Brazil's Central Bank Expected to Hike
Brazil's central bank is likely to keep raising interest rates and take the Selic benchmark rate to 15% this year, according to the median forecast in the bank's weekly survey of analysts. They see inflation accelerating nonetheless, to end 2025 at 5.5% and remain above the bank's 3% target until 2028. The BCB is expected to hike by a full point this week, taking the Selic to 13.25%. It will be the first meeting led by Gabriel Galípolo, an economist nominated by Brazil's leftist president Lula da Silva. Some analysts worry Galípolo would lower rates before inflation is stabilized at 3%.
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