Brazil’s central bank will likely raise interest rates for the first time since 2022 as a heated economy and above-target inflation forecasts make it an outlier in a global easing push emboldened by the Federal Reserve.

Stocks were either up big, or down a lot, in the year after the first Federal Reserve interest rate cutting cycle, according to a team led by Keith Lerner, co-chief investment officer at Truist Advisory Services.

Some analysts had said the 50 basis point cut was already priced in by the market, but others said it would be positive for emerging markets such as India, bringing greater foreign inflows over time.