Mexico’s central bank held its benchmark interest rate steady at 7 percent Friday, just over a week before the presidential elections. The monetary authority indicated it saw no room for a cut in the foreseeable future as it looks to calm market jitters before the tight contest between Andres Manuel Lopez Obrador and Felipe Calderon on July 2. Concerns over rising U.S. interest rates as well as domestic inflation are preventing the bank from cutting domestic borrowing costs.
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