Banxico Locks Mexico’s Rate at 6.50% in First Unanimous Vote
Banco de México kept its benchmark interest rate at 6.50% on June 25, marking the first unanimous vote among the five‑member board in the current cycle. The decision comes as headline inflation fell to 3.55%, within the central bank’s 2‑4% target range, while core inflation remains above target at 4.12%. Analysts expect the rate to stay unchanged for the near term, with the upcoming USMCA review identified as a potential risk factor.
- ▪The five‑member board voted unanimously for the first time in this policy cycle, with hawkish members aligning with the consensus.
- ▪Headline inflation dropped from 4.45% in April to 3.55% in the first half of June, bringing it inside the 2%‑4% target band.
- ▪Core inflation, which excludes food and fuel, held at 4.12%, still above the central bank’s target level.
- ▪The peso remained strong, trading near 17.6 per U.S. dollar, supported by the rate differential with the Federal Reserve’s 3.75% policy rate.
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Mexico Markets Banxico Locks Mexico’s Rate at 6.50% in First Unanimous Vote By Javier Mendoza · June 26, 2026 · 5 min read Daily Brief The morning intel from across Latin America. Free. Subscribe By subscribing you agree to our privacy policy. We never share your email. Markets Key Facts —The decision. Banco de México held its benchmark rate at 6.50% on June 25, the level it reached with a final cut on May 7. —The shift. The five-member board voted unanimously for the first time in this cycle; hawks Jonathan Heath and Galia Borja, who had dissented through the easing, fell into line. —The inflation backdrop. Headline inflation fell from 4.45% in April to 3.55% in the first half of June, back inside the 3% target band (tolerance 2%–4%). —The sticky part.
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