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MNI Banxico Review – Feb 2025: 50bp Cut, Scope For More Ahead

Banxico’s governing board cut the overnight rate by 50bp to 9.50%, in line with most analyst forecasts.
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Executive Summary

  • Banxico’s governing board cut the overnight rate by 50bp to 9.50%, in line with most analyst forecasts. The decision was split, with one member voting for a smaller 25bp reduction.
  • The Board highlighted the weakness of economic growth in the fourth quarter and the decline in headline inflation, and signalled further rates cuts ahead, potentially of a similar magnitude.
  • Analysts expect the Board to deliver another 50bp cut in March, before potentially slowing the pace again, with year-end rate forecasts broadly ranging between 8.0-8.5%.

Click to view the full review: MNI Banxico Review - Feb 2025.pdf

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Executive Summary

  • Banxico’s governing board cut the overnight rate by 50bp to 9.50%, in line with most analyst forecasts. The decision was split, with one member voting for a smaller 25bp reduction.
  • The Board highlighted the weakness of economic growth in the fourth quarter and the decline in headline inflation, and signalled further rates cuts ahead, potentially of a similar magnitude.
  • Analysts expect the Board to deliver another 50bp cut in March, before potentially slowing the pace again, with year-end rate forecasts broadly ranging between 8.0-8.5%.

Click to view the full review: MNI Banxico Review - Feb 2025.pdf