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Raises Rates by 75bps, Alongside Expectations

BANXICO
  • Banxico raises intererest rates by 75bps to 9.25%, alongside expectations.
  • Full bank statement here: https://www.banxico.org.mx/canales/%7BFD9016AD-774...
  • New inflation forecasts higher 0.1ppts for Q3'22, 0.5ppts for Q4'22 and higher by 0.8 - 1.1ppts through 2023
  • All-in-all a relatively neutral rate decision, broadly inline with expectations (hike of 75bps, higher inflation forecasts this year and the next).
  • On forward guidance, the bank still flag downside risks, and note they are to be largely data dependent going forward: "The Board will assess the magnitude of the upward adjustments in the referencerate for its next policy decisions based on the prevailing conditions."
  • USD/MXN little changed, trades middle of the day's range at 20.1650
Full inflation forecasts:
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  • Banxico raises intererest rates by 75bps to 9.25%, alongside expectations.
  • Full bank statement here: https://www.banxico.org.mx/canales/%7BFD9016AD-774...
  • New inflation forecasts higher 0.1ppts for Q3'22, 0.5ppts for Q4'22 and higher by 0.8 - 1.1ppts through 2023
  • All-in-all a relatively neutral rate decision, broadly inline with expectations (hike of 75bps, higher inflation forecasts this year and the next).
  • On forward guidance, the bank still flag downside risks, and note they are to be largely data dependent going forward: "The Board will assess the magnitude of the upward adjustments in the referencerate for its next policy decisions based on the prevailing conditions."
  • USD/MXN little changed, trades middle of the day's range at 20.1650
Full inflation forecasts: