RIO DE JANEIRO, BRAZIL - The projection for the benchmark interest rate at the end of this year has risen again in the Central Bank's Focus survey after the authority raised it last week and announced its intention to continue monetary tightening and abandon the term "partial normalization."
The market now sees the SELIC at 6.50% at the end of 2021, up from 6.25% in the last survey. For 2022, the projection remains that the rate will stay at 6.50%.
The SELIC rate is the Brazilian equivalent of the U.S. federal funds rate.
The move comes . . .