Brazil central bank raises rates by 25 bps in seventh straight hike

Brazil's central bank raised interest rates by 25 basis points on Wednesday, delivering a seventh consecutive hike that defied bets it would hold rates steady, as unanchored inflation expectations and a resilient economy kept policymakers on alert.

The bank's rate-setting committee, Copom, unanimously decided to lift the benchmark Selic rate to 15%, the highest since July 2006. A majority of 27 out of 39 economists polled by Reuters had expected the bank to hold rates steady at 14.75%.