Brazil central bank raises rates by 150 bps to fight stubborn inflation

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BRASILIA — Brazil’s central bank on Wednesday raised interest rates by 150 basis points for the third time in a row, extending the most aggressive monetary tightening in the world right now despite a recession in Latin America’s largest economy.

The bank’s rate-setting committee, known as Copom, decided unanimously to raise its benchmark interest rate to 10.75%. All but two of 29 economists polled by Reuters forecast the move, following signals from policymakers in December. (Reporting by Marcela Ayres Editing by Brad Haynes)