Brazil's central bank surprises with size of rate hike

07/24/2008 | Bloomberg

Brazil's central bank signaled its determination to battle inflation by raising interest rates more than expected for the second time in three meetings. Policymakers raised the bank's overnight-lending rate by 0.75 percentage point to 13%. "The tightening doesn't stop here," said Marcelo Carvalho, Morgan Stanley's chief economist for Brazil.

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