Seeking Alpha

Brazil's central bank again hikes rates

  • It's the 5th consecutive rate hike for the central bank, which raised the benchmark Selic 50 basis points to 9.5%. No changes were made to the accompanying statement, implying #6 is coming at November's meeting.
  • Economist consensus has rates at 9.75% by year's end, and many foresee double-digits in 2014. The most recent CPI data has annualized inflation at 5.86% - lower than a couple of months ago - but still well above the 4.5% marking the top end of the target level.
  • The Bovespa is lagging most major markets today, +0.5%.
  • EWZ +1.6%, BRF +1.9%.
  • Other ETFs: EWZS, BRAF, BRXX, UBR, BZQ, BRAZ, BRAQ, BRZS, BRZU, BZF.
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