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Banxico’s Heath Sees 2022 Year-End Rate Between 9.50-10.00%

MEXICO
  • Banxico Deputy Governor Jonathan Heath said that he expects the reference rate to end the year between 9.5% and 10%, though it will depend on data, El Financiero reported citing comments made at a virtual event.
    • As expected, Heath reiterated that Banxico should maintain its current 600bps differential with the Fed.
  • Mexico will continue investing in state oil giant Pemex in 2023, likely ending the year with a small primary deficit, according to lower house Budget Committee Chair Erasmo Gonzalez. (BBG)
    • Overall, the 2023 budget will stick to President Andres Manuel Lopez Obrador’s track record of tight finances and conservative spending with continued support for social programs.
  • Just released: June capital investment rises 7.8% y/y; est. +5.7% (BBG)
  • Later today, Mexico’s tax chief Raquel Buenrostro is expected to give a press conference.
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