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Banxico Seen Sticking to Previous Pace With 50bps Hike

MEXICO
  • Banxico expected to raise rates by a further 50bps to 7.00% today, in the decision due at 1pm local time/1900BST/1400ET.
  • A 50bps move is consensus, despite a further deterioration in the inflation outlook, which is expected to prompt another upward revision to CPI forecasts at this meeting. A sharper than expected upward revision to forecasts could prompt a small number of policymakers to opt for a 75bps hike this month, but they’re expected to be among the minority.
  • Full preview including summary of sell-side views can be found here: https://marketnews.com/mni-banxico-preview-may-2022-to-stick-to-50bps-clip
  • Elsewhere in Mexico, this morning’s industrial production data came in ahead of expectations at 2.6% Y/Y vs. Exp. 2.1%, while the M/M figure missed forecast at 0.4% vs. Exp. 0.7%.
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  • Banxico expected to raise rates by a further 50bps to 7.00% today, in the decision due at 1pm local time/1900BST/1400ET.
  • A 50bps move is consensus, despite a further deterioration in the inflation outlook, which is expected to prompt another upward revision to CPI forecasts at this meeting. A sharper than expected upward revision to forecasts could prompt a small number of policymakers to opt for a 75bps hike this month, but they’re expected to be among the minority.
  • Full preview including summary of sell-side views can be found here: https://marketnews.com/mni-banxico-preview-may-2022-to-stick-to-50bps-clip
  • Elsewhere in Mexico, this morning’s industrial production data came in ahead of expectations at 2.6% Y/Y vs. Exp. 2.1%, while the M/M figure missed forecast at 0.4% vs. Exp. 0.7%.