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Banxico December Minutes Released

  • Link to full release of the minutes here:
  • From Deputy Governor Esquivel’s Dissenting Note:
    • “Expectations of a less accommodative policy stance by the Federal Reserve affected global financial conditions. This, along with idiosyncratic factors, has generated greater uncertainty and volatility in local markets. For this reason, I believe the monetary policy stance must be reinforced. This process should be moderate, as an overly restrictive policy stance could have several negative implications. A short-term vision that reacts mechanically with rate increases before any shock should be avoided.”
  • At the other end of the spectrum:
    • “Another member considered that, in view of inflation risks and of the adjustments to forecasts, and in order to serve responsibly the central bank's primary mandate, it is essential to increase the pace of removal of monetary stimulus. He/she emphasized that, in the absence of a more decisive and forceful action that ratifies the commitment to the primary objective, there is a risk of losing credibility and of a de-anchoring of inflation expectations, which would imply exceedingly costly measures for the population, especially for those of lower incomes.”

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