By Paulo Trevisani
Brazil's central bank paused its easing cycle Wednesday as inflation remains above target.
The bank kept its Selic benchmark interest rate at 10.5% following seven consecutive cuts since August, when the policy rate was 13.75%.
The bank's monetary policy committee, known as COPOM, said in a statement that "monetary policy should continue being contractionary" in order to drive inflation and inflation expectations down to target.
Consumer prices in Brazil rose 3.9% in the 12 months through May, above the central bank's 3% target.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
(END) Dow Jones Newswires
06-19-24 2016ET