Overview

• Banco de México lowered its benchmark rate by 25 basis points to 7.50%, with a 4–1 vote in which Deputy Governor Jonathan Heath dissented in favor of holding at 7.75%.
• Heath said political pressure to cut borrowing costs has always existed and argued that maintaining the bank’s inflation‑only mandate is key to preserving independence.
• Forward guidance was kept intact, signaling that any additional easing will depend on progress toward the 3% inflation goal.
• Heath cited persistent pressures from food prices and structural effects of ongoing minimum‑wage increases as reasons inflation has been slow to ease.
• He linked a pause in private investment to uncertainty over U.S. trade policy under President Donald Trump, while the rate move followed a similar quarter‑point cut by the Federal Reserve.