Banxico will most likely keep rates unchanged and should strike a more dovish tone

We expect Banxico to hold rates steady (at 7.50%) next Thursday. As we expected, disinflation pressures are taking hold and inflation is set to fall further; the inflation outlook improvement warrants a more dovish tone. We think Banxico is likely to signal a pause in the near-term. We expect Banxico to begin an easing cycle in October.

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