Mexico Inflation Accelerates to 3.75%, Peso Edges Up 0.15%

The more telling detail is the core print, which came in above forecast rather than the headline miss, since sticky underlying prices complicate the case for further easing after last week's surprise cut. Stubborn core inflation alongside a firmer peso and rising equities suggests markets are treating the cut as a one-off recalibration rather than the start of a sustained easing cycle. The open question is whether core inflation cools enough to justify another cut, or whether Banxico is now on hold longer than the rate move implied.