Overview
- Official auction results set yields at 6.84% for 28 days, 6.95% for 91 days, 7.11% for 182 days and 7.22% for 364 days.
- Annual inflation stands at 3.79% (INEGI), trimming real gains; the 28‑day Cete implies an estimated real return of about 3.05 percentage points.
- Short tenors declined marginally versus the prior auction, with the 28‑day down 0.04 points and the 91‑day down 0.05, while the 182‑day ticked up slightly.
- Banxico has paused its rate‑cut cycle, yet market pricing points to further easing later in the year, keeping downward pressure on government paper.
- The 28‑day yield is at its lowest since early May 2022 as investors await minutes from Banxico’s first policy meeting for signals on the path ahead.