- In February 2024, AMLO put forward several proposals to the Mexican Congress. These include a Supreme Court reform that suggests electing Supreme Court ministers through popular vote; an electoral reform aimed at electing electoral commission councilors by popular vote and reducing multi-member representation; and a reform of autonomous bodies that proposes dissolving the transparency body.
- Mexican Peso depreciation could weigh on Banxico decision to ease policy on June 27 despite last month’s dip in core prices. Therefore, keeping interest rates higher could prompt deceleration in the economy and increase the odds of a possible recession.
- Mexico's economic docket for next week will feature Aggregate Demand, Private Spending, and Retail Sales data. Despite that, the USD/MXN exchange rate continues to be driven by political uncertainty about the changes to the Mexican Constitution that threaten the state of law.
- Morgan Stanley noted that if Mexico’s upcoming government and Congress adopted an unorthodox agenda, it would undermine Mexican institutions and be bearish for the Mexican Peso, which could weaken to 19.20.
- The UoM Consumer Sentiment Index in June fell to 65.6 from 69.1 and missed the consensus of 72. Sentiment dropped to its lowest level in seven months. Inflation expectations for the next twelve months are expected to remain at 3.3%, unchanged, and for a five-year period, they are foreseen at 3.1%, down from 3.3%.
- Latest US inflation report increased the odds of a Fed rate cut in September from 46.7% to 62%, according to CME FedWatch Tool.
- December’s 2024 fed funds futures contract hints that investors expect 39 basis points of rate cuts by the Fed through the end of the year.
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