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Inflation Report Raises GDP Forecasts As Expected

  • In the latest Banxico quarterly report, Governor Rodriguez reinforced that Mexico rate cuts are ‘not on the table’. The central bank updated its GDP forecast to 3.0% from 2.3% for 2023 and to 2.1% from 1.6% for 2024. Some remarks follow below.
    • The central bank maintained the inflation outlook from the last policy meeting on 10th August.
    • Governor Rodriguez also highlighted that unemployment rate is still at historic lows and that inflation outlook is still “complicated”, with Banxico remaining vigilant with inflationary pressures.
    • Medium-term CPI expectations also remained stable.
    • The Mexican central bank highlighted that the rate difference between Mexico and the US has boosted the Peso value.
  • The official summary of the report is here:

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