Banco de México on "consolidating convergence" to its target

Agustín Carstens, Governor of Banco de México, saying in a presentation released on the central bank's website:

The Board of Governors estimates that the current monetary policy stance is congruent with the consolidation of inflation convergence towards to the permanent 3 percent target.

A nice overview of the outlook for the Mexican economy, even though Carstens could have used a little clearer and simpler language.

Releasing the presentation, apparently delivered to an investor forum behind closed doors, not only promotes transparency, but is an opportunity for the central bank to re-iterate its policy communication mantras.

The outlook, and the assessment of risks facing Mexican economy, was neatly summed up by Deputy Governor Manuel Sánchez in recently released remarks:

Mexico has an unprecedented opportunity to consolidate convergence to the inflation target, given unusually subdued price pressures.

"Consolidating convergence to the target" clearly is one of the key mantras in Mexico at present.