Rio Times Global Economy Briefing
The Big Three
A hawkish Fed surprise. The Federal Reserve held rates steady but signalled a likely increase this year, with nine of eighteen officials now expecting a hike — sending stocks sharply lower.
Brazil cut rates. On the same day, Brazil’s central bank lowered its Selic rate to 14.25% from 14.50%, beginning the easing cycle it has long signalled.
A new tone at the Fed. In his first meeting as chair, Kevin Warsh scrapped formal guidance and repeated a single, firm promise: the Fed “will deliver price stability.”
