Brazil’s MPC hikes again, but signals possible end to tightening

Brazil’s monetary policy committee (MPC) voted unanimously for a 50 basis point increase in the key Selic rate, taking it to 13.75%, on August 3.

The MPC said it was taking “monetary tightening significantly into even more restrictive territory”, given its “inflation projections and the risk of a deanchoring of long-term expectations”. But the Central Bank of Brazil’s (BCB) policy statement hinted that it might be near the end of its tightening cycle.

Despite the sharp tightening in financing

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