FED minus BANXICO (USD/MXN)
• Coverage: 1998–2026
Federal Reserve vs. Mexico Banxico Interest Rate Spread (1998–2026)
Historical policy rate spread between the Federal Reserve (FED Policy Rate) and the Bank of Mexico (BANXICO Policy Rate). As of Sep 2026, FED stands at 3.88% vs. BANXICO at 6.50%, resulting in a bilateral policy rate differential of -262 bps (-2.62 percentage points).
Current Spread (Sep 2026)
-262 bps
FED: 3.88% · BANXICO: 6.50%
Mean Spread (1998–2026)
-614 bps
29 overlapping years
Widest Positive Spread (2006)
-177 bps
Maximum FED premium over BANXICO Lowest / Negative Spread (1998)
-2839 bps
Minimum FED minus BANXICO differential
FED (Blue) vs. BANXICO (Amber) Policy Rates (1998–2026)
Toggle between Dual Policy Rate Trajectories (% p.a.) and Basis-Point Differential (FED minus BANXICO, bps).
Source: Bank for International Settlements (WS_CBPOL) Blue: Federal Reserve · Amber: Bank of Mexico
Annual FED vs. BANXICO Policy Rate Differential Ledger (1998–2026)
| Year | FED Policy Rate | BANXICO Policy Rate | Spread (% pts) | Spread (Basis Points) |
|---|---|---|---|---|
| 2026 | 3.88% | 6.50% | -2.62 pp | -262 bps |
| 2025 | 3.62% | 7.00% | -3.38 pp | -338 bps |
| 2024 | 4.38% | 10.00% | -5.62 pp | -562 bps |
| 2023 | 5.38% | 11.25% | -5.87 pp | -587 bps |
| 2022 | 4.38% | 10.50% | -6.12 pp | -612 bps |
| 2021 | 0.12% | 5.50% | -5.38 pp | -538 bps |
| 2020 | 0.12% | 4.25% | -4.13 pp | -413 bps |
| 2019 | 1.62% | 7.25% | -5.63 pp | -563 bps |
| 2018 | 2.38% | 8.25% | -5.87 pp | -587 bps |
| 2017 | 1.38% | 7.25% | -5.87 pp | -587 bps |
| 2016 | 0.62% | 5.75% | -5.13 pp | -513 bps |
| 2015 | 0.38% | 3.25% | -2.87 pp | -287 bps |
| 2014 | 0.12% | 3.00% | -2.88 pp | -288 bps |
| 2013 | 0.12% | 3.50% | -3.38 pp | -338 bps |
| 2012 | 0.12% | 4.50% | -4.38 pp | -438 bps |
| 2011 | 0.12% | 4.50% | -4.38 pp | -438 bps |
| 2010 | 0.12% | 4.50% | -4.38 pp | -438 bps |
| 2009 | 0.12% | 4.50% | -4.38 pp | -438 bps |
| 2008 | 0.12% | 8.25% | -8.13 pp | -813 bps |
| 2007 | 4.25% | 7.57% | -3.32 pp | -332 bps |
| 2006 | 5.25% | 7.02% | -1.77 pp | -177 bps |
| 2005 | 4.25% | 8.27% | -4.02 pp | -402 bps |
| 2004 | 2.25% | 8.75% | -6.50 pp | -650 bps |
| 2003 | 1.00% | 6.12% | -5.12 pp | -512 bps |
| 2002 | 1.25% | 8.25% | -7.00 pp | -700 bps |
| 2001 | 1.75% | 8.04% | -6.29 pp | -629 bps |
| 2000 | 6.50% | 18.79% | -12.29 pp | -1229 bps |
| 1999 | 5.50% | 18.39% | -12.89 pp | -1289 bps |
| 1998 | 4.75% | 33.14% | -28.39 pp | -2839 bps |