RIO DE JANEIRO, BRAZIL - Brazil's central bank raised its benchmark interest rate by a whole percentage point for the second straight day, extending one of the world's most aggressive tightening cycles since the pandemic.
As expected by all economists surveyed by Bloomberg, the bank's board raised the Selic rate to 12.75% on Wednesday. So far, policymakers have increased borrowing costs by 10.75 percentage points since March 2021.
Policymakers, led by Roberto Campos Neto, have grappled with persistent shocks that pushed consumer prices up more than 12 percent in early April.
Fuel prices have risen following . . .