Banxico follows the FOMCs lead and delivers an expected 75 bp rate hike to 9.25%. The tightening comes as inflation rises at fastest pace since Dec 2000. Despite USD strength, the Mexican monetary policy posture provides resilience to the MXN.
The aggressive tightening comes as inflation continues to rise at the fastest rate since December 2000strength, the Mexican monetary policy posture provides some resilience to the MXN
Following in the footsteps of the Federal Reserve Bank, Banxico unanimously raised rates by 75 basis point, delivering an expected third consecutive hike of this magnitude. With this move, the overnight interbank rate rises to 9.25%, surpassing the previous month’s peak of 8.50% and reaching its highest level since 2008, when the institution began conducting monetary policy using an interest rate goal instead of targeting daily account balances held by banks at the Central Institution.
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