Brazil has adopted a “sizable” monetary response to tame above-target inflation, central bank Director Luiz Awazu Pereira said, signaling policy makers will keep the benchmark rate unchanged this month.

The most traded swap rate contracts fell in Sao Paulo as investors increased bets policy makers will keep interest rates unchanged for the first time since March 2013 when they meet May 28. The central bank has raised the Selic rate by 375 basis points to 11 percent from a record-low 7.25 percent since April 2013. That’s the longest tightening cycle among major economies in the past year.

“We took early action and sizable action on monetary policy to address domestic inflationary pressure,” Awazu said today in an event organized by The Economist in Paris.