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Heath And Esquivel Indicate Differences On Banxico Board

MEXICO
  • Banxico Deputy Governor Jonathan Heath on Monday said it’s very “premature” to think that Banco de Mexico’s interest rate hiking cycle is ending, in stark contrast to dovish remarks by a fellow board member.
  • As a reminder, last week, Deputy Governor Gerardo Esquivel indicated that Banxico is close to thinking about ending its hiking cycle in upcoming decisions, saying it’s important to avoid a monetary posture that is excessively restrictive.
  • On Monday, however, Heath said in a posting on Twitter that the US Federal Reserve will continue raising its key rate for a while until it starts to see results, and Mexico will have to do the same.
  • Heath commented that, besides the original causes of global inflationary outbreak, such as the pandemic and the Russian invasion of Ukraine, there are local causes in Mexico, like the “low competitiveness” of several sectors.
    • “A restrictive monetary policy won’t be able to solve this problem, however, it can help to limit it and, once the original problems have been solved, it can help an eventual convergence toward the long-term goal,” Heath added.
  • The national statistics agency reported that Mexico’s Unemployment Rate Rose to 3.43% in July; Est. 3.53% (BBG)
    • Compares with 3.35% the previous month
    • Underemployment rate fell to 8.3% vs prior 8.9%
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