Banxico Minutes – Hawkish tone, reaffirming the need of additional tightening

  • The minutes reaffirm the hawkish tone from the Board, still with concerns over the inflation and its expectations

  • The debate remained center on the magnitude of the upcoming hike, but also on the terminal rate for this cycle

  • We maintain our call of +75bps in November, a YE22 level of 10.50%, and a terminal rate of 11.00% by the end of 1Q23

October 13th, 2022
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