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MNI Banxico Review – Nov 2024: Board Unanimous In Rate Cut

Banxico’s governing board cut the overnight rate by 25bp to 10.25%, as expected, in a unanimous decision.
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Executive Summary

  • Banxico’s governing board cut the overnight rate by 25bp to 10.25%, in line with most analyst forecasts, in a unanimous decision.
  • As before, the Board highlighted the further decline in core inflation and downside risks to growth, as it signalled the possibility of further gradual rate cuts ahead.
  • Analysts expect the Board to maintain its cautious approach and deliver back-to-back 25bp interest rate cuts over the coming meetings, as the bar to stepping up the easing pace remains relatively high at this juncture.

Click to view the full review: MNI Banxico Review - Nov 2024.pdf

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Executive Summary

  • Banxico’s governing board cut the overnight rate by 25bp to 10.25%, in line with most analyst forecasts, in a unanimous decision.
  • As before, the Board highlighted the further decline in core inflation and downside risks to growth, as it signalled the possibility of further gradual rate cuts ahead.
  • Analysts expect the Board to maintain its cautious approach and deliver back-to-back 25bp interest rate cuts over the coming meetings, as the bar to stepping up the easing pace remains relatively high at this juncture.

Click to view the full review: MNI Banxico Review - Nov 2024.pdf