LATAM Week Ahead: MPC Minutes in Mexico Could Open Door to Resume Easing in March

Goldman Sachs analyzes upcoming Mexican central bank minutes, anticipating a dovish shift that could lead to rate cuts in March. The report also previews a busy data week across Latin America including GDP and trade balance figures.

Key Takeaways

• 1.The Mexican central bank's (Banxico) upcoming minutes are expected to signal a potential interest rate cut as early as March 2026.
• 2.Banxico's forward guidance has shifted to a more dovish tone, changing from 'evaluating the timing' to 'evaluating additional rate cuts'.
• 3.Upside risks to inflation persist, including core inflation stickiness and cost pressures, though FX depreciation was downgraded in priority.

Table of Contents

• MPC Minutes Expected to Open Door to Resume Easing Cycle Already in March
• DATA NEXT WEEK:
• Disclosure Appendix
• Reg AC
• Disclosures
• Global product; distributing entities
• General disclosures

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