<?xml version="1.0"?>
<rdf:RDF xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:xsd="http://www.w3.org/2001/XMLSchema#" xmlns:rdfs="http://www.w3.org/2000/01/rdf-schema#" xmlns:owl="http://www.w3.org/2002/07/owl#" xmlns:bbvao="https://www.bbva.com/ontology/bbvaontology.owl#" xmlns:ernews="https://www.bbva.com/ontology/ernews.owl#" xmlns:dcterms="http://dublincore.org/2012/06/14/dcterms#" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rnews="http://iptc.org/std/rNews/2011-10-07#" xmlns:gnossonto="https://www.bbva.com/ontology/bbvaresearchdigitalpublication.owl#"><bbvao:DigitalPublication rdf:about="Gnoss.ApiWrapper.ApiModel.SparqlObject+Data"><bbvao:url rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es">Gnoss.ApiWrapper.ApiModel.SparqlObject+Data</bbvao:url><dc:language rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[en]]></dc:language><dc:language rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[es]]></dc:language><dc:description rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[342424UY27384T3653245126451241254612654718249126TDGYCBHJASBVGASDFAJSYDJHUADNDHW76E3123216R53521342132153215321TGYBDHCWQRRE234532142312ee]]></dc:description><dc:description rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[342424UY27384T3653245126451241254612654718249126TDGYCBHJASBVGASDFAJSYDJHUADNDHW76E3123216R53521342132153215321TGYBDHCWQRRE234532142312 BB]]></dc:description><bbvao:publicationDate rdf:datatype="http://www.w3.org/2001/XMLSchema#date">2025-08-27T14:07:52</bbvao:publicationDate><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[TST 1e]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[TST 1 B]]></dc:title><dc:identifier rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[49371]]></dc:identifier><bbvao:keypoint rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_0f1080fe-0499-48ce-acbd-efd9736bfa9a"/><bbvao:keypoint rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_ed573323-e21e-44f6-9d8f-4420114deab3"/><bbvao:keypoint rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_f31a47af-003b-46cd-9ff7-7f2ca7905528"/><bbvao:tag rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_042188f4-db0e-46a5-916f-91a10acb57e7"/><bbvao:tag rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_588c9669-e185-47ac-aa34-4c354387b77f"/><bbvao:tag rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_7ed27429-9379-4917-8374-f736c5603133"/><bbvao:tag rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_e21cdecd-5fd5-41da-a6b7-c18151042e88"/><bbvao:attachment rdf:resource="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Attachment_3ec10ae1-e569-47c0-8242-addd1a812845_939827d1-696c-43bf-b302-37d23d8219e1"/><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Global]]></dc:coverage><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Global]]></dc:coverage><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[España]]></dc:coverage><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Spain]]></dc:coverage><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Europa]]></dc:coverage><dc:coverage rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Europe]]></dc:coverage><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Análisis Regional España]]></dc:subject><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Regional Analysis Spain]]></dc:subject><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Análisis Regional China]]></dc:subject><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Regional Analysis China]]></dc:subject><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Análisis Macroeconómico]]></dc:subject><dc:subject rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Macroeconomic Analysis]]></dc:subject><dc:type rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Informe]]></dc:type><dc:type rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Report]]></dc:type><dc:creator rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[Test Jorge]]></dc:creator></bbvao:DigitalPublication><bbvao:Keypoint rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_0f1080fe-0499-48ce-acbd-efd9736bfa9a"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[eee]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[43243342 b]]></dc:title></bbvao:Keypoint><bbvao:Keypoint rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_ed573323-e21e-44f6-9d8f-4420114deab3"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[eee]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[342324b]]></dc:title></bbvao:Keypoint><bbvao:Keypoint rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Keypoint_3ec10ae1-e569-47c0-8242-addd1a812845_f31a47af-003b-46cd-9ff7-7f2ca7905528"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[ee]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[342342b]]></dc:title></bbvao:Keypoint><bbvao:Tag rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_042188f4-db0e-46a5-916f-91a10acb57e7"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Yellen]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Yellen]]></dc:title></bbvao:Tag><bbvao:Tag rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_588c9669-e185-47ac-aa34-4c354387b77f"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[1464]]></dc:title></bbvao:Tag><bbvao:Tag rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_7ed27429-9379-4917-8374-f736c5603133"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[WLTP]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[WLTP]]></dc:title></bbvao:Tag><bbvao:Tag rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Tag_3ec10ae1-e569-47c0-8242-addd1a812845_e21cdecd-5fd5-41da-a6b7-c18151042e88"><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Data Analytics]]></dc:title><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Análisis de datos]]></dc:title></bbvao:Tag><bbvao:Attachment rdf:about="https://www.bbvaresearch.com/wp-content/uploads/RDF/Gnoss.ApiWrapper.ApiModel.SparqlObject+Dataes#Attachment_3ec10ae1-e569-47c0-8242-addd1a812845_939827d1-696c-43bf-b302-37d23d8219e1"><bbvao:url rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[https://js2xjvrn.openweb.bbva/wp-content/uploads/2025/02/Copia-de-MX_Post-Meeting_Banxico_Watch_August_en.pdf]]></bbvao:url><dc:description rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[Banxico Watch Banxico remains in a hawkish mood… Javier Amador / Iván Fernández August 10, 2023 … and insists it will stay on the sidelines “for an extended period”  As widely expected, in an unanimous decision, Banxico kept the policy rate steady at 11.25% for the third meeting in a row. As we anticipated, it did not send any signal about a possible start of a rate cut cycle in coming meetings (see). The wording of the statement was broadly unchanged and continues to strike a hawkish tone. Banxico brought its headline inflation path closer to our forecasts (Figure 1), but downplayed the downward revision to its 3Q23 headline inflation forecast, from 5.0 to 4.7%. The Governing Board repeated that the balance of risks to the inflation outlook “remains biased to the upside” and, more importantly, continued to signal its intention to keep the policy rate unchanged “at its current level for an extended period.” This hawkishness was in line with Banxico’s June meeting minutes which showed members’ agreement on the need for “caution” in the current disinflationary stage, as well as with recent hawkish comments by Deputy Governor Jonathan Heath regarding Banxico’s likely need to hold its current restrictive stance “for a while” and wait for it to take effect.  Hints about the roadmap for a rate cut cycle ahead would have been particularly useful now as some Latin American countries such as Brazil and Chile have started an easing cycle but, as we thought (see), they were unlikely as Banxico was set to remain cautious and backward-looking. By retaining in the policy paragraph its intention to keep the policy rate unchanged for an extended period, Banxico is signaling that a rate cut cycle is unlikely to start as soon as in November (i.e., in two meetings) as we had penciled in our baseline scenario. Yet, we continue to be somewhat more optimistic about the inflation outlook in the next few months and thus, we think that the real exante policy rate is likely to increase a little bit more by November than what Banxico is currently anticipating. As we argued in our note yesterday, there was a risk that faced with a strong economy and sticky services inflation, Banxico would decide to remain backward looking and signal it was likely to extend the very restrictive stance for longer, as it did today. Thus, we think that after today’s statement the odds of a rate cut in November have decreased.  Looking ahead, we continue to think that Banxico should start a rate cut cycle in 4Q, now probably in December, to avoid a further tightening of the monetary policy stance, even if the Fed ends up hiking rates one more time or is still holding rates steady at that point in time. Today’s meeting minutes to be released in a couple of weeks could offer us some insights regarding the emerging concerns expressed by some members in June regarding the risk of an excessively restrictive stance amidst declining inflation expectations. Yet, risks of a probable further delay of the rate cut cycle to 1Q24 increased somewhat after today’s statement. Mexico  Post-meeting Banxico Watch / August 10, 2023 1 Banxico brought its 3Q23 headline inflation forecasts closer to ours… … and kept its core inflation expected path broadly unchanged Figure 1. HEADLINE INFLATION OUTLOOK Figure 2. CORE INFLATION OUTLOOK (YOY % CHANGE, QUARTERLY AVERAGE) (YOY % CHANGE, QUARTERLY AVERAGE) Source: BBVA Research based on data by Banxico and INEGI. Source: BBVA Research based on data by Banxico and INEGI. Mexico  Post-meeting Banxico Watch / August 10, 2023 2 DISCLAIMER The present document does not constitute an “Investment Recommendation”, as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (“MAR”). In particular, this document does not constitute “Investment Research” nor “Marketing Material”, for the purposes of article 36 of the Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (MIFID II). Readers should be aware that under no circumstances should they base their investment decisions on the information contained in this document. Those persons or entities offering investment products to these potential investors are legally required to provide the information needed for them to take an appropriate investment decision. This document has been prepared by BBVA Research Department. It is provided for information purposes only and expresses data or opinions regarding the date of issue of the report, prepared by BBVA or obtained from or based on sources we consider to be reliable, and have not been independently verified by BBVA. Therefore, BBVA offers no warranty, either express or implicit, regarding its accuracy, integrity or correctness. This document and its contents are subject to changes without prior notice depending on variables such as the economic context or market fluctuations. BBVA is not responsible for updating these contents or for giving notice of such changes. BBVA accepts no liability for any loss, direct or indirect, that may result from the use of this document or its contents. This document and its contents do not constitute an offer, invitation or solicitation to purchase, divest or enter into any interest in financial assets or instruments. Neither shall this document nor its contents form the basis of any contract, commitment or decision of any kind. The content of this document is protected by intellectual property laws. Reproduction, transformation, distribution, public communication, making available, extraction, reuse, forwarding or use of any nature by any means or process is prohibited, except in cases where it is legally permitted or expressly authorised by BBVA on its website www.bbvaresearch.com. ENQUIRIES TO: BBVA Research: Paseo de la Reforma 510, Colonia Juárez, C.P. 06600 Mexico City, Mexico. Tel.: 52 55 5621 3434 www.bbvaresearch.com ]]></dc:description><dc:format rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[PDF]]></dc:format><dc:format rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[PDF]]></dc:format><dc:title rdf:datatype="http://www.w3.org/2001/XMLSchema#string"><![CDATA[TRSD]]></dc:title><dc:contentType rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Informe]]></dc:contentType><dc:contentType rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Report]]></dc:contentType><dcterms:language rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="es"><![CDATA[Español]]></dcterms:language><dcterms:language rdf:datatype="http://www.w3.org/2001/XMLSchema#string" xml:lang="en"><![CDATA[Spanish]]></dcterms:language></bbvao:Attachment></rdf:RDF>
