Mexico's Economy Slows, Bank Cuts Rates

The Bank of Mexico has revised its economic growth forecast for the country to nearly zero, down from its earlier prediction of 0.6%. This adjustment is due to a weaker-than-expected performance during the third quarter, which saw a 0.3% GDP contraction. The central bank has responded with eleven consecutive interest rate cuts, now at 7.25%, to stimulate the economy. However, a board member has raised concerns about the reliability of long-term inflation predictions, despite the banks commitment to achieving its 3% inflation goal.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.