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Summary – March 21

LATAM
  • Banxico is expected to start its easing cycle Thursday with a 25bp cut to 11.0%. Mexico January retail sales data will also be released. In the US, weekly jobless claims are also due, as well as the existing home sales release for February. Fed's Barr will be the first speaker following yesterday's FOMC.
  • Global News:
    • US - The US has submitted a draft resolution to the U.N. Security Council calling for “an immediate cease-fire tied to the release of hostages” in Gaza, Secretary of State Antony J. Blinken said on Wednesday in Saudi Arabia, during his latest trip to the region to broker a diplomatic resolution to the war between Israel and Hamas.
    • SNB - The Swiss National Bank lowered its deposit rate by 25 basis points to 1.50% on Thursday, saying that "the fight against inflation over the past two-and-a-half years has been effective," after several months during which price increases fell within the price stability target zone of less than 2%. Inflation is now expected to remain within the desired range "over the next few years" the Swiss central bank said in a statement.
    • JAPAN - BoJ Governor Kazuo Ueda said on Thursday that Tuesday's decision to phase out easy policy before confirming the achievement of the 2% price target in a stable and sustainable manner was driven by desire to avoid a risk of rapid rate hikes. Ueda told lawmakers the Bank could have phased out easy policy after confirming the achievement of the 2% price target.

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