- Mexico’s Business Confidence deteriorated from 54.4 to 54.2. The report showed that businesses remain confident in the current economic conditions in Mexico. Further data in the report added that businesses' current economic conditions had worsened.
- Although most analysts estimate Banxico will keep rates unchanged at 11.00%, new data could prompt heated discussions among Banxico’s Governing Council members on May 9.
- Last week, Banxico Governor Victoria Rodriguez Ceja said the central bank would be data dependent. However, weak GDP data could lead to a “live meeting” on May 9.
- Citibanamex Survey showed that most analysts expect Banxico to hold rates unchanged at the May meeting. The median foresees a rate cut in June, while they estimate the main reference rate to end the year at 10.00%, up from 9.63% previously.
- The US Trade Balance showed the deficit narrowed by -0.1%, from $-69.5 billion to $-69.4 billion, missing estimates of $-69.1 billion. Imports dived -1.6% to $327 billion, while exports contracted -2.0% to $257.6 billion.
- The US Bureau of Labor Statistics (BLS) revealed that US Initial Jobless Claims for the week ending April 27 rose by 208K, unchanged from the previous reading and lower than the 212K projected by the consensus.
- On Wednesday, the Fed decided to keep the federal funds rate unchanged at 5.25%-5.50 %. They acknowledged that risks to achieving the Fed’s dual mandate on employment and inflation “moved toward better balance over the past year.” Although they said there’s progress on inflation, recent data showed that it has stalled.
- Fed policymakers added that they would begin reducing their balance sheet holdings of US Treasury securities from $60 billion to $25 billion starting in June.
- Data from the Chicago Board of Trade (CBOT) suggests that traders expect the fed funds rate to finish 2024 at 5.045%, down from 5.100% on Wednesday.
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