Mexico's Expected Fiscal Reform

MEXICO - Report 12 Sep 2013 by Mauricio González and Ernesto Cervera
Executive Summary The most significant news last week included the surprising rate cut announced by Mexico’s central bank on Friday. Banco de Mexico lowered its benchmark lending rate by 25 basis points to 3.75%, the lowest level since the key rate was introduced in early 2008. The last time the monetary authority lowered its target rate was the 50-basis point reduction announced March 8 of this year. Very few analysts anticipated last week’s rate announcement, as most observers felt Mexico’s central bank would not act before the US Federal Reserve confirms it is unwinding its qualitative e...

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