Fed's stance to impact Mexican monetary policy decisions in coming quarters

Given the developments in Mexico, and the growth weakness in H1, we do not see anything seriously disturbing the status quo. 

"Inflation is expected to rise only modestly over the next 12 months and have therefore cut our 2015 inflation forecast to 2.9% from 3.2%, but 2016 inflation is forecasted to 3.5% . Inflation is expected to revert to its medium-term trend in 2016 when the base effect of lower telecom and energy prices ebbs", says Societe Generale. 

Essentially, the inflation situation remains conducive to Banxico's current accommodative stance, and growth and the Fed's stance are likely to be key factors in monetary policy decisions over the next couple of quarters.