Brazil Lifts Interest Rate to 15% as Robust Economy Fuels Inflation

Brazil’s central bank raised its key interest rate by a quarter-point and signaled borrowing costs will likely remain steady for a long period as board members gauge the impact of tight policy on inflation and activity.

Central bankers led by Gabriel Galipolo lifted the benchmark Selic to 15% in a unanimous decision on Wednesday, as expected by 12 of 32 economists in a Bloomberg survey. The other 20 saw borrowing costs steady at 14.75%.