MEXICO: Minutes of November Banxico Meeting Released, One Dissenting Opinion
Nov-23 15:06
- Banxico minutes here: https://www.banxico.org.mx/publications-and-press/...
- Dissenting opinion on the monetary policy statement from Deputy Governor Irene Espinosa:
- “Although inflation has been decreasing, its convergence to the target in the second quarter of 2025 has become more challenging. During the current half of the year, the disinflationary process has slowed down. Core inflation has fallen mainly due to the decline in merchandise inflation as services inflation has shown a resistance to decline and recently it has increased. In my opinion, the upward bias in the risks to inflation has increased, with a more resilient economic activity, a cyclical position of the economy in positive territory, a tight labor market, core inflation persistence, non-core inflation trending upwards, inflation expectations above our target and not reverting, and a procyclical fiscal policy for 2024. Looking ahead, the commitment to attain fiscal consolidation starting in 2025 represents an additional enormous challenge. Under such conditions, I believe we should remain prudent and cautious in our communication and avoid modifying our forward guidance in advance, given the high level of uncertainty regarding inflation’s downward trajectory.”
- The dissenting opinion of one of the more hawkish members of the committee throughout the hiking cycle offsets the moderate dovish shift to the guidance in the November policy statement.
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