UPDATE 1-Mexico's 1-mth Cetes yield unchanged at 7.44 pct

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MEXICO CITY, April 22 (Reuters) - The yield on Mexico's benchmark one-month Cetes, or T-bills, was unchanged at 7.44 percent in Tuesday's auction as investors bet that inflation is forcing the central bank to hold off lowering interest rates.

Market players have scaled back bets that the central bank will cut rates this year after policy makers said on Friday prices were rising so quickly that the bank would soon revise its inflation forecast.

Economists say the bank will likely wait for signs that inflation has peaked before it lowers borrowing costs to fight the foreseen effects on Mexico of a possible recession in the United States.

In Tuesday's weekly debt auction, the yield on three-month paper edged up 1 basis point to 7.55 percent. The yield on six-month notes also climbed to 7.63 percent, up 4 basis points.

The 10-year peso bond sold at a yield of 7.72 percent, up from 7.53 percent the last time it was auctioned on March 11. (Reporting by Jason Lange; Editing by Diane Craft)