- Main rate hiked to 7.00% from 6.50%
- One dissenter voted to hike by 75 bps, four others voted for 50
- Prelim info suggests activity rebounded during Q1
- Given growing complexity in the environment for inflation and its expectations, taking more forceful measures to attain the inflation target may be considered
- Environment of uncertainty and ample slack continues to prevail, though slack narrowed
- Revised up inflation forecast
- Convergence to 3% inflation target in Q1 of 2024 is maintained
USD/MXN has been locked in a range around 20 since late 2020. There was little reaction to this decision initially but some of the headlines were hawkish.
