Rodríguez sees limited inflation impact from peso depreciation
Governor Victoria Rodríguez Ceja said Banco de México kept its policy rate at 6.50 percent for a third consecutive meeting in September. She expects limited inflation effects from peso depreciation given economic slack and anchored expectations.
Core prices keep easing
First-half October headline inflation reached 3.62 percent as supply shocks lifted non-core inflation to 3.08 percent.
Core inflation fell to 3.78 percent, with goods at 3.28 percent and services at 4.26 percent; energy inflation was 2.09 percent.
Rodríguez attributed goods disinflation partly to accumulated peso appreciation and fading base effects.
Banco de México anticipates a headline increase in Q4 2026 before declines resume.
GDP grew 1.4 percent quarter-on-quarter in Q2, seasonally adjusted; Q3 growth was moderating but above earlier forecasts.
Growth projections remain 1.5 percent for 2026 and 2.0 percent for 2027, with downside risks from regional trade uncertainty.
Policy decisions will consider disinflation, exchange-rate pass-through, slack and inflation expectations.
Payments face a December milestone
Rules standardizing electronic transfer initiation and facilitating QR payments take effect December 14, 2026.
Banco de México and the National Banking and Securities Commission are finalizing card-clearing reforms after a second consultation ended September 24. Securities-lending amendments enable triparty and lending agents.
Funding TIIE deviations from target in 2026 were the second-lowest since 2008.
Banks retain high capital and liquidity; Rodríguez urged participation in standing liquidity facility simulations.
Credit platform awaits banks
The completed credit-matching platform still needs banks to join before its public launch.
Controlled operation is planned for late 2026, followed by public access in early 2027.
Rodríguez presented it as a way to reduce borrowers' search costs and give lenders another origination channel.