# Interest rates surge after record Treasury auction

> Brazil's Treasury offered a record 10 million long-term fixed-rate bonds (NTN-F) plus 20 million T-bills on March 20, 2025, after the central bank raised the Selic rate by 100 basis points to 14.25%. Yields rose sharply, with the January 2027 DI rate climbing from 14.40% to 14.69%.

- Date: 2025-03-21 · published 2025-03-21T12:00:00.000Z
- Category: macro · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/25809-interest-rates-surge-after-record-treasury-auction
- Commodities: [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Higher Brazilian rates tighten financial conditions and can strengthen the real, which affects the dollar cost of Brazilian grain and meal exports. The impact on feed commodity prices is indirect and modest.

## Read by commodity

- USDBRL: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDBRL | 2023-09-26 | [EMERGING MARKETS-Brazil's real steady after inflation data, Hungary trims interest rates](https://feedsoft.ai/events/34325-emerging-markets-brazil-s-real-steady-after-inflation-data-hungary-trims.md) | +2.3% | +0.7% |
| USDBRL | 2023-12-11 | [Exchange rate seen as stable amid high interest rate differential](https://feedsoft.ai/events/32939-exchange-rate-seen-as-stable-amid-high-interest-rate-differential.md) | +0.1% | -0.7% |
| USDBRL | 2021-12-08 | [Brazil central bank makes 150 bps interest rate hike, signals another](https://feedsoft.ai/events/43827-brazil-central-bank-makes-150-bps-interest-rate-hike-signals-another.md) | +0.7% | +1.3% |
| USDBRL | 2021-02-26 | [Brazil intervenes in FX markets to arrest real's fall — Octa](https://feedsoft.ai/events/48851-brazil-intervenes-in-fx-markets-to-arrest-real-s-fall-octa.md) | +1.4% | +2.6% |
| USDBRL | 2023-09-26 | [Brazil inflation accelerates as cenbank reiterates rate cut pace](https://feedsoft.ai/events/34321-brazil-inflation-accelerates-as-cenbank-reiterates-rate-cut-pace.md) | +2.3% | +0.7% |

## Sources

- valorinternational.globo.com: https://valorinternational.globo.com/markets/news/2025/03/21/interest-rates-surge-after-record-treasury-auction.ghtml

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.