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Foreign currency adjusted weekly credit growth fell from 1% to 0.3% due to both commercial and consumer credits in the sector. Total credits’ 13-week annualized trend rose slightly from 34.4% to 35% with the impact of strong weekly growth rates of the previous 4 weeks.

This first rate cut marks the start of a long and gradual easing cycle that will most likely keep the monetary policy stance restrictive throughout this year and next even if Banxico cuts the policy rate without skipping any meeting in the remainder of the year and in 2025.

The Fed appears to have achieved a better balance of risks around its dual mandate of price stability and maximum employment. This suggests that it will soon begin to normalize its policy stance, probably in June, although it will proceed cauti…

Banxico’s board had already signaled that a rate cut next week was likely. We think that is a done deal following this month’s inflation prints. We expect Banxico to cut the policy rate by 25 bps, to 11.00%. The focus will be on the signals abo…

The Fed will likely convey that it continues to look for “more good data” before feeling enough confidence to begin cutting rates as the strength of economic activity has extended and shelter inflation has surprised to the upside.

Adaptation to accelerated climate change is imperative, which can be an opportunity for sustainable financing from the private sector if the conditions are in place. It remains to be seen.

GDP grew 1.4% y/y in January. He highlighted the growth of sectors that have remained in negative territory for a long time, such as the construction sector and non-primary manufacturing. On the contrary, the agricultural sector continues to be hit by the weather.

While the labor market is still on track to a better supply-demand balance and wage costs cool down, two consecutive 0.4% MoM core inflation readings will likely continue to push the Fed to convey it needs “more good data” to gain greater confi…

In January 2024, the balance of traditional bank deposits (sight + term) registered a real annual growth rate of 4.3%, while the balance of the current credit portfolio granted by commercial banks to the non-financial private sector grew 4.9% a…

Economic activity will rebound this year as the negative shocks that affected it in 2023 revert and the environment for private sector spending improves. Output is expected to grow 2,7%, higher than our three-months-ago forecast (2,0%), as weat…

Javier Milei's government took office aiming to have a less regulated and more market friendly economy with the private sector as the main driver of economic growth. The core of his macroeconomic policy is to achieve fiscal equilibrium and eliminate monetary issuance to cover public spending as of 2024.

The Banking System maintains capital and liquidity levels much higher than regulatory minima. The dynamism of bank financing in 2023 was observed in all sectors (public and private), through various instruments (credit and securities) and was accompanied by higher credit provisions.