Bank Of Mexico Signals 'Prolonged' Interest Rate Hold

• Mexico's central bank on Wednesday signalled it would hold the country's benchmark interest rate at its current all-time high for an extended period of time to bring inflation down to the bank's target range.
• "To achieve orderly and sustained convergence of headline inflation to the 3% target, the bank's governing board considers that it will be necessary to maintain the benchmark rate at its current level for a prolonged period," the Bank of Mexico said in its quarterly economic report.
• The central bank's governing board unanimously held the benchmark interest rate steady at 11.25% on May 18, breaking a nearly two-year rate-hike cycle.

(Source: Reuters)