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Banxico Decision In 90 Minutes

MEXICO
  • This week’s release of October inflation data came in marginally below median surveyed estimates which will be welcome news, but should not alter the immediate trajectory for Banxico policy. All surveyed analysts expect central bank to raise the overnight rate by 75bps to 10.00% at the November meeting.
  • Continued upward pressure on core inflation and a willingness to match the Federal Reserve’s hawkish stance cement the need to maintain an aggressive pace of tightening at this juncture.
  • However, given the most recent Banxico rhetoric, the statement will be closely scrutinised for any dovish signals that could pave the way for a deceleration in the hiking pace at coming meetings. Furthermore, a dissenting vote for a smaller hike at this meeting should not be ruled out.
  • The full preview with analyst views is here: https://roar-assets-auto.rbl.ms/documents/20110/MNI%20Banxico%20Preview%20-%20November%202022.pdf

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  • This week’s release of October inflation data came in marginally below median surveyed estimates which will be welcome news, but should not alter the immediate trajectory for Banxico policy. All surveyed analysts expect central bank to raise the overnight rate by 75bps to 10.00% at the November meeting.
  • Continued upward pressure on core inflation and a willingness to match the Federal Reserve’s hawkish stance cement the need to maintain an aggressive pace of tightening at this juncture.
  • However, given the most recent Banxico rhetoric, the statement will be closely scrutinised for any dovish signals that could pave the way for a deceleration in the hiking pace at coming meetings. Furthermore, a dissenting vote for a smaller hike at this meeting should not be ruled out.
  • The full preview with analyst views is here: https://roar-assets-auto.rbl.ms/documents/20110/MNI%20Banxico%20Preview%20-%20November%202022.pdf