Brazil Economists Lift Rate Forecasts on Oil Spike

Brazilian economists have revised their forecasts upward for the benchmark Selic interest rate for both the current and upcoming years. This adjustment is attributed to a significant energy price spike, exacerbated by geopolitical tensions. The reverberations of increased oil costs are impacting Latin America's largest economy, prompting a more hawkish monetary policy outlook. This signals potential headwinds for economic growth as borrowing costs are expected to rise, influencing investment and consumer spending decisions across the region.