Publications

Treasury yields declined following a softer-than-expected January headline CPI reading, which continued to indicate limited tariff pass-through. However, the inflation report also signaled that disinflation momentum in cyclical components has somewhat slowed.

On February 20, the U.S. Supreme Court, in a 6–3 decision, ruled that the International Emergency Economic Powers Act (IEEPA) does not authorize the President to unilaterally impose broad-based tariffs. The decision struck down most “reciprocal” and emergency tariffs.

Global Value Chains transition from hyper-efficiency to resilience in the face of geopolitical shocks and higher tariffs. Total decoupling from China is unrealistic due to its control of key inputs; connector countries like Mexico emerge that benefit from this reorganization.

Las medidas geoeconómicas de EEUU como barreras comerciales, sanciones y tarifas, junto con los importantes acontecimientos geopolíticos que se han producido a lo largo del año 2025, han provocado un fuerte aumento de la incertidumbre en materia de política económica y de las medidas de aversión al riesgo a nivel mundial

After 11 consecutive years of expansion in remittances, a period in which these funds nearly tripled, the end of this growth streak is confirmed for 2025. Last year, Mexico received 61,791 million USD in family remittances, a figure that represents a 4.6% year-on-year decrease.

The AI race is rapidly accelerating across all its dimensions. It is no longer just about software and models, but also about the infrastructure that makes them possible.

In 2026, the World Cup, the USMCA review, and ties with the U.S. will place Mexico under global scrutiny. Tourism will be the first test: the visitor experience will determine whether the impact is fleeting or structurally transformative.