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MEXICO: Banxico Releases Minutes Of September MPC Meeting

MEXICO
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  • The minutes to the September 26 MPC meeting are here.
  • Comments in the minutes from dissenter Jonathan Heath, who voted to stay on hold:
    • “We need to be patient in order for the current monetary policy stance to have the desired effect on the persistence in services inflation. Furthermore, initiating a cycle of monetary easing prematurely could send a signal of complacency and that we are content with the high levels of headline inflation, since adjustments to the monetary policy stance at the margin are a more relevant signal than the level of the monetary restriction per se.”
    • “For the moment, we need a bit more time to confirm the trend the current positive signals seem to suggest as well as to assess if we need to adjust our reaction function given the global cyclical and monetary conditions we will face in the coming months.”
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  • The minutes to the September 26 MPC meeting are here.
  • Comments in the minutes from dissenter Jonathan Heath, who voted to stay on hold:
    • “We need to be patient in order for the current monetary policy stance to have the desired effect on the persistence in services inflation. Furthermore, initiating a cycle of monetary easing prematurely could send a signal of complacency and that we are content with the high levels of headline inflation, since adjustments to the monetary policy stance at the margin are a more relevant signal than the level of the monetary restriction per se.”
    • “For the moment, we need a bit more time to confirm the trend the current positive signals seem to suggest as well as to assess if we need to adjust our reaction function given the global cyclical and monetary conditions we will face in the coming months.”