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Brazil’s central bank keeps rates unchanged after 12 consecutive rate hikes

BRASILIA (Reuters) – Brazil’s central bank opted to keep interest rates on hold on Wednesday, pausing an aggressive monetary tightening cycle, even as U.S. and European policymakers continue to race to catch up with inflation. The bank’s rate-setting committee, known as Copom, voted 7-2 to keep its benchmark Selic rate at 13.75% after 12 consecutive hikes, as expected by 24 of 32 economists polled by Reuters like that. In doing so, policymakers may have ended the world’s most aggressive rate hike cycle, raising the Selick rate from a record low of 2% in March 2021 and putting Brazil ahead of many central banks that have only recently started raising rates. .