BRASÍLIA: Brazil’s central bank raised its benchmark interest rate by 75 basis points Wednesday, continuing to wind down its pandemic stimulus stance in the face of rising inflation in Latin America’s biggest economy.The increase — the third straight — brings the Selic rate to 4.25%, just shy of its pre-pandemic level of 4.5% in January 2020.The unanimous decision by the nine members of the bank’s monetary policy committee was in line with expectations, though some analysts had predicted an even bigger hike of 100 basis points.The committee said in a statement it expected “another adjustment of the same magnitude” or more at its next meeting, scheduled for August.“The persistence of inflatio
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