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Banxico Holds Key Rate, Betting Inflation Spike Is Temporary

(Bloomberg) Mexico’s central bank voted to hold its key interest rate near a five-year low, betting that a price spike that sent the inflation rate to more than double its target will be temporary.Banco de Mexico, led by Governor Alejandro Diaz de Leon, kept borrowing costs at 4% on Thursday, after consumer price increases hit 6.1% in April, far beyond its 3% target. All 24 economists surveyed by Bloomberg predicted the decision, as board members seek to keep injecting crucial stimulus even while prices climb.“In a highly uncertain environment, the risks for inflation, economic activity and financial markets pose major challenges for monetary policy,” the bank’s board wrote in a statement. “Given the recent shocks that have affected inflation, it is necessary for the adjustment in relative prices to take place in an orderly manner so that an impact on price formation and inflation expectations is avoided.”The board also said that while inflat ....

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Banxico Preview: Higher inflation, but can they leave rates unchanged?

Banxico Preview: Higher inflation, but can they leave rates unchanged?
Joe Perry
May 12, 2021 12:37 AM
Mexico’s inflation rate for April was 6.08%, the highest since December 2017
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As mentioned in the Week Ahead, it’s a slow week for Central Bank meetings. However, the Bank of Mexico (Banxico) meets on Thursday to discuss interest rate policy. Banixco has been lowering rates since before the pandemic began. When the coronavirus hit in the spring of last year, they began to cut more aggressively (as did most central banks). Interest rates in Mexico are currently at 4% and the central bank is expected to leave rates unchanged when they meet this week. ....

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Mexico Central Banker Sees Space for Two More Cuts in 2021

(Bloomberg) Mexico could have space for at least two more interest rate cuts in 2021 if inflation stays in line with expectations, central bank Deputy Governor Gerardo Esquivel told Bloomberg News on Friday.The bank, known as Banxico, cut for the 12th time since August 2019 this week, bringing the benchmark rate to 4%. The unanimous decision led economists to expect more easing in the coming months.“In principle, with the expectations that we have and the projections which we have made public, I think there is space for at least two,” Esquivel said when asked if there could be more than one reduction this year.He added that whether the cuts happen or not will depend on “reality,” such as whether inflation meets the central bank’s forecasts.Read More: Mexico’s Unanimous Rate Cut Revives Bets of More EasingA cut is possible in March, Esquivel said, but the board will need to be “careful” about headline inflation, which will likely ....

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Currency pair of the week: USD/MXN

Currency pair of the week: USD/MXN
Joe Perry
February 8, 2021 2:17 PM
The Bank of Mexico meets this week and there is a possibility they may cut rates
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During the first few weeks of Joe Biden’s Presidency, he has put pen to paper signing executive orders on everything from immigration to climate change to wearing masks. However, as mentioned in the Week Ahead, the main focus in his early days has been on his $1.9 stimulus package making it way through congress. Last week, an important procedural motion was passed, which allow for the text and legislation of the plan to be drafted up. Hopes for Democrats are that the plan, in its totality, will be passed by the end of month. However, the US Dollar was well bid through Thursday last week, prompting speculation that inflation expectations may be in the fo ....

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Ricardo Monreal anunció una Comisión Bicameral para mejorar la polémica reforma al Banxico

Ricardo Monreal anunció una Comisión Bicameral para mejorar la polémica reforma al Banxico
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