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Goldman Sachs

May 10, 2026

Latam Today

Daily UpdateMacro Economic IndicatorsRates Govt BondsFXIndustrialsEnergy

Goldman Sachs reports a rate cut in Mexico to 6.50% signaling the cycle's end, alongside a rebound in Argentine industrial activity and rising energy-driven inflation in Chile and Ecuador.

Key Takeaways

  • 1.Mexico's MPC cut the policy rate by 25bp to 6.50%, signaling the end of the rate normalization cycle despite persistent inflation risks.
  • 2.Chilean headline inflation rose to 4.0% yoy in April, primarily driven by high energy and fuel price volatility.
  • 3.Argentina saw a strong rebound in manufacturing and construction in March, though inflation expectations for 2026 continue to rise.

Table of Contents

  • ARGENTINA
  • CHILE
  • COLOMBIA
  • ECUADOR
  • MEXICO
  • Disclosure Appendix

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Authors

Alberto RamosSergio ArmellaSantiago TellezJorge Moscoso

Securities

USDMXNArgentine PesoCopper

Themes

Monetary Policy NormalizationEnergy-Driven InflationMacroeconomic Slack in Mexico

Regions

Latin AmericaMexicoArgentinaChile