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Banxico Minutes, Grupo Mexico Deal Reached Over Railway

MEXICO
  • Mexico’s central bank will release minutes from its May 18 unanimous decision to hold its key rate at 11.25% where they stated that “it will be necessary to maintain the reference rate at its current level for an extended period." In yesterday’s quarterly inflation report, the 2023 growth forecast was upgraded to 2.3% and the inflation outlook was maintained from the prior policy meeting. Governor Victoria Rodriguez Ceja said Banxico will hold the interest rate for at least two decision periods, adding that Banxico can’t name a specific period for a rate change.
  • The board maintains that “the balance of risks for the trajectory of inflation within the forecast horizon remains biased to the upside.” Our full review of the May 18 meeting is here: https://roar-assets-auto.rbl.ms/files/53023/MNI%20Banxico%20Review%20-%20May%202023.pdf
  • Separately, Mexico and Grupo Mexico reached an agreement over the government’s occupation of a railway line that the company operated, Reuters reports, citing two unidentified people familiar with the matter. The agreement is said to include expansion of expiring concessions but not cash compensation.
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