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MNI Banxico Review – Feb 2024: On Hold, Door Open To Potential March Cut

MNI Banxico Review - February 2024

MNI Banxico Review - February 2024

Executive Summary

  • Banxico’s governing board decided to keep the overnight rate unchanged at 11.25%, in a unanimous decision.
  • However, the committee modified its forward guidance, saying that “in the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate.”
  • This comment suggests that the committee is open to the possibility of cutting at the March meeting, but has not made a firm commitment to do so.

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