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Citi Survey Sees Year-End Rate At 10.50%

MEXICO
  • Overnight, Citi published the results of its latest biweekly survey of analysts. Within the report, both 2022 and 2023 inflation forecasts were revised up and the year-end rate prediction was adjusted to 10.5% from 10.0% previously.
    • Next rate move to be a 75 bps increase in November.
    • 2022 year-end inflation raised to 8.50% from 8.37%, 2023 raised to 5.00% from 4.70%.
    • 2022 GDP held at 2.00%, 2023 GDP held at 1.20%.
    • 2022 year-end rate raised to 10.50% from 10.00%, 2023 raised to 10.13% from 9.25%.
  • Deputy finance minister Gabriel Yorio speaks at closing of Mexican brokers association AMIB’s convention at 2035BST/1435ET.
  • On the data front - Mexico July capital investment rises 2.1% y/y; est. +3.9%; this compares to 7.8% the previous period.
  • September inflation data is scheduled for Friday where annual Core CPI is expected to rise to 8.34%.
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