Brazil Holds Interest Rate at 15% and Refrains From Signaling Cuts Are Near

Brazil’s central bank held its key interest rate steady at a nearly two-decade high and refrained from indicating the start of easing is near as inflation forecasts run above target despite a softer economy.

Board members led by Gabriel Galipolo voted unanimously to keep the benchmark Selic unchanged at 15% for the fourth straight meeting on Wednesday, as expected by all economists in a Bloomberg survey. In a statement accompanying the decision, policymakers wrote that the current outlook is marked by “high uncertainty” and requires caution.