Brazil Ups Rates and Signals Further Tightening

Brazil’s central bank raised interest rates by 50 basis points and signaled further tightening in the weeks to come as Latin America’s biggest economy seeks to rein in a worrying surge in inflation. In a hawkish statement, the central bank increased the benchmark Selic rate to 11.25% in a move that could lead to further pressure on Brazil’s currency, the real, to appreciate against the dollar. – FT