(Bloomberg) — Discover what’s driving the global economy and what it means for policy makers, businesses, investors and you with The New Economy Daily. Sign up hereThe Brazilian real advanced after the central bank lifted its benchmark rate by 75 basis points and promised another hike of the same size next month in a renewed push to bring inflation back to target.The currency was up 1.3% to 5.2853 per dollar as of 12:43 p.m. in New York, among the best performers in emerging markets. The real leads gains among major currencies in the past month, up 5.9% amid rising commodity prices, and analysts say the central bank decision opens room for more gains.Officials on Wednesday raised the Selic to 3.5%, in line with estimates from all economists in a Bloomberg survey and the guidance given by policy makers at their prior meeting in March. If it makes good on its promise, the bank will have raised borrowing costs by 225 basis points to 4.25% by June.“This more hawkish statement should bring short-term strength to the BRL,” Rabobank economists Mauricio Une and Gabriel Santos wrote in a note. “We had thought they would not signal the following step hike now.” They expect the central bank to raise rates to 5.5% by the end of the year and to 6.5% in 2022.The bank, led by its President Roberto Campos Neto, is acting to rein in inflation that’s surged above the target ceiling to a four-year high….