Minutes of the Mexican Central Bank meeting: Dissenters warned that price pressures persist during the US-Iran war.

Despite strong opposition from two out of five board members of the Bank of Mexico, the bank still lowered interest rates last month. These two members warned that the ongoing US-Iran conflict is bringing sustained inflationary pressures. Deputy Governor Galia Borja stated that the conflict has pushed up oil prices and worsened financial market volatility, introducing new inflation risks. Deputy Governor Jonathan Heath added that the war has brought "uncertainty to inflation". The divided decision of the Bank of Mexico reflects the split opinions in the financial markets. Out of 31 economists surveyed by Bloomberg, 15 predicted a rate cut. Mexico's inflation rate rose by 4.59% year-on-year in March. The central bank raised its inflation expectations for the first three quarters of this year, but maintained its guidance that price growth will converge to the target in the second quarter of 2027.