- Last Thursday, Mexico’s Supreme Court voted eight to three to "consider a constitutional challenge to the controversial judicial overhaul enacted last month," which would allow the election of judges and Supreme Court magistrates through electoral vote.
- According to Banxico’s poll, the central bank is projected to lower rates by 50 bps to 10% for the remainder of 2024. Meanwhile, the USD/MXN exchange rate will end at around 19.69.
- Mexico’s economy is projected to grow by 1.45% in 2024, lower than August’s 1.57%.
- After the outstanding US jobs report, Citi added its name to JPMorgan and Bank of America and changed its November Fed call from a 50 to 25 bps cut.
- US Treasury yields skyrocketed and underpinned the US Dollar, which continues to appreciate against the Peso.
- Data from the Chicago Board of Trade (CBOT) via the December fed funds rate futures contract shows investors estimate 49 bps of easing by the Fed toward the end of 2024.
- Market participants have disregarded a 50 bps cut. The odds of a 25 bps cut are 85.3%, while the chances for holding rates unchanged are at 14.7%, according to the CME FedWatch Tool data.
Edited 10 Oct 2024, 20:54
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