While the US Federal Reserve's bigger than expected interest rate cut has dominated the headlines, over in Brazil, the central bank announced an increase to its key interest rate (the Selic rate), hiking to 10.75% from 10.5%, and matching economists' expectations.

With a combination of stickily high inflation and stronger than expected economic growth in the first half of the year, the Banco Central do Brasil perhaps felt it didn't have much choice.

abrdn's economists think there'll be another hike this year, taking the Selic rate to 11%. And from there, rates will probably stay on hold until inflation cools down and the central bank's able to begin cutting again, say mid-2025, bringing it back into line with the direction of travel of the world's major economies.