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Heath On Banxico Pause, Canada Joins US Trade Dispute

MEXICO
  • Recapping Deputy Governor Heath’s comments from Friday, the board member indicated that Banxico will keep its key rate at a record high for its next three meetings at the very least. Furthermore, Heath said that policy must remain restrictive for “as long as possible” to ensure inflation falls back to target.
    • Additionally, Heath explained that given the “complicated and uncertain” inflation outlook, Banxico’s decisions will be data dependent, meaning a single rate cut wouldn’t imply the beginning of a longer easing cycle.
    • “We want to keep the monetary policy in the restrictive zone for as long as possible — and that’s way more than three decisions”.
  • Canada will join a trade dispute initiated by the US over Mexico’s restrictions on genetically modified corn imports. “Canada shares the concerns of the US that Mexico’s measures are not scientifically supported and have the potential to unnecessarily disrupt trade in the North American market,” Trade Minister Mary Ng and Agriculture Minister Marie-Claude Bibeau said in a statement Friday.
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