Easing Cycle In Full Swing, But Growth Outlook To Remain Subdued

In line with our assertion, Mexico's central bank, Banxico, became the third in Latin America (following December and January moves by Colombian and Chile respectively) to deliver an aggressive interest rate cut, lowering the country's policy rate 50bps to 7.75%. What is more, we expect the fashion for front-loaded monetary loosening to continue later this week, when Brazilian policymakers convene.

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