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Board members voted 4-1 to hold rates steady at 11.00%. The fact that the decision wasn’t unanimous came as a bit of surprise considering the recent peso weakening and that Banxico was set to revise up its short-term headline inflation forecasts.
Banxico will most likely suggest it will proceed with caution, at least until more information is available about the judicial reform and the type of fiscal adjustment that will be implemented next year to fulfill the federal government’s commitment to reduce the public deficit by 2.9 points of GDP next year.
After the start of the pandemic in the US, the Latino employed population had a more dynamic recovery, and by November 2021, 19 months after its lowest point, it had already been able to recover to its pre-pandemic levels. In contrast, the non-…
While members continued to state that “the disinflation process is expected to continue,” the stickiness of core services inflation drove Banxico to revise up its inflation forecasts after considering that “inflationary shocks are foreseen to t…
The favorable core inflation trend gives Banxico room to continue lowering the policy rate, which will remain tight during 2024-25 despite a gradual rate cut cycle, but we now expect Banxico to pause the rate cut cycle this week and take rates …
Remittances to Mexico fell 3.3% in March. Thus, they culminate a streak of 46 consecutive months with growth, which lasted between May 2020 and February 2024. During this period, remittances increased in annualized terms from 38.8 billion to 63.6 billion dollars, which is equivalent to a total increase of 64.1%.
In November 2023, remittances to Mexico had an increase of 1.2%, for the month of December it was 2.2%, during the first month of 2024 they increased by 3.1%, and the last data, which corresponds to the month of February, was of 3.7%. Thus, in the last 4 months they have averaged increases of 2.6% at an annual rate.
This first rate cut marks the start of a long and gradual easing cycle that will most likely keep the monetary policy stance restrictive throughout this year and next even if Banxico cuts the policy rate without skipping any meeting in the rema…
Banxico’s board had already signaled that a rate cut next week was likely. We think that is a done deal following this month’s inflation prints. We expect Banxico to cut the policy rate by 25 bps, to 11.00%. The focus will be on the signals abo…
Why was the Depp v. Heard trial held in Virginia? Both Johnny Depp and Amber Heard are not residents of the state of Virginia, they do not have their tax domiciles, companies or homes in the entity and they did not spend part of their marriage …
This observatory contains the update of remittances that was presented on March 1, 2024 by the Bank of Mexico and it contains information related to the levels of poverty of the population that lived in households that received remittances, with respect to the population in households that did not they received remittances.
A key change in the forward guidance signals that Banxico is getting ready to start a rate cut cycle as “in the next monetary policy meetings, it will assess, depending on available information, the possibility of adjusting the reference rate.”
