While central banks from other emerging nations have just started to hike rates to stem a renewed exodus of foreign capital, the Brazilian central bank has signaled its tightening cycle may be coming to an end.
The bank's president, Alexandre Tombini, said last week that past rate hikes have helped slow inflation, a hint that the bank has already done much of its job.
Annual inflation eased to 5.59 percent in January, its lowest level in more than a year, but still remains at the upper end of the official target range of 2.5 percent to 6.5 percent. A possible increase in energy rates due to a severe drought and naggingly high services prices will keep inflation under pressure this year, analysts say.
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The stability of the Brazilian real, despite the recent sell-off in emerging market assets, is another reason the bank may opt to bring the tightening cycle to an end soon.
The central bank has said a weaker real dilutes some of the effects monetary policy has over inflation. A weaker real increases the value of imported goods, which Brazilians continue to snap up at a rapid pace.
Most private economists expect the bank to raise interest rates to 11.25 percent by the end of 2014, according to a weekly central bank poll.
Another factor that could ease pressure on the central bank to keep raising rates is a new effort by the government to limit spending this year.
Last week, the Rousseff administration pledged to freeze 44 billion reais ($18.8 billion) in spending to meet a more "realistic" fiscal savings goal this year. The government has promised more fiscal austerity in a bid to regain investors' trust after missing the target in the last two years.
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If the government follows through on its promises to limit spending it could help the central bank control inflation by slowing the rate of consumption.