JJS, from Getúlio Vargas, argued in an interview for The Value that an interest rate shock would be unwarranted at this point. Yes, he was talking about Brazil.
Inflation is persistently above target and CB´s reputation crawls in the doldrums. Shocks to the prime rate create undue volatility, that´s correct, and should be used wisely because in an uncertain environment, you want to experiment, to test whether the dose so far implemented suffices, bla, bla.
But that´s clearly not the case at this juncture: all reasonable people know interest rates should be raised further and that inflation expectations are in desperate need of re-anchoreing. Further, since rates are "low", it is unlikely that fiscal dominance would play a significant role.
JJS, shame on you!