UPDATE 1-Bank of Mexico’s Mejia eyes rate cut, but cautious on above-target inflation

Bank of Mexico Deputy Governor Omar Mejia argued in a podcast published on Wednesday that it is not premature to consider lowering the bank’s benchmark interest rate, though he cautioned that any future cuts should remain restrictive. The bank’s interest rate currently stands at a historic high of 11.25%, and the monetary authority is set to meet later this month. Mejia, speaking on a podcast by bank Banorte, said that the challenge going forward would be to adjust the key lending rate in a way that is consistent with inflation that is dropping but still above the central bank’s target.