Mexican president admits he broke law by revealing rate hike

MEXICO CITY (AP) — Mexican President Andrés Manuel López Obrador acknowledges that he broke the law when he beat the central bank to an announcement that it was increasing its prime interest rate from 6% to 6.5%. The Bank of Mexico is officially independent of the president and is supposed to make decisions without interference. Shortly after the president announced the rate hike on Thursday, the bank announced it. The president is unlikely to face charges. Mexico’s treasury secretary was at the meeting where the increase was announced and passed the word to López Obrador, who says he thought it had already been made public.