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Core Inflation Improves, Banxico minutes Due

MEXICO
  • Mixed inflation figures for the bi-weekly read, however, some further moderate progress on the core figures will be comforting for the central bank. As mentioned, Banxico will release the minutes of the November meeting.
  • As a reminder, in a key dovish adjustment to the forward guidance, Banxico now believe “the reference rate must be maintained at its current level for some time”. This compares to prior guidance that it expected the hold rates “for an extended period”.
  • Our full review of that meeting is here: https://roar-assets-auto.rbl.ms/files/57285/MNI%20Banxico%20Review%20-%20November%202023.pdf

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