Brazil inflation report suggests more tightening to come

The Central Bank of Brazil’s Q2 Inflation Report gives the clearest indication yet that policymakersbelieve they have more work to do in the fight against inflation. We’ve pencilled in another 50bpincrease in the benchmark Selic interest rate to 14.25% next month, followed by an additional 25bpincrease at September’s COPOM meeting.

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