Brazil's Real Jumps After Central Bank Delivers Hawkish Hike.

Brazilian markets experienced a rally after the central bank raised interest rates and issued a statement that was seen as hawkish, indicating its commitment to controlling inflation. The Brazilian real initially rose against the dollar but later trimmed its gains, while swap rates increased. The central bank's decision was expected, but the tone of the accompanying statement led traders to anticipate a faster pace of rate hikes in the future. This move by Brazil's central bank contrasts with other central banks in the region, which have been lowering rates to stimulate their economies. [Extracted from the article]