Economics
Brazil’s Benchmark Rate Tops 10% With 150-Point Boost
- Selic rate raised to 10.75% as expected by 41 of 42 economists
- Policy makers say slower hiking pace is now adequate
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Brazil’s central bank signaled the world’s most aggressive monetary tightening cycle is closer to an end after delivering its third straight interest rate hike of 150 basis points, taking borrowing costs past 10% for the first time in nearly five years.