墨西哥央行行长维多利亚·罗德里格斯在接受采访时表示，墨西哥此次意外降息是一次性举措，而非长期宽松周期的开始。
Mexico’s surprise interest rate cut was a one-time move rather than the start of an extended easing cycle, Central Bank Governor Victoria Rodríguez said in an interview.
墨西哥央行（Banxico）本月将借贷成本降至四年低点，令大多数分析师措手不及，当时通胀正在加速。罗德里格斯为将基准利率下调至6.25%的决定进行了辩护，称通胀仍处于央行的容忍区间内，此举不会阻碍遏制消费者物价上涨的努力。
Banxico, as the monetary body is known, caught most analysts off guard this month by cutting borrowing costs to a four-year low even as inflation accelerated. Rodríguez defended the decision to lower the benchmark rate to 6.25%, saying inflation remains within the bank’s tolerance range and the move won’t hinder efforts to rein in consumer price rises.
她说：“我们调整了前瞻性指引，以明确此次降息代表一次性调整，而非持续降息周期的开始。我们认为，将利率维持在当前水平较长一段时间将支持通胀向目标收敛。”她的言论公布之际，官方数据显示，10月年通胀率从上月的3.45%加速至3.75%。
“We changed our forward guidance to make clear this reduction represented a one-off adjustment, not the beginning of a sustained cycle of rate cuts,” she said. “We believe that keeping the rate at its current level for a prolonged period will support inflation’s convergence to target.”Her comments came as annual inflation accelerated to 3.75% in October from 3.45% a month earlier, according to official data published on Monday.
这一通胀数据超过了彭博调查中所有23位分析师的预估。剔除波动较大的食品和能源成本后的核心通胀率也加速至3.80%，这使得这两项指标均高于墨西哥央行3%的目标，但处于其上下浮动一个百分点的容忍区间上限之内。
The inflation print exceeded the estimates of all 23 analysts in a Bloomberg survey. Core inflation, which excludes volatile food and energy costs, also sped up to 3.80%, leaving both measures above Banxico’s 3% target but within the upper band of its tolerance range of plus or minus one percentage point.
10月物价上涨加剧了对上周四利率决定的审视，当时央行五名董事会成员以三比二投票通过了25个基点的降息。2022年获任命领导央行的罗德里格斯加入多数派，批准了此次降息。
October’s price rises intensified scrutiny of last Thursday’s rate decision, when the bank’s five-member board voted three to two in favor of the 25-basis-point rate cut. Rodríguez, who was tapped to lead the bank in 2022, joined the majority to approve the cut.
墨西哥央行行长还反驳了降息出人意料的说法，辩称央行自9月以来已暗示了这种可能性。
The Banxico chief also pushed back against suggestions that the reduction was unexpected, arguing that the bank had flagged the possibility since September.
“该决定并非预先确定的，”她表示，并强调决策者在同意降息前评估了通胀前景。“我们在声明和会议纪要中已明确发出信号，表示将评估降息的可能性。我们列出了将予考量的因素，而这正是实际发生的情况。”罗德里格斯表示，维持借贷成本不变一段较长时期将有助于通胀回落，同时让董事会成员能够应对充满挑战的外部环境。不过，她强调暂停的时长将取决于通胀和经济状况如何演变。
“The decision wasn’t predetermined,” she said, stressing that policymakers evaluated the inflation outlook before agreeing to lower rates. “We clearly signaled in both the statement and the minutes that we would be assessing the possibility of a rate cut. We laid out the factors we would consider and that’s precisely what occurred.”Keeping borrowing costs unchanged for an extended period will help inflation ease while allowing board members to navigate a challenging external environment, Rodríguez said. Still, she stressed that the duration of the pause would depend on how inflation and economic conditions evolve.
“我们心中并没有一个具体的时间框架，”她说。“央行的指引不应被解读为对任何特定货币政策路径做出的不可撤销的承诺。”罗德里格斯解释称，通胀率在很大程度上符合董事会预期，包括9月上半月至10月上半月期间的上升。她表示，这些压力集中在水果和蔬菜等易波动组成部分，而非反映更广泛的物价上涨。她还指出，比索货币的“有序”调整对消费者价格的影响较小。
“We do not have a specific time frame in mind,” she said. “The bank’s guidance shouldn’t be interpreted as an irrevocable commitment to any particular course of monetary policy.”Rodríguez explained that the inflation rate has largely tracked the board’s expectations, including an increase between the first half of September and the first half of October. She said those pressures were concentrated in volatile components including fruits and vegetables, rather than reflecting broader price rises. She also pointed out that the “orderly” adjustment of the peso currency has had a small impact on consumer prices.
尽管第三季度增长强于预期，罗德里格斯表示，在经历数个季度的温和增长后，她认为经济仍存在闲置产能。
Despite stronger-than-expected third quarter growth, Rodríguez said she sees spare capacity in the economy after several quarters of modest growth.
“即使近期活动有所回升，”她补充道，“我们预计不会出现由需求驱动的价格压力。”
“Even with the recent pickup in activity,” she added, “we don’t anticipate demand-driven price pressures.”