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Deputy Governor Says Banxico See Higher Rates Longer Than Expected

MEXICO
  • Initial comments coming through from Banxico Deputy Governor Irene Espinosa speaking at BIVA Event:
    • Banxico confident of managing inflation in near future
    • Banxico sees high interest rates longer than expected
    • Mexico economy has shown remarkable resilience
    • Mexico fiscal discipline has helped resilience
    • Mexico needs price stability to win from nearshoring
    • Much to be done to improve Mexico's capital markets
    • Banxico should add climate risk to analysis (BBG)
  • This appears largely a recognition of the more persistent characteristics of inflation that have been developing rather than a distinct change in Banxico rhetoric. It is worth noting that Espinosa has been one of the most hawkish members of the board from the onset of the tightening cycle. However, it certainly fits the developing narrative around higher rates for longer.
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