In terms of the monetary policy transmission mechanism, we see the primary influence working through the demand and risk taking channels that raise annual non-tradable inflation to just under 3.5 percent over the projection period.
Second, they must remain on alert, identifying possible systemic financial risks in time to make adjustments. One final point concerns monetary policy and inflation. As you know, from March 2013 to June 2014, the Bank of Mexico cut its policy interest rate target by 150 basis points in the context of weak economic activity.