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MNI Banxico Review – June 2023: Cautious Guidance Maintained

MNI Banxico Review - June 2023

MNI Banxico Review - June 2023

Executive Summary:

  • Banxico’s governing board decided to keep the overnight rate unchanged at 11.25%, in a unanimous decision. The outcome was in line with prior guidance from the committee and consensus expectations.
  • Headline inflation was revised moderately lower through 2023 with the year-end forecast now standing at 4.1% from 4.2% previously.
  • The central bank maintained the guidance from the May meeting, that “it considers that it will be necessary to maintain the reference rate at its current level for an extended period.”
  • The decision has not had an impact on local asset pricing with TIIE still showing a greater probability of some easing in 2023 than not. USDMXN continues to hover near recent range lows with the 17.00 handle acting as support for now.

Click to view the full review:

MNI Banxico Review - June 2023.pdf

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