It may be useful to comment on this concept of data dependency, which some have argued was violated in the wake of our most recent policy adjustment in November 2015.
First and foremost, we learned the hard way that no financial system functions properly within an unstable nominal framework characterized by high inflation and weak public finances. Mexico’s central bank has had autonomy for 20 years. Monetary policy adheres to an inflation-targeting regime and uses an interest rate as its key policy instrument.