Banxico can cut rates as soon as it's comfortable, and we think there's plenty of room. We identify a clear path to sub-7% through 2024/25, with the only constraint being a lack willingness to kick things off. Once this gets going – even though there's a lot priced in – we identify room for a 180bp convergence to the US in the 2yr and 80bp in the 10yr. It could be more