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Banxico Drop Reference To Holding Rate 'For Some Time', Sets Up Potential Cut

MEXICO
  • Banxico have dropped the prior reference to holding the key rate at its current level "for some time" and have replaced it with much more flexible language, potentially setting up an initiation of monetary easing at the March 21 meeting.
  • "In the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate. It will take into account the progress in the inflation outlook and the challenges that prevail."
  • The statement follows up with "Actions will be implemented in such a way that the reference rate remains consistent at all times with the trajectory needed to enable an orderly and sustained convergence of headline inflation to the 3% target during the forecast period."
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