Brazil’s central bank raised its interest rate by 100 basis points and pledged a hike of the same magnitude for its next meeting, slowing the pace of one of the world’s most aggressive tightening cycles to gauge the inflationary impact from higher oil prices. Policy makers on Wednesday lifted the benchmark Selic to 11.75%, as forecast by 38 of 44 economists in a Bloomberg survey and in line with prior central bank guidance for a smaller hike. The other analysts either expected a fourth increase of 150 basis points or a still large 125 basis-point boost. The bank has now raised rates by 975 basis points over the past ... (full story)