Banxico Post-Decision Report: As expected

Banxico released its decision to cut the overnight policy rate 25bp to 7.25% on November, for the eleventh consecutive time, in line with the consensus view of Bloomberg surveyed analysts. We forecast one more 25bp cut this year at the December meeting, bringing us to a year-end rate of 7.00%. We are forecasting at two additional cuts in 2026 as well.