World Economy/Mexico

🇲🇽

Mexico

MEX

Americas • Sovereign Currency: MXN

Analyze Mexico with Schema AI

Nominal GDP

$1.81T

2024

Annual GDP Growth

+1.5%

YoY Q3 2024

Inflation (CPI)

4.8%

Oct 2024 YoY

Policy Rate

10.25%

Current Target

10Y Sovereign Yield

9.95%

10Y Mbono

Unemployment Rate

2.7%

Sep 2024

Debt-to-GDP

52.1%

2024

Trade Balance

$-0.4B

Sep 2024

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇲🇽BANCO DE MÉXICO POLICY DASHBOARD

Target Instrument: Tasa de Interés Interbancaria • Sovereign: Mexico (MEX)

STANCE: hawkish

Next Meeting: 2026-12-19

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

10.25%Unchanged (0 bps)

Tasa de Interés Interbancaria

REAL CARRY SPREAD (r - π)

+5.49%

Restrictive Drag

OVERNIGHT BENCHMARK (O/N)

N/A

Statutory money market fixing

YIELD CURVE SLOPE (10Y - r)

-0.30%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 YoY

Elevated above price stability band (+2.8% vs target)

INEGIRef

4.76%

MILD TIGHT

Distance to Inflation Target (2.0%)Oct 2024 YoY

Headline inflation exceeds 2% anchor by 2.76 percentage points

INEGIRef

+2.76%

MILD TIGHT

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024

Moderate real growth pace matching potential output

INEGIRef

1.50%

IN LINE

Unemployment Rate (Labor Slack)Sep 2024

Tight labor market conditions with minimal civilian slack

INEGIRef

2.70%

LOOSER

FINANCIAL CONDITIONS4 METRICS

Tasa de Interés InterbancariaCurrent Target

Official statutory policy target rate set by Banco de México

Banco de MéxicoRef

10.25%

MILD TIGHT

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

Banco de México vs INEGI

+5.49%

MILD LOOSE

10-Year Sovereign Benchmark Yield10Y Mbono

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

SHCP / BanxicoRef

9.95%

MILD TIGHT

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.30% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.30%

TIGHTER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceSep 2024

Trade deficit requiring external capital inflows or debt financing

INEGIRef

$-0.4B

IN LINE

General Government Debt / GDP2024

Fiscal debt load within statutory prudential headroom boundary

SHCPRef

52.10%

MILD LOOSE

HISTORICAL RATE DECISION TRAJECTORY (TASA DE INTERÉS INTERBANCARIA)

Verified Chronological Decisions

2026-10-09

10.25%

Policy Assessment Summary: Overnight interbank funding target rate.

Key Domestic Equities & Capital Markets

Major corporate champions tracked in WOWS with sovereign economic exposure

Index: S&P/BMV IPC (IPC)

AMXL• Telecommunications

América Móvil

FEMSAUBD• Beverages & Retail

FEMSA

WALMEX• Retail

Wal-Mart de México