Bank of Mexico Hikes Rate to Record High of 9.25% as Expected

The Bank of Mexico hiked its key interest rate on Thursday by 75 basis points to a record 9.25%, in line with forecasts and following in the footsteps of the U.S. Federal Reserve's own recent three-quarter of a percentage point increase, Reuters reported. The bank's five board members voted unanimously for the third consecutive hike of this magnitude as inflation remains above a two-decade high, with the bank saying the board "will assess the magnitude of the upward adjustments in the reference rate for its next policy decisions based on the prevailing conditions." Read more.