Argentina is closing in on the next disbursement of IMF funding but, while the economy met many of last year’s performance criteria, the deal is likely to become rockier this year. Elsewhere, the minutes to Mexico's February central bank meeting confirmed policymakers' concerns about the strength of core inflation, which will have only been reinforced by this week's mid-month inflation figures. The risks to our forecast for a final 25bp hike in March are skewed to the upside.
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