The second successive 50bp hike by Mexico’s central bank (to 6.00%), in another 4-1 split on the Board, suggests that it is maintaining its hawkish stance under the new Governor Victoria Rodríguez. And with inflation set to remain well above target in the coming months, we continue to expect a further 150bp of hikes in this cycle, to 7.50%. That’s more tightening than most analysts expect.
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