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Citi Survey Sees 50BP Hike In December, Raises 2023 CPI Forecast

MEXICO
  • Citi published the results of its biweekly analysts’ survey where they see Banxico’s next rate move to be a 50 bps increase at the December meeting.
    • 2022 year-end inflation was marginally cut to 8.48% from 8.50%, however, 2023 year-end inflation was raised to 5.16% from 5.10%
    • GDP estimates were held at 2.50% for 2022 and 0.90% for 2023.
    • Additionally, the 2023 year-end rate forecast was cut to 10.00% from 10.50% and the 2022 year-end exchange rate lowered to 20.00 from 20.30 MXN/USD.
  • Chilean President Gabriel Boric visits Mexico to meet with business leaders as well as President AMLO.
  • Focus for the domestic calendar is on tomorrow’s release of bi-weekly CPI and Banxico minutes from the November meeting.
  • One of the highlights of the highly anticipated UN climate change convention last week was the ambitious emissions targets announced by Mexico.
    • However, energy experts don’t see Mexico’s pledge to reduce carbon emissions by 35% in 2030 as indicative of a policy shift, but rather political manoeuvring in a protracted trade dispute with its northern neighbour. (BBG)
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