Mexico: Banxico Minutes – A more hawkish skew by the Board

  • Banxico published the minutes of the decision held on May 13th, in which they kept the reference rate unchanged at 4.00%

  • In our view the document’s tone is still hawkish, albeit less so than what we perceived in the statement

  • We still expect 25bps hikes in the November 11th and December 16th meetings, with the rate closing this year at 4.50%

May 27th, 2021
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