In my opinion, going forward it is important to send the message that we are close to reach the terminal value of the interest rate in the current hiking cycle. For this purpose, we might decouple from the Fed's pace of increases in the following decisions, as Mexico would likely need smaller adjustments in its interest rate. There are several reasons for this.
First, we started our tightening cycle before the Fed and, thus, we are now clearly in a restrictive zone; second, inflation in Mexico is mainly explained by external shocks and supply-side factors, and less so by internal demand or market labor pressures; third, the interest rates differential between Mexico and the United States is close to its maximum level; and fourth, Mexico has maintained solid macroeconomic fundamentals which provide important support to the Mexican currency.