Overnight rate held unchanged after February's surprise hike
The Mexican central bank hiked rates 50 bps in a surprise move in February as they fought inflation and MXN weakness.
At the moment, they have a neutral take. They say the balances of risks to growth and inflation are unchanged compared to the prior statement.
- Fixed investment was weak in Q1
- Demand unfavorable in Q1
- More MXN depreciation in CPI risk