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Banxico Minutes: Dissenting Esquivel Believes Rate Hike Was Hasty

MEXICO
  • Link to Banxico Minutes:
  • https://www.banxico.org.mx/canales/%7B171A56BA-B554-0215-94D0-7014CB057965%7D.pdf
  • On voting: Alejandro Díaz de León-Carrillo, Irene Espinosa Cantellano, and Jonathan Ernest Heath-Constable voted in favor of increasing the target for the overnight interbank interest rate by 25 basis points to 4.25%. Galia Borja-Gómez and Gerardo Esquivel Hernández voted in favor of leaving the target for the overnight interbank interest rate unchanged at 4.00%.
  • Dissenting Views:
    • Borja: "In my opinion, and given the nontraditional cycle we face, the best way to meet our constitutional objective is to be consistent with our communication and monetary policy approach, which has been characterized for being prudent, cautious, gradual, and predictable"
    • Esquivel: "I believe the decision to raise the interest rate was hasty."
    • "This abrupt change could also have an undesirable and counterproductive effect on inflation and its expectations by suggesting that shocks are of a more permanent nature, which could negatively affect the price formation process."
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