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A few days ago, the European Central Bank (ECB) announced the first revision of its operational framework, designed to guide short-term interest rates into line with its monetary policy decisions and provide liquidity in a context of gradual balance sheet reduction.

Banco de la República reduced its policy rate by 50bp to 12.25%. With this, the Board of Banrep consolidates a 100bp cut since December when it started the process of rate reductions and accelerates the pace of cuts from 25bp to 50bp . Five Board members voted for 50bp cuts, one for 75bp and one for 100bp.

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 rema…

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.

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 confidence on the disinflationary process.

We present a summary and analysis of the most relevant developments and publications in Mexico's financial regulatory landscape.

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 elim…

This year will go from less to more, but it could trend even more positively if investment gains momentum. This hinges on broader factors like the country's medium-term outlook concerning growth, fiscal matters, regulations, and inflation, amon…

In its March decision, the Board of the Central Bank decided to maintain the reference rate at 6.25% but reduced reserve requirements in domestic currency from 6.0% to 5.5%. The monetary policy stance, understood as the real ex-ante reference rate, remains in restrictive territory.

This meeting further supports the expectation of an initial rate cut in June in line with our forecasts. The updated projections match our own. Nevertheless, the ECB needs to verify that core inflation, particularly from services and consequently wages, moderates as expected.