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MNI Banxico Preview – Thursday, November 09, 2023

MEXICO
  • All analysts are expecting Banxico to keep the overnight rate unchanged at 11.25%.
  • This is in line with the current guidance from the committee that it “will be necessary to maintain the reference rate at its current level for an extended period” in order to achieve a convergence of inflation to the 3% target.
  • The persistence of above-target core inflation, alongside the stronger-than-expected growth outlook, should reinforce the cautious tone of the committee, while reaffirming the commitment to its data dependent stance.
  • The full MNI preview with sell-side views is here: https://roar-assets-auto.rbl.ms/files/56846/MNI%20Banxico%20Preview%20-%20November%202023.pdf

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