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MNI BRIEF: Banxico Sees Rates Steady 'For Some Time' - Minutes

(MNI) BRASILIA

The Bank of Mexico is holding to its message that interest rates must be maintained at the current level of 11.25% "for some time," according to minutes of the board's meeting released Thursday.

"In order to achieve an orderly and sustained convergence of headline inflation to the 3% target, the reference rate must be maintained at its current level for some time," the minutes said.

One member said there are "conditions to begin discussing the possibility of reference rate cuts in the next policy meetings," highlighting "the need to take into account the progress in the disinflationary process". A more hawkish sounding voice worried "there are still risk factors that could hinder the foreseen trajectory of inflation towards the 3% target." Banxico last month held the target for the overnight interbank interest rate at 11.25% for the sixth consecutive meeting.

(See MNI Banxico Review – December 2023: Relatively Hawkish Tilt Amid Higher Inflation Forecasts)

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