The Bank of Mexico's five-member governing board unanimously voted to hike the benchmark interest rate by 25 basis points to 11.25% on Thursday, moderating the pace of its tightening cycle and taking a more dovish tone on the future of rate moves.
Banxico, as the Mexican central bank is known, removed language in its post-meeting statement that appeared in prior statements explicitly mentioning the possibility of future upward adjustments to the key rate.
With the latest increase, the 15th in a row and which was in line with market expectations, Banxico has raised its key interest rate by 725 basis points since its rate-hiking cycle started in June 2021 to combat inflation.
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