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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Banxico Review - May 2021: Inflation Risks Tilted Upwards
The full review with analyst views can be found here:
MNI Banxico Review - May 2021.pdf
Executive Summary:
- Banxico kept the overnight rate unchanged at 4.00% in a unanimous decision. The decision was in line with all surveyed analysts.
- Revisions to both headline and core inflation forecasts are above the last Quarterly Report for the short term.
- The board have acknowledged that inflationary risks are now tilted to the upside.
- This was highlighted by an addition to the list of upward risk factors: the 'persistence of core inflation'.
Key Takeaways:
- The Central Bank appear very much in wait-and-see mode. Inflationary pressures have been recognised, however, are still believed to be transitory with an eventual convergence to target.
- The minutes for the meeting may provide some crucial clues as to individual stances within the committee. Previously, three members did not see 4% as the low point for the easing cycle and if these opinions have been altered, current market pricing for tightening later in 2021 may become more justified.
To read the full story
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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.