In a unanimous decision Wednesday, the Brazilian Central bank held its base interest rate steady at 14.25 percent for the eighth time in a row. The base rate has now been steady for one full year. Wednesday marked the first Central Bank rate-setting meeting under its new president, economist Ilan Goldfajn. In a change of tactics, the bank issued a 10-paragraph accompanying statement, rather than just a few lines. The statement cited progress against inflation but noted that current rates were still far above the 2016 target of 4.5 percent. Inflation is now running at 8.84 percent, and economists expect an eventual rate-cutting cycle which may only come toward the end of 2016 or the beginning of 2017.
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