Banxico board seems comfortable with its current stance

The Banco de México's (Banxico's) board of governors releases the minutes of its early June monetary policy meeting on 18 June. The board left the policy rate unchanged at 3.0% in June, matching consensus expectations, notes Standard Chartered. Banxico's post-meeting statement had a neutral tone, although it noted more moderate domestic activity. Banxico sees a benign inflation outlook, with inflation expectations well anchored. 

According to Standard Chartered, "the board is likely to reiterate that US monetary policy will strongly influence its monetary policy decision-making. As September approaches, when the Fed seems likely to start hiking its policy rate, Banxico may turn more hawkish. Banxico is expected to signal a hiking cycle only after the Fed begins to hike."