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Herrera Does Not See A Tightening Cycle Until 2022

MEXICO
  • After a strong Peso rebound in the second half of Monday that saw USDMXN trade down to 19.8151, comments overnight have marginally weighed on the local currency. Overall, price action remains fairly muted ahead of key inflation data out of the U.S.
  • Mexico's nominee to become central bank governor, Arturo Herrera, said in a radio interview that he doesn't expect the bank to begin an interest rate tightening cycle until 2022. (BBG)
    • "A tightening cycle isn't expected until the coming year, but we have to be observing and monitoring," Herrera, who is currently finance minister, said in a radio interview Monday with Joaquin Lopez-Doriga.
    • Asked if he was concerned that Mexico's real interest rates are currently negative after factoring in inflation, Herrera said, "At this juncture, that's not something that's particularly important." He noted that many other countries, including the U.S. and Germany, also have negative real rates.
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