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MEXICO: Banorte Say Banxico Statement Considerably More Dovish

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • Following today’s inflation data, Banorte believe that price dynamics will be more favourable than in 2024. They maintain their year-end estimate at 4.0% for the headline and 3.6% for the core.
  • Regarding Banxico, Banorte said the February statement was considerably more dovish, highlighting the new forward guidance and signals that it provides.
  • Considering this, as well as their own views on inflation and economic activity, Banorte reiterate their call for a 50bps rate cut on March 27. Moreover, they believe that easing will continue after this, reaffirming a year-end rate forecast of 8.50%.
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  • Following today’s inflation data, Banorte believe that price dynamics will be more favourable than in 2024. They maintain their year-end estimate at 4.0% for the headline and 3.6% for the core.
  • Regarding Banxico, Banorte said the February statement was considerably more dovish, highlighting the new forward guidance and signals that it provides.
  • Considering this, as well as their own views on inflation and economic activity, Banorte reiterate their call for a 50bps rate cut on March 27. Moreover, they believe that easing will continue after this, reaffirming a year-end rate forecast of 8.50%.