Uncategorized

Brazil Keeps 14.25% Rate Amid Political Turmoil, Recession

Brazil kept borrowing costs unchanged for the ninth straight meeting on Wednesday, as policy makers grapple with a deepening recession, stubborn inflation and the fallout from a presidential impeachment trial.

The central bank’s board, led for the second time by its new chief, Ilan Goldfajn, unanimously voted to maintain the so-called Selic rate at a 10-year high of 14.25 percent. All 45 analysts surveyed by Bloomberg correctly forecast the decision. Traders in the swaps market expect policy makers to cut rates by year-end for the first time since 2012.

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