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High Rates Help Mexico Weather NAFTA Talks, Premature to Talk of Cuts - Carstens

Anthony Esposito and Frank Jack Daniel - Thomson Reuters
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July 14, 2017

Mexico's Central Bank Governor Agustin Carstens (C) greets the audience at the National Palace in Mexico City (Reuters/Edgard Garrido)

Mexico's central bank could pause monetary policy tightening for some time, its governor said on Thursday, but he defended high interest rates at a time of political volatility and knocked down speculation there will be rate cuts before mid-2018.

Banco de Mexico Governor Agustin Carstens said talk among private economists that rates would be reduced early next year diverged from the bank's view, which was that it would take some time to consolidate inflation toward its 3 percent target.

He also said Mexico's tight monetary and fiscal policy was good preparation for possible volatility stemming from presidential elections next year and NAFTA negotiations that may start in a few weeks.

"Mexico has prepared itself for the months to come," he said.

The Mexican peso firmed 0.52 percent on Thursday, its sixth straight daily gain, and appreciated after Carstens' comments were published.

Carstens told Reuters it was likely the bank would pause a run of seven consecutive base rate hikes at its next policy meeting on Aug. 10, firming up language used in the last monetary policy statement.

Read the rest at MailOnline

Related: Mexico's Departing Carstens Proud of Central Bank's Increased Independence (Reuters)

Related: Canada and Mexico on the Lookout for New Friends Ahead of NAFTA Talks (Reuters)

Related: Mexico Industry Eyes NAFTA Changes to Find Common Ground with Trump (Reuters)

Related: Podcast: What Does Seattle’s Mexican Consul Think About Trump, Trade and Immigration? (The Seattle Times)

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