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Brazil Raises Benchmark Interest Rate By 50 bps To 10.50%, More Than Expected

zerohedge.com / by Tyler Durden / 01/15/2014 17:16 -0500

The rest of the world may be stuck importing Japan’s deflation (and Europe may be even contemplating launching a Fed type QE as BNP suggested first some time ago), but one country is doing all in its power, and more, to slow down hot money and the resulting inflation – Brazil. Moments ago the Central Bank of Brazil raised the Benchmark Selic interest rate by 50 bps points more than the 25 bps expected, to 10.50%.

From the press release:

Brasília – Continuing the adjustment of the basic interest rate process, initiated in April 2013 meeting, the Committee decided unanimously, at this time, to raise the Selic rate by 0.50 percentage points to 10.50%, with no bias.

This is how Brazil’s interest rates have looked in the past 6 years:

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