No change in interest rates

As expected, both the US Federal Reserve and the Banco de Mexico did not move interest rates when they met last week (on September 21 and 24, respectively). It is surprising, though, when in the monetary policy communique issued at the conclusion of its meeting, one of those central banks, the Fed, effectively says it thinks inflation is too low.

That's not an issue in Mexico, where the central bank, Banco de Mexico, cautioned that although recent inflation rates have been lower than expected, inflation will rise "towards the end of the year" before declining again in 2011.