Latest news with #VictoriaRodriguez
Yahoo
10-04-2025
- Business
- Yahoo
Mexican Central Bank Says US Trade Tariffs Can Undercut Economic Growth Outlook
(Bloomberg) -- Mexico central bank members see odds of a weaker economy this year due in part to US tariff uncertainty, an outlook that incorporates greater chances of recession but can help tame inflation. Banco de Mexico's board members said trade tensions could contribute to another downward revision of their growth estimates, according to the minutes of the March 27 policy decision, when the bank lowered borrowing costs by 50 basis points to 9%. Members led by Governor Victoria Rodriguez signaled that they would continue the easing process in the near term. 'Most members noted that risks associated with trade policy changes in the United States would have both upward and downward repercussions for inflation. They pointed out that, on the one hand, there is a greater possibility of a further exchange rate depreciation and, on the other, a greater risk of a further economic weakening,' according to the minutes published Thursday. Companies in Mexico and Canada currently must pay a 25% tariff on exports that do not comply with the free trade agreement, known as the USMCA, and on the non-US portion of finished cars. US President Donald Trump's global tariff rollout on April 2 largely spared Mexico and Canada, unlike dozens of other countries that are facing fees of 10%. China, which is Mexico's No. 2 trade partner, is facing much steeper levies from the US. Members of Mexico's central bank, which is known as Banxico, said long-lasting tariffs would weaken external demand and add to the anticipated weakness in consumption and investment. One board member suggested that, if tariffs were imposed, Mexican goods that had been destined for export originally could be sold in the local market and would reduce inflationary pressures. Even so, others said the scope and timing of the changes are unknown. 'In the event of more adverse scenarios materializing, although these would have effects on both sides of the balance, the downward bias for inflation would prevail,' said a board member, who added that 'the effects of the uncertainty resulting from said policy so far have already been reflected in an additional weakening of the economy.' Banxico's Cuts The board delivered four straight 25 basis-point cuts and then two successive half-point reductions since last year, continuing to bring the key rate down from its peak of 11.25%. Mexico's economic outlook has worsened, with the central bank lowering its 2025 GDP growth expectations to 0.6%. Services inflation has been sticky, but both the headline and the core figure have slowed in recent months within the bank's target of 3% with a tolerance range of plus or minus a percentage point. On Wednesday, data from the country's statistics institute showed annual inflation edged up slightly to 3.8% and core inflation was 3.64%. The board's decision in March was unanimous, suggesting unity among board members about the need for a less restrictive stance. They suggested that cuts ahead could be of 'similar magnitudes.' --With assistance from Rafael Gayol. More stories like this are available on ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
24-03-2025
- Business
- Yahoo
Mexico Inflation Slows More Than Forecast Before Banxico Vote
(Bloomberg) -- Mexico's inflation slowed more than expected in the first half of March, as the central bank is set to meet this week to consider a sixth straight rate cut and likely a second straight half-point reduction. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says LA Faces $1 Billion Budget Hole, Warns of Thousands of Layoffs New York Subway Ditches MetroCard After 32 Years for Tap-And-Go Libraries Warn They Could Be 'Cut off at the Knees' by DOGE Consumer prices rose 3.67% from a year prior, below the 3.7% median estimate of analysts surveyed by Bloomberg and less than the 3.81% in the previous two-week period. Core inflation, which leaves out volatile items including food and fuel, also decelerated to 3.56% from 3.66% in late February. Mexico's central bank, known as Banxico, is expected to cut borrowing costs by 50 basis points to 9% on Thursday. Governor Victoria Rodriguez had suggested the bank would be open to additional cuts of a similar magnitude to the half-point reduction it delivered last month. The decision is expected to take some pressure off the slowing Mexican economy. 'This print is supportive for a 50bp rate cut by Banxico as it will imply that inflation will perform in line with its forecasts in a context in which growth is not performing well,' said Marco Oviedo, a strategist at XP Investimentos. Banxico's message during its next rate decision should be dovish and open the door for an additional half-point cut in May, he added. Since Banxico's February meeting, Mexico staved off a threat of across-the-board US tariffs that President Donald Trump had first announced would be 25%. Though new fees did go through on steel, aluminum and goods not covered by the US-Mexico-Canada free trade agreement, most of Mexico's $513 billion of exports to the US were spared. President Claudia Sheinbaum earlier this month expressed confidence that Mexico won't be hit by tariffs on April 2, when Trump said he would retaliate against any country with levies on US goods. Unlike Canada and China, Mexico did not respond to the US' briefly imposed 25% tariff with fees of its own in early March. In the most recent survey from Citi's research unit, analysts forecast that the next Banco de Mexico move would be a 50 basis-point cut. The central bank targets inflation at 3%, plus or minus one percentage point, and the analysts forecast inflation would be within that range, at 3.8%, by the end of 2025, and at 3.78% at the end of 2026. One concern might be that prices for food and beverages rose 0.37%, compared with the 0.30% reading in the previous two-week period. However, energy fell 0.71% from a 0.05% increase in late February. The economy is slowing, with the central bank projecting 0.6% growth through the year, down from a previous forecast of 1.2%. Mexico's Finance Minister Rogelio Ramirez de la O resigned in early March as had been expected and was replaced by Deputy Finance Minister Edgar Amador. --With assistance from Rafael Gayol. A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers Tesla's Gamble on MAGA Customers Won't Work One Man's Crypto Windfall Is Funding a $1 Billion Space Station Dream The Real Reason Trump Is Pushing 'Buy American' ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
12-03-2025
- Business
- Yahoo
New indoor gym in Middlesex County offers play space for kids with autism, disabilities
We Rock the Spectrum Kid's Gym, an international franchise offering an all-inclusive play environment for children, will unveil its new Piscataway location this weekend. The grand opening, open to children of all abilities, will be accompanied by a celebration from 10 a.m. to 5 p.m. Saturday, March 15, at gym, 1642 Stelton Road, Suite 403. Children will be able to play with all the specialized equipment, including the trampoline, swings and the zip slider. Victoria Rodriguez, who owns this location, explained the facility offers a wide range of activities for kids up to age 12, as well as areas for old children and adults. "We are the only franchise that provides basically a safe and all-inclusive environment for kids of all abilities,' Rodriguez said. 'We are unique in a way that basically the sensory equipment that is in our gym basically provides the ability for children to play with purpose. So, we have 12 pieces of specialized equipment. Each one of the pieces of equipment kind of regulates children in a different way." More: How this young man with autism is turning negative experiences into teachable moments The gym, said Rodriguez, who has a child on the spectrum, is "something pretty near and dear to my heart." And, thus, Rodriguez's journey of opening a location began. "I was looking for a place for my children to play. I have a neurotypical and a neurodiverse child so I was looking for an all-inclusive environment that could be suitable for both my children. And that's kind of how I ended up looking at the page of We Rock the Spectrum franchise and started the journey to open up my own location," said the Dunellen resident. Her son, Zachary, has Autism, or is neurodiverse; and her son, Isaiah, is neurotypical. More: A new Central Jersey culinary program is helping people with disabilities find jobs This will be the sixth New Jersey location for We Rock the Spectrum Kid's Gym with others in Audubon, Paramus, Tinton Falls, Mount Laurel and Waretown. The Piscataway open play schedule is 10 a.m. to 7 p.m. Mondays through Fridays; 9 a.m. to 8 p.m. Saturdays, and 10 a.m. to 6 p.m. Sundays, with Toddler Tuesday from 10 a.m. to noon. Admission for the March 15, event is $20 per child, with treats and refreshments sponsored by the My Brother Rocks the Spectrum Foundation. For further price and membership information, visit the Piscataway location's website at For further details about the We Rock the Spectrum franchise, its specialized equipment, and the various services it offers, visit its corporate website at Brad Wadlow is a staff writer for This article originally appeared on New sensory-friendly indoor gym for kids in Piscataway NJ opening soon
Reuters
10-02-2025
- Business
- Reuters
Bank of Mexico's governor says inflation fight enters new phase
MEXICO CITY, Feb 10 (Reuters) - Mexico's inflationary environment is expected to allow policymakers to keep cutting the benchmark interest rate, the head of the Bank of Mexico told Reuters, as the fight to bring down inflation has entered a new phase. Banxico, as the Mexican central bank is known, cut the key rate by 50 basis points to 9.50% on Thursday, double the 25-basis-point cuts it had made since it began lowering borrowing costs from a record high of 11.25% in March 2024. "Our work is not over. The fight against inflation is now in a new phase," Banxico Governor Victoria Rodriguez said in an interview late on Sunday. Last week's rate reduction brought Mexico's interest rate to its lowest since September 2022 as annual inflation in Latin America's second-biggest economy slowed to 3.69% in the first half of January. That is the lowest level for headline inflation since early 2021 and is within the bank's target of 3%, plus or minus one percentage point. "In order to face the challenges of this new phase, we need lower (interest) rates," Rodriguez added. Mexico's peso currency and domestic stocks have suffered extended volatility amid the threat of U.S. tariffs on its neighbor's exports, even though the strictures were paused until March 1, following a pact between the two. "We are confident authorities of both countries will work to find greater cooperation and lasting solutions, although we, of course, remain attentive to what might be said in March," said Rodriguez. Some analysts have warned the tariffs could throw Mexico into recession and trigger "stagflation" - high inflation, stagnant growth and elevated unemployment. Banxico could act if needed to ensure the orderly functioning of Mexican financial markets, Rodriguez said, underscoring the importance of trade ties for both nations. "Trade integration has been an important driver of growth, as has Mexican participation in U.S. production chains, which has allowed U.S. consumers to have access to products at competitive prices," said Rodriguez.
