Brazil’s Central Bank Embraces 15% Interest Rate as Inflation Slows

Brazil’s central bank said it’s more assured that keeping the interest rate high will slow inflation, in comments made just before a separate report showed consumer prices rose less than expected last month.

The outlook has unfolded as expected, and the central bank is opting “to keep rates unchanged for a very prolonged period with greater confidence that it is enough to ensure the convergence of inflation to the target,” board members wrote in the minutes to their Nov. 4-5 policy meeting published Tuesday. This month, they held the Selic steady at 15% for the third straight time.