translated from Spanish: Banxico’s mapping messages: mistrust and Pemex

The Bank of Mexico’s monetary policy announcement on Thursday, September 26, tried to walk the tightrope so as not to harshly criticize some mistakes in the government economic policy strategy. It has always been so, but now it was more noticeable that the Banxico does not want to fight with the president of the republic as the one responsible for economic policy decisions. Treasury officials and economists did know how to read the message, but in fact little room for manoeuvre they have when the president of the republic operates economic policy every day at his morning press conference. The strategic reading of the two-quart newsletter of tight and lined letters also shortened makes it difficult to underline and reveal hidden messages. The full document of perhaps 30 quarts will be disseminated in several weeks, it is not known whether to hide other information of concern or not to provide elements for the analysis of the short term and its economic narrowness. The monetary policy announcement document warns several: The international economy is slowing down and will affect the Mexican economy. financial stakes face severe risks to the federal government: uncertainty associated with the U.S. Mexico-U.S. relationship, tensions in the credit outlook respecting pemex’s debt rating and sovereign debt. significant risks” that could “affect the macroeconomic conditions” of the country and hinder its growth capacity and price stability. macro: to promote measures that “foster an environment of confidence and certainty for investment,” greater productivity and “sustainably consolidate public finances.” Read the other way around, these are warnings to the President not to neglect these careless points. Pemex”, a point that many statements by the president of the republic have scorned and led him to confront the qualifiers. combat insecurity.” To an outstanding extent, the language of banxico in its monetary policy announcement appeared to be that of a non-protective net balancer: “the slack conditions of the economy at the beginning of the third quarter continued at levels similar to the previous one (stagnation) , maintaining the extent of the output gap in negative ground”. That is, what Banxico meant is that the economy is in numbers red and does not rebound. growth continues to sbias downwards.” In other, GDP in the third quarter will continue to decline. The small letter of Banxico’s newsletter therefore left greater concerns for those who know how to read the enigmatic economic and financial language. But at the end of the analysis, short-term expectations for the third quarter will remain negative and the GDP that analysts have set at 0.5% could be lower and touch the 0% waterline, with the additional data that the economic growth target of 2% of by 2020 it will also not be reached and would be down to 1%. The most important part of Banxico’s message to the presidential office of Palacio Nacional was found in the underline concerning the deterioration of Pemex’s debt rating and sovereign debt and wake-up call to deal with the damage credit rating of debts pointed out by qualifiers. Without saying, Banxico would be advising an agreement of understanding between the president of the republic and the qualifiers, with the cleared effect that Banxico seems to side with the qualifiers for his important role and influence in rating debts that generate behaviour among investors. Ayotzinapa: lengthen the agony. For those who want to read the new crisis in the investigation of the 43 case cool, the problem is centraltoced: finding students alive. No one has dared to tell parents that their children were killed, that there were political reasons involving the guerrilla PRD, and that the strategy should be to investigate the murder and not continue to encourage the appearance of the students. The parents should then demand the arrest and punishment of those responsible. Policy for dummies: The policy requires an ability to read what is not written.



Original source in Spanish