Chile’s central bank raised its benchmark interest rate by 125 basis points, surprising investors with a larger-than-expected hike for the second straight decision in a rush to tame soaring inflation. Policy makers led by Mario Marcel lifted the overnight rate to 2.75% on Wednesday. Just one economist in a Bloomberg survey expected a raise of 150 basis points, while eight saw a full percentage point increase and five forecast a second straight hike of 75 basis points. “The evolution of the macroeconomic scenario has increased the risks regarding the convergence of inflation to the 3% target within the policy ... (full story)