Victoria Rodríguez Ceja, the governor of the Bank of Mexico, suggested in a recent interview that the central bank may implement additional adjustments to the reference interest rate depending on prevailing macroeconomic conditions. This assessment will include monitoring any potential secondary effects on prices arising from increased taxes and tariffs. Rodríguez Ceja emphasized that the expected slack in the economy, caused by economic weakness, appreciation of the exchange rate, and monetary restrictions imposed by the central bank, is conducive to a scenario with less inflationary pressure.

The governor noted that the anticipated continued slack in the national economy could help moderate the transfer of higher costs to consumer prices, particularly in an environment with reduced demand for goods and services. She pointed out that the appreciation of the exchange rate also plays a role in alleviating external price pressures, which could benefit consumers and stabilize prices in the domestic market.

Rodríguez Ceja's comments come at a time when the central bank is carefully navigating economic challenges, seeking to strike a balance between stimulating growth and controlling inflation. The potential for further rate cuts highlights the Bank of Mexico's adaptive approach to the complexities of the macroeconomic landscape, as it addresses the impacts of fiscal policy changes along with global economic conditions.