The Federal Reserve cut interest rates by 0.25% on December 18, but an interest rate cut is unlikely when the Fed issues its next policy decision on January 29.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.

Brazil economists raised their forecasts for inflation and borrowing costs in 2025 after central bankers reinforced their commitment to extend jumbo interest rate hikes into early next year.