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Banxico's Heath Currently Sees Terminal Rate Between 11.25%-11.75%

MEXICO
  • BANK OF MEXICO DEPUTY GOVERNOR JONATHAN HEATH SEES TERMINAL INTEREST RATE REACHING BETWEEN 11.25% AND 11.75%, BUT SAYS A LOT CAN CHANGE (Reuters)
  • (Reuters) - The Bank of Mexico's monetary tightening cycle is nearing its end and could see nominal interest rates top out between 11.25% and 11.75%, at which point rates would be kept steady to allow them to take effect, deputy bank governor Jonathan Heath said.
  • Heath said that January inflation data, which showed the annual headline figure accelerating to 7.91% and annual core inflation standing at 8.45%, highlighted a concerning jump in price pressures in the services sector.
  • "Frontloading" with a half percentage point hike sought to keep that jump in services inflation to a one-off situation, said Heath, noting he saw price pressures starting to transition to more local and domestic factors from the predominantly global factors seen in recent years.
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