Recent Mexican inflation data has reinforced trader expectations for the Bank of Mexico to hold its 6.50% policy rate at the November 5 decision. Headline inflation accelerated to 3.62% year-over-year in the first half of October, exceeding consensus forecasts and the prior 3.49% reading, while core inflation rose to 3.78%. This uptick, driven partly by services, has reduced the scope for a 25-basis-point cut despite some September meeting minutes noting potential room for easing. A late-October Citi survey showed 25 of 37 analysts forecasting no change through 2027, with the median policy rate steady at 6.50%. Markets price the hold at 80.5% amid data dependence and external risks, with limited scope for a move before year-end inflation prints clarify the trajectory.