Mexico: Banxico QR – Few changes on estimates and still with a hawkish stance

  • The document does not show a meaningful change in the central bank’s tone, maintaining a hawkish bias

  • We highlight the downward revision in 2023’s GDP, from 2.4% to 1.6%. Meanwhile 2022’s GDP forecast did not change

  • In this context, we maintain our call of a 75bps hike on September 29th, with the reference rate at 10.00% by year-end

September 1st, 2022
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