(Bloomberg) -- Brazil’s central bank said all board members backed a gradual start to their cycle of interest rate hikes given both domestic and global uncertainties.

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“All members agreed to start the monetary policy tightening cycle gradually,” central bankers wrote in minutes to their Sept. 17-18 rate meeting, when they raised the benchmark Selic for the first time since 2022, to 10.75%.

A more resilient economy, doubts over the effects of a strong labor market and above-target price estimates add to an outlook that demands caution, they wrote in the document published Tuesday. “Deanchoring inflation expectations is a factor of discomfort shared by all Committee members,” they wrote.

Policymakers led by Roberto Campos Neto kicked off a tightening campaign as activity proves more dynamic than expected and inflation estimates run well above the 3% goal. The hike marked a reversal from a prior easing cycle that the board halted in June. Traders see central bankers accelerating borrowing cost hikes to half-point increases starting in November.

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