG
. It changed language in the communique for the first time this year, adding that “holding that interest rate level for a sufficiently prolonged period is necessary for the convergence of inflation toward the target at the end of 2016.”
The central bank’s International Affairs Director Tony Volpon abstained fromWednesday’s vote after he made public comments regarding his intention to continue boosting rates. The remaining eight board members voted in favor of the 14.25 percent rate…
Brazil Boosts Rate by Half-Point Saying Level Is High Enough
