The Central Bank’s Next Move

MEXICO - Report 10 Dec 2013 by Mauricio González and Ernesto Cervera
Executive Summary Mexico’s monetary authority decided last week to leave its TIIE interbank lending rate at 3.5%. Banco de México said it based its decision on the idea that inflation would remain near 3.5% for the balance of the current year and throughout 2014, and then trend lower until intersecting with the bank’s long-held target of 3%. Those estimates assume that the added inflation pressures the new fiscal policy measures will exert next year will quickly dissipate, and that the pace at which fuel prices are being brought in line with those of the international market through regular...

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