Cetes have seen a drop in yields after reaching rates above 12% in February 2023, a level never seen before. The historic yields occurred in a context in which inflation reached a rate of 8.7%, the highest in at least two decades.
Since last July, short-term Cetes have stopped yielding 11% and in the coming weeks they could register gains of only one digit.
Last week, the Federal Reserve (Fed) in the United States cut interest rates by 50 basis points in response to the slowdown in inflation. Furthermore, the US central bank is expected to continue with the cuts in the following months due to fears of a slowdown in the economy. Following this decision, analysts expect Banxico to cut the rate, although there is debate over whether it will be 50 or 25 basis points.
Although Cetes yields have decreased in recent months, returns remain high considering that yields are double digits and inflation is at 4.66% during the first half of September.
The inflation data, released on Tuesday, showed that primary education, housing and LP gas were the products that saw their prices rise.
What is the yield of Cetes?
The 28-day Cetes offer yields of 10.35% when last week, these were 10.40%.
At three months, the return is 10.47% when last week it was 10.56%.
Over six months, Cetes offer gains of 10.36% compared to a previous 10.54%, and over two years, the return is 9.92% compared to a previous 10.55%.
