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Mexican Bonds Rally as Inflation Within Target; Peso Plummets

Mexican peso bond yields fell the most in three weeks as a report indicated that inflation slowed to within the central bank’s target range for the first time since May.

Yields on the bonds due in 2024 sank five basis points, or 0.05 percentage point, to 5.48 percent at 4 p.m. in Mexico City, the biggest drop on a closing basis since Nov. 30. The yield is up one basis point for the week.

Mexican inflation slowed in the first half of December to 3.76 percent from 4.18 percent in the prior month, compared with the central bank’s target range of 2 percent to 4 percent. The 0.27 percent increase from two weeks earlier was less than the median forecast of 13 economists surveyed by Bloomberg.

The currency dropped as progress stalled on efforts to avert more than $600 billion in tax increases and spending cuts in the U.S., which buys 80 percent of Mexico’s exports. House Speaker John Boehner scrapped a plan to allow higher tax rates on annual income above $1 million, yielding to resistance within his own party and throwing already-stalled budget talks deeper into disarray.

The peso fell 1.3 percent to 12.9268 per U.S. dollar after retreating as much as 1.5 percent, the biggest intraday drop since July 23. The slump pared the currency’s advance to 7.8 percent this year, still the biggest rally among the dollar’s 16 major counterparts tracked by Bloomberg.

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