Banxico Deputy Governor Borja says getting closer to the 3% inflation target

Banxico Deputy Governor Borja says getting closer to the 3% inflation target.

Single-official remarks of this kind from Banxico tend to matter for what they signal about the board's tolerance for continuing an easing cycle already underway, since the bank has historically cut in measured steps and framed each move as conditional on convergence to target. Statements about approaching the target, rather than having reached it, sit in the conditional-caution register: consistent with further cuts but not a promise of acceleration, and the MXN front end and TIIE curve have typically repriced on the pace question rather than the direction. The distinction worth drawing is between convergence on headline and on core: Banxico's own reaction function has historically leaned harder on core and on services persistence, so a remark anchored on the headline carries less signal than one on the core trend. The relevant context is the peso carry, which has tended to cushion MXN against dovish commentary unless the board signals a faster cutting cadence than the curve prices. Follow-ons are whether other board members echo the framing, the next biweekly inflation prints, and the minutes for any dissent pattern, since Banxico decisions have on past occasions split on the size of cuts rather than the fact of them.