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MEXICO: Banxico Minutes Released, Heath and Espinosa Discuss Credibility

MEXICO
  • Banxico minutes here: https://www.banxico.org.mx/publications-and-press/minutes-of-the-board-of-governors-meetings-regardi/%7B27DFF7BC-A021-4C00-414F-E6BC9B0A7EFD%7D.pdf
  • Dissenting opinions provided from both Espinosa and Heath:
    • Espinosa: "Given the complex inflationary environment, we should avoid rushing into adjusting the monetary policy stance. It is imperative to remain cautious and
      prioritize a risk management approach, for the benefit of the central bank’s credibility."
    • Heath: " Voting in favor of easing the monetary policy stance at this time, given a high fiscal deficit and a yet-to-be confirmed weakness of economic activity, while inflation is still far from target, may be interpreted as premature as long as there is no certainty that inflation is on track, as supported by more solid data."

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