BUSINESS BRIEFING / MEXICO
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Times Wire Reports
Mexico’s central bank cut its benchmark interest rate by a quarter-point to boost the country’s sagging economy. The cut to 7.5% was less than expected but nonetheless sent the peso tumbling to a new low of 14.98 to the U.S. dollar before recovering slightly.
Analysts had expected the bank to cut its lending rate to 7.25% but said policymakers held back to protect the weakening currency, which threatens to spark continued inflation even as the country slips toward its own recession.
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