Mexico’s central bank delivered a larger-than-expected 50bp interest rate hike, to 11.00%, today most probably because the recent uptick in services inflation spooked the Board. Another rate hike (probably a 25bp increase) is now nailed on at the next meeting but, if we’re right in expecting the economy to remain sluggish and inflation to drop back, we think that will mark the end of the tightening cycle.
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