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Banxico Release Minutes of September Policy Decision

  • Banxico minutes here:
  • Plenty of cautious comments from an initial skim of the Banxico comments in the monetary policy section, highlighting a more complex outlook and potentially bolstering the higher for longer thesis:
  • One member “stated that the factors supporting the upward revision in inflation forecasts should be explained, and that the balance of risks for inflation has deteriorated in an environment of high uncertainty. He/she added that in view of the more complex outlook, forward guidance should highlight that a restrictive stance will be maintained for a more extended period than the previously foreseen. He/she reiterated that it is convenient to maintain the monetary stance in restrictive territory during the entire forecast horizon.”
  • Another member “considered that the materialization of these risks could require monetary restriction for a longer period.”
  • One member “argued that, despite the advances in the disinflationary process, convergence has become slower and the main challenge continues to be the persistence of core inflation, especially that of services.”

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