World Economy

Brazil Holds Rates Steady

Brazil Holds Rates SteadyBrazil Holds Rates Steady

Many economists expect Brazil’s central bank to hold its benchmark interest rate, the Selic, steady at 14.25% through the end of the year, but some warn another increase can’t be ruled out as economic conditions worsen, Dow Jones reported. The central bank’s president, Alexandre Tombini, and his team left the rate unchanged in September amid a myriad of economic woes. They had expected the US Federal Reserve to raise its benchmark short-term rate from near zero in September, saying repeatedly the anticipated move had been “well communicated.”