The Banco de México's (Banxico's) board of governors releases the minutes of its early June monetary policy meeting on 18 June. The board left the policy rate unchanged at 3.0% in June, matching consensus expectations, notes Standard Chartered. Banxico's post-meeting statement had a neutral tone, although it noted more moderate domestic activity. Banxico sees a benign inflation outlook, with inflation expectations well anchored.
According to Standard Chartered, "the board is likely to reiterate that US monetary policy will strongly influence its monetary policy decision-making. As September approaches, when the Fed seems likely to start hiking its policy rate, Banxico may turn more hawkish. Banxico is expected to signal a hiking cycle only after the Fed begins to hike."
