- Mexico’s mid-month inflation in August dipped from 5.61% to 5.16%, less than economists estimate at 5.31%. Core inflation dropped below the 4% threshold, decreasing from 4.02% to 3.98% YoY, below expectations of a 4.06% increase.
- Given Mexico’s fundamental backdrop of economic deceleration and inflation aiming lower, it could open the door to further easing by Banxico despite the split decision witnessed in August.
- Reuters cited sources who said Mexico’s data and the Fed’s commencement of its easing cycle increase the odds of the Mexican central bank cutting interest rates again in September.
- If the Fed aggressively lowers interest rates, it could boost the Mexican Peso prospects, and the USD/MXN could drop below the psychological 19.00 figure.
- After Powell’s speech, other Fed officials crossed the newswires. Philadelphia Fed’s Patrick Harker said the Fed needs to move rates down methodically. Chicago Fed’s Austan Goolsbee added that policy is at its tightest restrictive level and that the Fed’s focus is shifting towards achieving the job mandate
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