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Heath's Hawkish Comments Bring Banxico Minutes Into Focus

MEXICO
  • As a reminder these comments come following Deputy Governor Heath posting on Twitter that he’s surprised so few analysts expect the June rate hike to be 75 basis points.
  • The minutes of the Banxico May meeting will be published on Thursday where any further communication on future hikes larger than 75bps may embolden forecasts for more aggressive action in June.
  • Goldman Sachs state that given that the May 12 decision was split, they expect to see more dispersion of views among directors around: (1) the outlook for inflation, (2) the effectiveness of rate hikes to tame inflation and anchor expectations given the nature of the shocks that have affected inflation, and, (3) the proper near-term calibration of the monetary stance given the perceived balance of macro and financial risks and FOMC Fed Funds path.
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  • As a reminder these comments come following Deputy Governor Heath posting on Twitter that he’s surprised so few analysts expect the June rate hike to be 75 basis points.
  • The minutes of the Banxico May meeting will be published on Thursday where any further communication on future hikes larger than 75bps may embolden forecasts for more aggressive action in June.
  • Goldman Sachs state that given that the May 12 decision was split, they expect to see more dispersion of views among directors around: (1) the outlook for inflation, (2) the effectiveness of rate hikes to tame inflation and anchor expectations given the nature of the shocks that have affected inflation, and, (3) the proper near-term calibration of the monetary stance given the perceived balance of macro and financial risks and FOMC Fed Funds path.