Overview
- Banxico's Board voted unanimously to hold the one‑day interbank rate at 6.50%, keeping policy unchanged for the third consecutive decision.
- The central bank said its next moves will depend on the path of headline and core inflation, the exchange rate pass‑through to consumer prices, and domestic demand conditions.
- Data show headline inflation rose to 3.42% from mid‑July to early September mainly because of volatile non‑core items while core inflation eased to 3.79%, a contrast that shaped Banxico's cautious stance.
- Officials noted longer‑run inflation expectations remain above target and flagged upside risks from peso depreciation, U.S. policy shifts, trade disruptions, geopolitical conflicts, and climate shocks.
- Banxico emphasized it will not react mechanically to U.S. Federal Reserve adjustments and signaled policy will remain data‑dependent as Q3 growth appears to have moderated.