Brazil Cuts Benchmark Rate Again Despite Inflation Pressure

Brazil’s central bank cut its benchmark interest rate Wednesday for a third straight time, shrugging off inflationary pressures in a positive development for President Luiz Inacio Lula da Silva as he seeks reelection.

The so-called Selic rate, one of the highest in the world, was reduced as expected by a quarter point to 14.25 per cent, the bank said in a statement.

Copom, the bank’s…