Banxico Minutes–Debating the relative stance with the Fed and the terminal rate

  • In our opinion the document reaffirms a less hawkish tone, with all members agreeing that hikes must continue

  • The debate centered on importance of the relative monetary stance and the possible level for the terminal rate

  • We maintain our call of +50bps in Dec, with the YE22 level at 10.50% and a terminal rate of 11.00% by the end of 1Q23

November 24th, 2022
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