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MEXICO: Banxico Governor Says There Could Be Larger Interest Rate Cuts Ahead

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • “Banxico's Rodriguez: We can gradually moderate level of restrictive monetary policy, but depending on the inflationary outlook, there could be larger interest rate cuts.”
  • “It is a positive sign that financial markets reacted in an orderly fashion to presentation of Mexico's 2025 budget.”
  • “Conditions in the forex market have remained relatively orderly, but we are constantly monitoring and alert and could intervene if necessary.” (Reuters)
    • Headlines above from a Reuters interview lean dovish, with the central bank governor appearing content with latest developments in the currency market and the markets interpretation of the latest budget proposal for 2025. This is in keeping with the moderate dovish tilt to Banxico’s latest meeting, where the board were unanimous in its decision to cut rates. Commentary on the currency is also in keeping with our prior reporting that “Mexico would only intervene in foreign exchange markets if the peso’s depreciation became disorderly, MNI understands”.
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  • “Banxico's Rodriguez: We can gradually moderate level of restrictive monetary policy, but depending on the inflationary outlook, there could be larger interest rate cuts.”
  • “It is a positive sign that financial markets reacted in an orderly fashion to presentation of Mexico's 2025 budget.”
  • “Conditions in the forex market have remained relatively orderly, but we are constantly monitoring and alert and could intervene if necessary.” (Reuters)
    • Headlines above from a Reuters interview lean dovish, with the central bank governor appearing content with latest developments in the currency market and the markets interpretation of the latest budget proposal for 2025. This is in keeping with the moderate dovish tilt to Banxico’s latest meeting, where the board were unanimous in its decision to cut rates. Commentary on the currency is also in keeping with our prior reporting that “Mexico would only intervene in foreign exchange markets if the peso’s depreciation became disorderly, MNI understands”.