SÃO PAULO—Brazil’s central bank raised its benchmark interest rate by 1.5 percentage points as expected, and signaled a smaller rate increase at its next meeting.
The bank on Wednesday raised the rate, known as the Selic, to 10.75% from 9.25%. It was the eighth consecutive increase for the Selic since the bank’s monetary policy committee, or Copom, began the current tightening cycle last March, when the rate was at a record low of 2%. The bank said tightening will continue until inflation and inflation expectations begin to…
