6  See Banco de México, Encuesta sobre las Expectativas de los Especialistas en Economía del Sector Privado. 10  These dangers could cause the price formation process to unravel, with lasting consequences. Prudence is all the more important given the time and effort it took for inflation to reach the target.
Since December 2015, the policy interest rate has been raised four times for a total of 175 basis points, to 4.75 percent, a level just above that in the second half of 2009, in the wake of the global financial crisis. These moves should be interpreted as preemptive, in full view of the fact that monetary policy exerts its full effects with lags.