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This Agenda presents the 2024 dissemination schedule for economic indicators and relevant monetary policy events in Mexico and the US; dates of important events such as the meetings of various relevant international entities such as: World Economic Forum, World Bank and the IMF

The PBoC unexpectedly cut the 5-year loan prime rate by the largest amount today while maintaining the one-year loan prime rate which is deemed to be the policy rate unchanged.

Doors seem to have closed to the possibility of a rate cut in March. Fed’s need for “more good data” to achieve “greater confidence” of the ongoing disinflation process has been recently supported by recent strong job creation data and signals …

When the central bank initiates a rate reduction cycle, all eyes are focused on commercial banks and how market rates adjust. So far, market rates have fallen significantly more than those of the BanRep.

In its February decision, the Board of the Central Bank decided to reduce the reference rate to 6.25% but maintained that this does not imply a cycle of successive interest rate cuts. The monetary policy stance, understood as the real ex-ante r…

A key change in the forward guidance signals that Banxico is getting ready to start a rate cut cycle as “in the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate.”

Banxico is set to hold the policy rate at 11.25% at this meeting amid core services inflation stickiness, but will likely continue to pave the way to cut it as soon as in the following meeting in March.

The Fed is moving further away from its long-held tightening bias as it explicitly conveyed that “the risks to achieving its employment and inflation goals are moving into better balance.”

At its January meeting, the BanRep reduced its monetary policy rate by 25bp to 12.75% in a split decision with a 5-2 balance.

To some extent, the recent adjustment in market expectations and its corresponding impact on broad financial conditions give the Fed some room to continue to convey that the next move will be a rate cut without risking an over-easing of financi…

All eyes at the beginning of 2024 are on the first monetary policy meetings, with the European Central Bank (ECB) holding its on Thursday and the U.S. Federal Reserve later this week. The meetings are unlikely to result in any action on interest rates, but there is a lot of interest in what they say.

All in all, today's ECB meeting did not provide much new information. As anticipated, no change in interest rates was decided. The focus was on the ECB's tone about the timing of initial rate cuts. The conveyed message was relatively dovish, with Lagarde not ruling out an early cut