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Executive Summary:
- Banxico expected to raise rates by a further 50bps to 6.50%
- Upward trajectory of core inflation keeping the board on track with most recent pace of tightening
- Possibility remains for one or two committee members to vote for a larger hike
Full piece here:
Headline inflation for February rose to 7.28% Y/y versus an estimate of 7.23% and a prior reading of 7.07%. Perhaps more significantly, the annual core measure rose to 6.59% against a figure of 6.21% for January.
It was noted that in the latest set of minutes from the February meeting, one member had deliberated an even larger 75bps hike. Given the fact that inflation dynamics have worsened, there is potential for this consideration to gain broader traction among the committee. Thus, we would not completely rule out Deputy Governor’s Heath and/or Espinosa potentially dissenting at the March meeting and favouring a 75bps increase
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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