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Brazil opts for steep rate hike in end to bold tightening
Brazil raised interest rates to a nine-year high on Wednesday, but signaled it was ending one of the world's most aggressive tightening cycles despite fears that a weakening local currency could stoke already high inflation. In a unanimous vote, the central bank's monetary policy committee, known as Copom, hiked the benchmark Selic rate by 50 basis points for a sixth straight time to 14.25 percent, the highest among the world's top 10 economies. The move, which takes the Selic to its highest level since July 2006, was expected by a majority of economists and traders. In its decision statement, the bank clearly ... (full story)