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Banxico Decision Eyed, Senate Approves Electoral Process Reform

MEXICO
  • All 23 economists surveyed by Bloomberg expect Banxico to match the FOMC, with a 50bp hike, taking the policy rate to 10.50%.
  • While the decision would represent a deceleration in the hiking pace, additional monetary tightening is still deemed necessary due to a further deterioration in core CPI data and expectations as well as strong domestic growth dynamics.
    • The full MNI preview with analyst views is here.
  • Mexico’s senate approved in general terms a bill backed by President AMLO that would reform parts of the electoral process. Bill will go to the lower house for final approval.
  • Separately, Mexico’s senate voted Wednesday to double workers’ minimum paid vacation to 12 days, in a bill that now heads to AMLO for signature.
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