Mexico Lowers Benchmark

Banxico has cut Mexico’s benchmark lending rate by a quarter of a percentage point to 7.50%, taking it to the lowest level in nearly a year and a half. This is the seventh consecutive month the Central Bank has cut the rate, spurred on by record low core inflation figures that are close to 3%. The cut was in line with market expectations and economists anticipate further cuts to take the benchmark rate down to 7% by year-end.