Investor Presentaiton
10
We expect Banxico to resume its easing cycle in February
Inflation forecasts
% y/y, quarterly average
Banxico's Hawk-o-meter
Reference rate forecast
%
Headline
Banxico
3.6
Banorte
3.0
1T21 2T21
3T21 4T21
Dovish
09
4.3
3.1
3.3
3.8
2.9
3.3
9
Hawkish
8
00
2019:
7.25
7
Core
JH
GE
GB
ADL
IE
Banxico
Banorte
3.9
3.6
3.0
3.1
6
3.6
3.2
2.9
3.1
Inflation forecast
% y/y, bi-weekly frequency
Net flows of foreigners holdings
5.0
MX$ billion
100
5
Headline
Core
■M Bonos Cetes
4.5
3.8
2021:
4.0
3.7
3.5
3
3.0
-100
2020
4.25
2021:
3.50
2020:
3.1
2.5
3.2
2.0
-200
2
Dec-20
Apr-21
Aug-21
Dec-21
Jan-20
Apr-20
Aug-20
Nov-20
Dec-15
Dec-17
Dec-19
Dec-21
Source: Banxico, INEGI, Banorte
Eco
Hist
DB
NIM Rev C/I
NI Div ROE
LD
Dep
Loan ICAP BAP
Guid Mkt App
GRUPO FINANCIERO
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