- Mexico’s Economic Activity in May increased by 0.7%, exceeding April’s -0.6% MoM contraction. On an annual basis, it slowed from 5.4% to 1.6%.
- May Retail Sales were worse than April’s, rising 0.1% MoM, trailing a 0.5% increase, and 0.3% YoY, down from 3.2%.
- The International Monetary Fund (IMF) adjusted Mexico’s Gross Domestic Product (GDP) expectations for 2024 from 2.4% to 2.2% due to the country’s economic slowdown and the US economic downturn.
- Fitch Ratings reaffirmed Mexico’s BBB- rating with a stable outlook but noted that the proposed judicial reform could impact the country. The credit rating agency expressed uncertainty about the upcoming administration's ability to narrow the fiscal deficit, anticipated a slight economic downturn in 2025, and mentioned that trade tensions with the US could leave Mexico vulnerable.
- The CME FedWatch Tools show that the chances of a quarter-percentage-rate cut to the federal funds rate in September are at 94%.
- June consumer inflation figures were lower than expected in the United States, increasing the chances that the Federal Reserve would lower borrowing costs in 2024 by at least 48 basis points, according to the December 2024 fed funds rate futures contract
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