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Banxico’s Heath Says Rate Adjustment Could Come By February/March

MEXICO
  • Banxico Deputy Governor Jonathan Heath has said that if inflation continues to drop, especially core inflation, an 'adjustment' to interest rate could come by February or March. In a radio interview, Heath highlighted that any early interest rate cuts should be seen as "slight adjustments," not the start of a rate-lowering cycle.
    • Heath says “one, two cuts could come, but very gradually and with great caution”.
    • However, Heath reiterates that core prices have to come down more for inflation to continue dropping and that there is a set of large (upside) risks to inflation.
    • “If many of these risks materialize, it will be difficult for inflation to converge toward target of 3% by end-2024 and early 2025”.
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