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Banxico Minutes - Heath Votes For Cut Amid Weak Recovery

MEXICO

*SOME BANXICO BOARD MEMBERS SAID RATE PAUSE NOT END OF EASING


Jonathan Heath sole voter for a cut in split decision: 'vote is for lowering the policy rate by 25 basis points to 4.0% and continue the downward cycle as far as possible. The main problem we face is the significant fall in economic activity, its impact on the labour market and expectations of a weak, difficult and prolonged recovery.'


  • Despite the earlier pick-up in economic activity with the y/y figure falling just 5.5% against an expected 7% drop, Heath's stance seems firmly engrained here which will provide continued debate among board members going forward.
  • Important to note: we will have at least one new board member post December (Guzman is leaving).
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