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Citi Survey Points To 75BP Banxico Hike In June

MEXICO
  • On Tuesday, Citi published their results of biweekly analysts’ survey by email. Most economists now expect Mexico’s central bank to raise its key rate by a record 75 basis points at its June policy meeting as median forecasts for 2022 year-end inflation have risen to a new high, well above the central bank’s average fourth-quarter forecast.
    • 2022 year-end CPI estimate raised to 6.96% Vs. 6.75%
    • 2023 year-end CPI estimate raised to 4.33% from 4.22%
    • Both 2022 and 2023 GDP were held at 1.80% and 2.00% respectively.
    • 2022 year-end rate raised to 9.00% from 8.75%
    • 2023 year-end rate raised to 8.88% from 8.75%
  • Cabinet ministers from the Americas meet at an event hosted by US Secretary of State Antony Blinken, before US President Joe Biden hosts the Summit of the Americas inaugural ceremony.
  • Central bank to sell up to 150b pesos in extraordinary auctions:
    • 9am: To offer 175-, 245- and 357-day Cetes
    • 12pm: To offer 203-, 574-, 1,022- and 1,722-day Bondes F (local times)

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