North America

Bank of Mexico May Consider Larger Rate Cuts, Says Bank Governor

The Bank of Mexico's governing board may consider larger cuts to its benchmark interest rate going forward as inflation in Latin America's second largest economy cools, bank governor Victoria Rodriguez told Reuters in an interview late on Monday. Banxico, as the Mexican central bank is known, lowered its key rate by 25 basis points to 10.50% on Thursday, the second straight cut as price pressures ease. It previously cut rates by a quarter of a percentage point in March.
Mexico
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Elliott-Led Group Named As Winner of Auction to Acquire Venezuela’s Citgo Petroleum

Elliott Investment Management and other U.S. investors have been named as the winning bidder in a court-ordered auction for control of Venezuela’s oil refiner Citgo Petroleum designed to pay down the bankrupt country’s debts, WSJ Pro Bankruptcy reported. A special master appointed to sell Venezuela’s shares in Citgo’s parent company is expected to designate a bid backed by Elliott as the best offer following a monthslong auction process overseen by a federal judge, they said.
Venezuela
United States
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Mexico’s Annual Inflation Slows and Sets Up Another Rate Cut

Mexico’s headline inflation slowed more than expected in early September, giving Banco de Mexico room to cut borrowing costs for a second straight month at this week’s interest rate meeting, Bloomberg News reported. Official data published Tuesday showed consumer prices rose 4.66% in the first two weeks of the month from the same period a year earlier, just below the 4.71% median estimate of economists surveyed by Bloomberg. The print was under the 4.83% reading in the previous two-week period.
Mexico
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