Banxico holds benchmark interest rate at 6.50%

Banco de México kept its benchmark interest rate unchanged at 6.50% on Thursday, September 24, 2026. The decision met market expectations and marked the third consecutive meeting with the policy rate on hold.

Headline inflation in Mexico rose to 3.42% during the first half of September, driven by higher prices for tomatoes, onions, and alcoholic beverages. Victoria Rodríguez Ceja, Governor of Banco de México, had previously noted during the presentation of the April–June 2026 quarterly report that services inflation continued to slow more gradually than anticipated.

The Governing Board stated that domestic monetary policy does not need to react mechanically to adjustments made to the US federal funds rate, pointing out that macroeconomic conditions in Mexico differ from those in the United States.

The interest rate differential between Mexico and the United States narrowed to 250 basis points, according to Carlos Serrano, chief economist at BBVA Research in Mexico. That gap stood at 600 basis points three years ago. Economists Ricardo Aguilar and Efrén Méndez at Invex projected inflation in Mexico will stay below 4% through the end of the year, supporting a wait-and-see monetary approach.