An Opening Too Far

MEXICO - Report 16 Jul 2013 by Mauricio González, Ernesto Cervera and Carlos Noriega
Executive Summary Last week, Banco de México (Banxico) released its regularly scheduled review of monetary policy, in which the central bank left its overnight interbank lending rate at 4%. Banxico reaffirmed it is convinced that its current monetary policy is congruent with a scenario in which there are no generalized inflation pressures and in which spending growth throughout the economy is favorable for inflation to converge with the central bank’s permanent target of 3%. That appraisal was reinforced by the June report on inflation, which showed that the 12-month rate of inflation had f...

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