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Minutes Show No Dissenting Opinion From Deputy Governor Espinosa

MEXICO
  • Comment reiterating the new inflation forecast do not change the current trend being observed: “The majority mentioned that the new forecasts do not imply a change in the inflation trend and that the outlook of a continuing disinflationary process is maintained. They added that inflation is still expected to converge to the target in the second quarter of 2025.”
  • However…”Most members stated that the inflation outlook continues posing challenges. They considered that the balance of risks for the trajectory of inflation within the forecast horizon remains biased to the upside.”
  • On a brief scan, there seems willingness to discuss monetary easing, as had been intermated by Banxico officials following the monetary policy report in December.
  • “One member considered that there are conditions to begin discussing the possibility of reference rate cuts in the next policy meetings. He/she highlighted the need to take into account the progress in the disinflationary process. He/she reiterated the significant reduction in both headline and core inflation from their peak levels. He/she added that, since March, when the reference rate reached its current level, the decline of the core component has been more evident, and remarked that during this period a passive tightening of 84 basis points has been accumulated.”
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