Macro Analysis /

Banxico – Monetary stance reaches restrictive territory, but hikes will continue

  • Banxico increased the reference rate to 8.50% (+75bps), with a unanimous vote and in line with expectations

  • Inflation forecasts were adjusted again to the upside, but maintaining the convergence to the target by 1Q24

  • We reiterate our call that the rate will end 2022 at 10%, with a 75bps hike in September, and possible cuts in late 2023

Alejandro Padilla Santana
Alejandro Padilla Santana

Executive Director of Economic Research and Financial Markets Strategy

Leslie Thalia Orozco Velez
Manuel Jimenez Zaldivar
Francisco Jose Flores Serrano
Juan Carlos Alderete Macal
11 August 2022
Published byBanorte


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