Mexico: Banxico – Setting the stage to slow down the pace of hikes

  • Banxico raised the reference rate by 75bps to 10.00% with a less hawkish statement and one dissenting vote

  • Mixed revisions to inflation forecasts, with the headline lower and more modest adjustments to the upside for the core

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

November 11th, 2022
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