The five-member board reached a unanimous decision to hold rates steady, marking the third consecutive meeting without a change following a prolonged easing cycle. Minutes released Thursday reveal that while the board remains committed to a data-driven approach, the tone has shifted. Members specifically highlighted that future adjustments will hinge on inflation trends, economic slack, and exchange-rate impacts on consumer prices.

Internal debate reflects nuanced positions on how closely Mexico should track U.S. monetary policy. Several members suggested that a "one-off" reduction or a fine-tuning adjustment could be on the table if disinflationary conditions hold. However, dissenting caution remains. One official warned that decoupling from U.S. policy is only feasible as long as local inflation nears the bank's 3% target, noting that synchronization with the Federal Reserve might become necessary if that progress stalls. External risks, particularly Middle Eastern conflict and winter energy price volatility, continue to weigh on the board's outlook as they balance the need for growth against keeping inflation expectations anchored.