Brazil's central bank cited rising inflation expectations as it kept interest rates unchanged for the fifth consecutive policy meeting on Wednesday, drawing concern from the government and weakening bets of imminent monetary easing.
The bank's rate-setting committee, known as Copom, maintained its Selic benchmark interest rate at 13.75%.
"The Committee emphasizes that it will persist until the disinflationary process consolidates and inflation expectations anchor around its targets, which have shown additional deterioration, especially at longer horizons," they added. Haddad also said Brazil's inflation is more controlled than that of other developing countries, and that inflation expectations could rapidly be reduced in light of new events.
The bank also noted the process of monetary policy tightening in major economies continued to advance, following the Federal Reserve's decision to continue raising U.S. interest rates.
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