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Banxico Minutes To Cross At 1500GMT / 1000ET

MEXICO
  • The central bank will publish the minutes of its latest monetary policy decision in December, when the bank held its key interest rate at 11.25%. For reference, the committee retained the prior guidance noting "it considers that, in order to achieve an orderly and sustained convergence of headline inflation to the 3% target, the reference rate must be maintained at its current level for some time."
  • The notable development was the higher adjustments for both headline and core inflation throughout 2024, indicating the committee sees a slower disinflationary process than it did in November. This was detailed in the statement as the board noted, "however, current forecasts incorporate a more gradual decline in both food merchandise inflation and services inflation.”
  • Analysts will be focused on any discussions regarding the timeline for potential monetary easing to begin and whether deputy governor Espinosa chooses to provide a dissenting (hawkish) opinion as she did at the prior meeting.

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