Banxico stays hawkish; a period of extended monetary policy pause the most likely scenario

Summary

Banxico did not soften its tone; likely to remain hawkish in the near-term. Banxico unlikely to soften its stance in the near-term but the wording tempered the ready-to-hike disposition of the previous statement. We continue to expect the next move in the monetary policy rate to be down, but not until later in the year.

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