Bank of Mexico orders largest-ever rate hike
Mexico matches Fed as inflation continues well above target
The board of directors of the Bank of Mexico ordered a 75 basis point hike on June 23, bringing the reference rate to 7.75%. The move is the largest single increase in the policy rate since the Bank of Mexico adopted an interest rate target in January 2008.
The June 23 decision is the ninth rate increase in the last 12 months. The Bank of Mexico has gradually sped the pace of its policy tightening: after four 25bp hikes between June and November 2021, the central bank board shifted to 50bp
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