The Ibovespa traded near 186,000 on Wednesday after the Federal Reserve raised interest rates by 25 basis points and most FOMC members projected another increase this year. Brazil's BCB (central bank) was expected to cut the Selic (benchmark interest rate) by 25 basis points after market close, marking the fifth consecutive reduction and the final Copom (monetary policy committee) decision before the October presidential election. Financial stocks were mixed: private banks edged lower, while Banco do Brasil gained 2.5%, BB Seguridade rose 1.5% and Caixa advanced 1%. Petrobras fell more than 2.5% as oil prices declined amid reports that Saudi Arabia was offering additional crude cargoes through Oman. Vale and CSN Mineração dropped about 2%, while Usiminas lost more than 3%.