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. Core inflation, which strips out volatile food and fuel, held at 4.12%, still above target, and long-run expectations stayed above 3%.
