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Brazil expects fresh rate rise

Brazil was bracing Tuesday for a sixth straight interest rate hike as the central bank prepared to step up efforts to tackle rising inflation amid an economic downturnBrasília (AFP) – Brazil was bracing Tuesday for a sixth straight interest rate hike as the central bank prepared to step up efforts to tackle rising inflation amid an economic downturn. Analysts expect the bank’s monetary policy committee (Copom) will Wednesday raise the key rate from 13.25 percent, already the highest level since January 2009, by 0.5 percentage points as Latin America’s largest economy fights to keep a lid on rising prices. “The central bank wants to bring inflation down to its central target (4.5 percent) in 2016, not just below the tolerance threshold” of 6.5 percent, Ferreira said regarding a decision the bank will unveil after the market closes Wednesday.

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