Mexico | Banxico hints at a near end of the tightening cycle

Summary

Banxico continued following in the footsteps of the Fed and lifted the policy rate by 75bp, to 10.00%, as widely expected. Banxico will likely still match December’s Fed hike but a decouple in February seems now possible.

Key points

• Key points:
• Gerardo Esquivel voted for a smaller 50bp rate hike.
• Banxico revised slightly to the downside its projected headline inflation path, but slightly to the upside its core inflation forecasts.

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