Mexican Interest Rate Decision 6.50% vs. Exp. 6.5% (Prev. 6.50%); decision was unanimous

Guidance Looking ahead, the Governing Board will make its decisions considering the ongoing disinflation process and expected behaviour of its determinants, including exchange rate pass-through to consumer prices, slack conditions and inflation expectations. (prev. Looking ahead, the Governing Board estimates that it will be appropriate to maintain the reference rate at its current level). Commentary Economic slack is expected to continue throughout the forecast horizon, and downward risks to economic activity persist. Headline inflation is still expected to converge to the target in the fourth quarter of 2027. Core inflation forecasts were adjusted slightly upwards between the third and fourth quarter of 2026. The balance of risks for the trajectory of inflation within the forecast horizon remains biased to the upside. Inflation forecasts