Banco de México

Stories

Mexico's central bank cuts rates unexpectedly and signals a long hold

Cut the overnight target to 6.25% and guided to an extended hold

Banco de México cut its benchmark interest rate to 6.25% on November 5, the lowest level since February 2022, on a 3-2 vote. The board called it a one-time adjustment and said it would hold there for an extended period.

Updated Yesterday

CFTC shifts CAD and MXN swap clearing mandates to overnight benchmarks

Rule Changes

Retired the 28-day TIIE benchmark

Canadian and Mexican interest rate swaps cleared in the US now run on overnight benchmarks. The Commodity Futures Trading Commission's rule took effect October 8 and requires clearing for swaps tied to the Canadian Overnight Repo Rate Average (CORRA) and Mexico's overnight TIIE funding rate (F-TIIE).

Updated Oct 25