With inflation, U.S. jobs and Mexican interest rates all on the decline, the peso is facing pressure from all sides. (Graciela López Herrera/Cuartoscuro)
The Mexican peso continued a volatile week, falling sharply at the beginning of trading on Friday after U.S. employment data showed job losses in January that were much bigger than expected.
This week’s unpredictability highlights ongoing fluctuations as the market responds to economic factors impacting the currency’s valuation.
Among the factors impacting Mexico’s currency were tariff threats from U.S. President Donald Trump that were resolved at the beginning of the week and an interest rate decision by Mexico’s central bank on Thursday.
Friday’s news that the U.S. unemployment rate fell to 4% in January from 4.1% the month prior, but that only 143,000 new jobs were created in January supported the U.S. Federal Reserve’s decision to hold stable on interest rates.
This buoyed the US dollar even though the number of new jobs created was less than the 170,000 expected by economists (and lower than the 307,000 seen in December). Still, the news settled nerves that had been rattled by the potential of a trade war.
As a result, the peso weakened to 20.61 to the US dollar from Thursday’s close of 20.46, a decline of 0.49%. It was unable to significantly recover before closing at 20.57 Friday evening.
The peso closed at 20.57 to the US dollar on Friday. (María Ruiz)
“Today, the peso is impacted by the strengthening of the dollar and Mexico’s inflation figures which confirm the downward trend of inflation which in turn could justify another reduction in Banxico’s interest rate,” wrote the Monex financial institution, according to the newspaper El Economista.
The peso entered Friday on a three-day losing streak, a drop that marked a cumulative loss of approximately 1.5%.
The peso fell for a second straight day on Wednesday even as trade war fears began to fade. The anticipation of upbeat U.S. jobs data exerted pressure on the Mexican currency, which had failed to capitalize on broad US dollar weakness.
The peso surged momentarily on Thursday following the rate cut but could not make up for earlier losses.
Higher interest rates are generally positive for the Mexican peso as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken the peso.
Trevor Clifton pitches against the Dominican Republic earlier this week, in the game that won Mexico its spot in the finals. (Charros de Jalisco)
Undefeated Mexico needs just one more victory — in tonight’s championship showdown against the Dominican Republic — to win the Caribbean Series, a tournament for Latin America’s best winter league baseball teams.
The Serie del Caribe, as it is known in Spanish, is being played this year in Mexicali, Baja California, at the Estadio Nido de las Águilas, better known as El Nido, or the Eagles’ Nest. It started a week ago.
A Mexican fan in a luchador mask shows off his jersey on Monday at Mexico’s game against Japan. (Charros de Jalisco)
Tonight’s championship begins at 9 p.m. Mexico City time and will broadcast in English on MLB.TV and MLB Network for subscribers in the United States. In Mexico, the game can be seen on ESPN Deportes.
The series, which dates back to 1949, is for teams that win championships in their respective professional winter leagues in Mexico, Puerto Rico, the Dominican Republic and Venezuela.
In the past, teams from Cuba, Panama and other baseball-loving countries have participated. This year, however, organizers took a novel approach and decided to invite a team from Japan — which didn’t go over well after the baseball-rich nation sent an “all-star” team of mostly amateurs that got outscored 32-5 in four games.
Competing teams are generally identified by country, but they are actually city-based teams that compete in their respective country’s winter leagues from October through January.
A win against the Culiacán Tomateros earned the Charros the Mexican Pacific League title, as well as the chance to represent their country in the Caribbean Series this week. (Charros de Jalisco)
In Mexicali, the Charros rolled through round-robin play with a 4-0 record, outscoring their opponents 19-4, although a couple of victories were nearly too close for comfort — 2-1 over Venezuela (represented by the Lara Cardenales) and 2-0 over the Dominican Republic team, Leones del Escogido.
In the semifinals, the Mexican squad scored three times in the bottom of the first and held tight for a 3-1 victory over Puerto Rico (Mayagüez Indios). Puerto Rico went on to beat Venezuela 7-4 in Thursday night’s third-place game.
The Dominican Republic — a baseball-obsessed nation that has produced Hall of Famers Pedro Martinez, Juan Marichal and David Ortiz and Hall-of-Famer-to-be Albert Pujols — advanced to tonight’s final with a 5-4 win over Venezuela in 11 innings. The Leones squad is managed by Pujols, who retired from MLB in 2022 after hitting 703 homers, a total eclipsed by only three others.
In the “modern stage” of the series, dating back to 1970, the D.R. is the leader with 22 titles, followed by Puerto Rico (12), Mexico (nine), Venezuela (eight), and Cuba, Panama and Colombia (one each). Last year’s series, contested in Miami, was won by Tiburones de La Guaira from Venezuela.
This year’s Charros are managed by Benji Gil, who led Mexico’s national team to third place in the 2023 World Baseball Classic. That squad’s exhilarating run included a stunning 11-5 victory over the powerhouse U.S. and a 6-5 semifinal loss to eventual champion Japan — a thriller in which the Shohei Ohtani-led team won only by scoring two runs in the bottom of the ninth.
The Charros are composed of top Mexican professionals (some who play in the 20-team Liga Mexicana de Béisbol during the summer); pro players from Major League Baseball and the U.S. minor leagues looking to gain experience; and assorted others from Latin America, the Caribbean and beyond.
The Charros’ roster is a mix of Mexican and U.S. players, led by Mexican veteran Benji Gil. (Charros de Jalisco)
The Charros who made the series’ all-tournament team, announced Friday, are second baseman Michael Wielansky, shortstop Jack Mayfield, center fielder Billy Hamilton, left fielder Rudy Martin Jr. and relief pitcher Trevor Clifton. Mexican players snagged six of the 12 spots, including the Tijuana-born Gil as top manager.
Gil, 52, has won five championships as a manager in the LMP, but has never won the Caribbean Series in four previous attempts. However, the man who played eight seasons in “Las Grandes Ligas” (MLB’s nickname in Mexico) as an infielder, winning the 2002 World Series with the Anaheim Angels, is confident things are about to change — even against a team seeking its nation’s 23rd title.
“We’re going to lift that trophy,” Gil said Thursday. “We know it’s going to be a tough game against the Dominican Republic, where everyone will give their all. I’m telling you with all the confidence, with our team playing our baseball, we’re going to lift this trophy.”
Mexico’s five games in Mexicali have each drawn a crowd announced as a sellout of 17,000. But with a stadium capacity of 18,500, maybe tonight’s championship will draw even more.
U.S. troops deploy to a San Diego Border Patrol station in late January. (Omar Martínez/Cuartoscuro)
After the U.S. government announced on Wednesday that it intended “to pursue total elimination of Cartels and Transnational Criminal Organizations,” Mexican President Claudia Sheinbaum encouraged Washington to first address U.S. domestic issues related to drug trafficking.
On Feb. 5, the U.S. Attorney General’s Office published a memo for all Department of Justice (DOJ) employees announcing that President Donald Trump had issued a directive urging the federal government “to revise existing national security and counter-narcotics strategies.”
Sheinbaum responded during her Friday morning news conference, saying “They should start with their own country; of course, we are going to coordinate and collaborate, as I said on Thursday — never subordination or interference; it is coordination.”
The memorandum stated that the DOJ “must harness [its] resources … and empower federal prosecutors throughout the country to work urgently with the Department of Homeland Security and other parts of the government toward the goal of eliminating these threats to U.S. sovereignty.”
Ioan Grillo, a Mexico-based journalist who focuses on crime and drugs, lauded the notion of hitting cartels hard in a social media post, but expressed wariness about the absolutist language.
“Total elimination of cartels sounds like an impossible task,” he wrote, explaining that “campaigns to totally eliminate drugs … or terrorism often fall short.”
The US Attorney General’s office issues memorandum calling for the “total elimination of cartels and transnational criminal organizations.”
I agree with hitting cartels hard, but I’m wary of such absolutist language. “Total elimination of cartels” sounds like an impossible task. pic.twitter.com/u5Y9rFTquZ
The Trump administration memo also set forth mandates and initiatives, including charging priorities, removing bureaucratic impediments to aggressive prosecutions, and enhancing enforcement efforts against human smuggling and trafficking groups by empowering existing joint task forces.
In addition, the Drug Enforcement Administration (DEA), the Office of Legal Policy and the Office of Legislative Affairs were directed to advocate legislative reforms to improve counter-narcotics efforts.
President Sheinbaum has objected to the Trump administration’s characterization of Mexico as a narco-state. (Gage Skidmore via Flickr/Cuartoscuro)
“They have a lot to do in the United States; how does fentanyl or any other drug … get there? Who brings it across the border?,” she asked. “Who operates the distribution of the drug? Who sells the drugs in the U.S. cities that have caused so much tragedy?”
But U.S. authorities appear more focused on Mexico.
Acting Director of U.S. Immigration and Customs Enforcement (ICE) Tom Homan said on Thursday that President Trump won’t hesitate to use the U.S. military against Mexican cartels, if necessary.
Speaking in the context of the increased U.S. military presence at the Mexican border, the U.S. border czar said troops “need to protect themselves,” insisting that Trump would send a warning to the cartels if any U.S. soldiers are harmed.
“I think the cartels would be foolish to take on the military, but we know they’ve taken on the Mexican military before,” he told ABC News Live. “But now we have the United States military.”
In an interview with MVS Noticias, Grillo dismissed rumors that cartels are planning to attack the U.S. military and warned that the aggressive stance being taken by the U.S. could result in a diplomatic crisis, or worse, a large-scale conflict.
“They could go in and kill 30 or 40 cartel operatives, but this won’t make much difference when there are 180,000 people working for the cartels,” he said.
The bigger concern, he said, is the chance that civilians could be caught in the crossfire.
It's the most intimate time of the year, so why not make sure you look the part, too? (Etsy)
Spicy. Tantalizing. Bold. Steamy. If you thought I was referring to Mexico’s seductive cuisine, you’re clearly not looking at the calendar. Valentine’s Day is hurtling toward us at breakneck speed. For those hankering to kick things up a notch after a romantic rooftop dinner with your honey, our latest list of lusty delights and satin surprises are sure to fulfill that fantasy.
Not that a partner is necessary to don these treasures on V-Day. There’s nothing wrong with celebrating your truest love — you — by slipping on a lacy number, popping a bottle of bubbly, and binging on rom-coms and Mexican chocolate truffles while friends text you about their uneventful Bumble dates on arguably the most awkward evening of the year.
(Guillermo Perea/Cuartoscuro)
So whether you’re shopping for a special someone, surprising your Galentines, or treating yourself to some self-love, these boutiques promise to wrap you in comfort, confidence, and a healthy dose of “caliente.” So pucker up, buttercup – it’s time to fall in love with lingerie, Mexico City style.
Farfalla Lingerie
(Farfalla Lingerie/Instagram)
Located in Cuahtémoc at a dangerously close distance to Churrería El Moro — who does that? — thiswomen-owned, LGBTQ+ friendly shop has an always-changing window display and same-day delivery. They specialize in premium fabrics and modern cuts, focusing on comfort and confidence-boosting designs. Whether you’re in the market for a flirty school girl number, a lacy nightie or very fitted men’s boxer briefs in a variety of colors and patterns from collaborator Mundo Unico, odds are it’s in store at Farfalla. Calle Río Lerma 165 B, Cuauhtémoc, Cuauhtémoc
Intimamente Citlali
(Intimamente Citlalli/Facebook)
Bodacious bods, rejoice! There’s finally an undergarment shop that caters to your curves. Intimamente Citlaliis an entrepreneur-owned, appointment-only lingerie shop with a wide range of sexy yet practical sets. The store’s hashtag #lamagiaestadentrodeti — #TheMagicIsInsideYou — promotes self-confidence amongst the women who wear its wares. Circunvalación 505, Centro Histórico, Cuauhtémoc
ERIK MAR
(Erik Mar/Instagram)
If delicate, lacy lingerie sounds more boring than watching grass grow, stop what you’re doing and head to ERIK MAR, a Zona Rosa staple for a quarter century. Within its walls is aphrodisiacal attire to satisfy the most peculiar of palates. Surprise your honey as the sexy superhero or passionate priest you truly are beneath the everyday garb and make this Valentine’s Day outshine any other. Londres 106 Colonia Juárez, Cuauhtémoc
Be Meow
(Be Meow/Instagram)
A well-rounded selection of unmentionables for all body types and tastes, Be Meow’s collection runs the gamut from sheer to shiny, corsets to clips, to a line of barely-there Disney princess delicates. With more than 2,000 clients offering feedback, their reviews are both abundant and stellar, and prices surprisingly reasonable for the quality promised.
Monterrey 8, Local 2, Juárez, Cuauhtémoc
Yamamay
(Yamamay/Facebook)
Before spiraling into a Valentine’s panic over Victoria’s Secret’s absence in Mexico City, know that there’s a very viable alternative. Located in the upscale Polanco district, Yamamay blends Italian elegance with contemporary design and features an extensive collection of lingerie, swimwear and loungewear that encompasses comfortable and sexy. Yamamay’s designs feature eco-friendly materials and cutting-edge technology, and the brand is dedicated to enhancing and supporting the natural forms of a woman’s body.
Avenida Presidente Masaryk 336, Polanco, Miguel Hidalgo
Marika Vera
(Marika Vera/Facebook)
In 2010, the first true designer line of lingerie in Mexico City opened with a store with a collection of 100 percent silk intimates. As the brand grew, so did their offerings, and today Marika Vera is the go-to for fashion-forward customers looking for trousers and blazers to pair with the company’s line of sensual bodysuits. Their collections feature bold, contemporary styles that celebrate femininity and self-expression and encourage a sex-positive perspective for women all over the world. Check out the erotic shop for something simple yet seductive to unveil on Valentine’s. Guanajuato 131, Roma Norte, Cuauhtémoc
Proyecto República
(Proyecto República/Facebook)
Celebrate love while supporting this made-in-Latin America brand that specializes in high-end, unconventional everything. If at all possible, weave your way past the curious jewelry and one-of-a-kind knitwear to their lingerie section. Proyecto República’s unique, artisanal approach to women’s intimates and bra and panty design sets them apart, offering customers one-of-a-kind items crafted with attention to detail and quality. Most pieces are designed by Colombian designer Suki Cohen, who uses women as her muse to create fresh and seductive underthings.
Avenida Yucatan 96, Roma Norte, Cuauhtémoc
Armario Obscuro
(Armario Obscuro/Facebook)
This little hidden gem in La Juárez offers a curated selection of lingerie that’s equal parts provocative and elegant. The wide selection includes daring dresses — think Bianca Censori at this year’s Grammys — and full-body fishnets, guaranteed to spice up your Valentine’s Day. Nationwide shipping is available with Armario Obscuro, making it easy for anyone in Mexico to indulge in their seductive side. Nápoles 79, Juárez, Cuauhtémoc
All Handmade
(A&L Handmade/Instagram)
All Handmade is an online-only lingerie shop based in CDMX that ships nationwide. They specialize in bespoke, handmade intimate pieces, allowing customers to order custom-fitted items tailored to their specific measurements and preferences. Classic and sexy with enough practicality that you could wear it any time of year, this is your go-to line when stocking up on gifts for a Galentine’s party.
Brujas y Puntadas
(Brujas y puntadas/Instagram)
Another online-only lingerie shop, Brujas y Puntadas focuses proudly on crafting handmade pieces with knitted elements while adhering to environmentally friendly practices. Everything about their line is incredibly feminine, with frills and flowers, bows and buttons, and looks exactly like the set you want to slip into while lounging around the house, sipping tea and reading a good romance novel. Alone.
Bethany Platanella is a travel planner and lifestyle writer based in Mexico City. She lives for the dopamine hit that comes directly after booking a plane ticket, exploring local markets, practicing yoga and munching on fresh tortillas. Sign up to receive her Sunday Love Letters to your inbox, peruse her blog or follow her on Instagram.
A seaside esplanade along the Mazatlán malecón. (Jaime Florian/Unsplash)
Less than a month out from one of Mexico’s largest Carnival celebrations, the port city of Mazatlán, Sinaloa, is seeking to reactivate its tourism economy with a new campaign called “A Sea of Stories.” Tourism in the beach town has declined sharply as the state faces a security crisis.
The campaign, which will be launched in Mexico and abroad, aims to promote Mazatlán as a destination for sporting events, business meetings, weddings, fishing tournaments and more. Notable events held in the resort city include the Mazatlán International Carnival, the Delfino Maza Surfing Tournament and the Polanco Jazz Festival.
A Carnival “monigote” statue in Mazatlán, Sinaloa. (Tina T./Unsplash)
The head of the Tres Islas Hotel Association, José Ramón Manguart Sánchez, celebrated the move, which he said might be the turning point the city needs.
“We’re collaborating with the security committees, the governor, the municipal government, the federal government and the private sector,” Manguart said. “Carnival represents a great opportunity for Mazatlán, and we are fully focused on that.”
Tourism Minister Josefina Rodríguez Zamora stressed the federal government’s commitment to support Sinaloa and assured that these actions are aligned with the national goal of “shared prosperity.”
The port city’s economy has taken a hit in Sinaloa’s ongoing security crisis. (CGAphoto/Wikimedia Commons – Creative Commons Attribution 2.0)
“Mazatlán is much more than a tourist destination. It is a place where each visitor can immerse themselves in an ocean of unique and memorable experiences,” she said.
Sinaloa, located on Mexico’s Pacific Coast, is currently going through a security crisis. According to the Employers’ Confederation of Mexico (Coparmex), violence has resulted in economic losses for the state amounting to 18 billion pesos (US $875 million).
For many residents of Mazatlán, especially those reliant on the tourism sector, the late February Carnival festivities present a vital chance to lift the local economy after the outbreak of violence that began September last year. An internal struggle within the Sinaloa Cartel has led to murders, confrontations between armed groups and the army, carjackings and kidnappings across the state.
The state capital of Culiacán has been especially hard-hit by the conflict, with the restaurant and event industries greatly affected by insecurity. While Mazatlán has seen less action in the cartel war than some areas, tourism has dropped steeply since the conflict began. Businesses and residents who depend on the tourism industry hope this year’s Carnival will turn the economic tide.
The slowdown was slightly more than expected, just below the 3.61% expected by economists polled by the news agency Reuters and below the 3.63% median estimate of economists surveyed by Bloomberg News.
With inflation slowing and the economy contracting, the bank signaled there would likely be more monetary easing ahead.
During her Friday morning press conference, President Claudia Sheinbaum applauded January’s “very good” inflation figures, as well as the central bank’s rate decision a day before.
The INEGI report indicates consumer price increases are now within Banxico’s target range of 3% plus or minus one percentage point.
Falling food prices drove the drop in inflation, while energy prices increased nearly 1% in January. (Cuartoscuro)
According to INEGI, consumer prices were up 0.29% in January, slowing from the 0.38% rise seen in December. Economists in a Reuters poll had predicted a 0.31% increase.
Inflation was down compared to January 2024, when monthly inflation hit 0.89% and annual inflation was at 4.88%.
Fruits and vegetables were the main driver of the better-than-expected January figure, falling 4.69% on the month, Bloomberg reported. Beverages, tobacco and other food items climbed 0.76% on the month, while energy prices rose 0.93%.
Core inflation, which strips out some volatile food and energy prices, accelerated slightly to 0.41% during the month and 3.66% on an annual basis. This was less than the 3.69% estimated by analysts surveyed by Bloomberg.
“This is a good inflation report, supporting Banxico’s dovish tilt yesterday,” Andrés Abadía, the chief Latin America economist at Pantheon Macroeconomics, told Reuters.
Even so, Abadía said Mexico is not out of the woods yet.
“Risks of the trade saga are lurking, and they could force the bank to keep a cautious stance,” he said. “Uncertainty can also prompt a fall in investment, which pressures activity to the downside and also eases inflation. So it’s a double-edged sword.”
Analysts in the latest Citi survey published this week forecast inflation would be at 3.9% by the end of this year, according to Bloomberg, and sinking a bit further to 3.7% by the end of 2026.
"No to plagiarism" and "Total condemnation of the brands J. Marie Collections and Tuckernuck, read signs written by Mixtec artisans in Oaxaca. (Claudia Curiel de Icaza/X)
A group of 300 Oaxaca artisans have accused U.S. fashion brands J. Marie Collections and Tuckernuck of cultural appropriation for using traditional huipil patterns in their clothes, prompting Mexico’s Culture Ministry to threaten legal action against the brands.
A huipil is a loose-fitting tunic or blouse with detailed and colorful embroidery, worn by Indigenous women in parts of Mexico and Central America.
The artisans accused the brands of copying proprietary Mixtec designs. (Claudia Curiel de Icaza/X)
Under the slogan “Yes to the original, no to plagiarism,” artisans and residents of the Mixtec community of San Juan Colorado, in the western part of Oaxaca, claim that they have not authorized these brands to use traditional iconography.
“[The brands] are making these brocades by machine and do not recognize that they are the brocades of the original huipiles from San Juan Colorado,” Wiliam Ulises Lorenzo López, artisan and designer from San Juan Colorado, said in a statement.
Local Deputy Karla Clarissa Bornios has joined the demands and called for these actions to end.
“These companies have plagiarized the iconography of the traditional huipiles of our community, violating our collective rights and undermining our cultural identity,” Bornios said in a statement. “Such practices are unacceptable and will not be tolerated. No more cultural appropriation!”
Like these Guerrero weavers, the Oaxacan artisans use backstrap looms to weave traditional huipiles and other textiles, using symbolism-rich designs. (Dassaev Téllez Adame/Cuartoscuro)
The Mixtec, also known as Ñuu Savi which means “rain town,” is an Indigenous group that occupies a large part of Oaxaca, and smaller areas of Guerrero and Puebla. Their textile work involves the telar de cintura (backstrap loom), a tool used by Mesoamerican women to make clothes.
Artisans argue that each embroidered garment is unique and unrepeatable, requiring precise skills to create complex patterns and designs that often carry cultural and symbolic meaning.
Curiel added that Mexico would take legal action and urged the brands to initiate compensation dialogue and withdraw the items from the market.
Accusations of cultural appropriation
Accusations of cultural appropriation of Mexican designs and motifs by fashion brands is an issue that took international visibility in late 2020 after Mexican singer and politician Susana Harp called out French designer Isabel Marant for selling clothes with similar designs to those created by the village of Santa María Tlahuitoltepec in Oaxaca.
The following year, Mexico had accused Zara and Anthropologie for using patterns distinctive to the Indigenous Mixteca community. It also accused Australian clothing brand Zimmermann of plagiarizing the Mazatec community for its resort 2021 collection.
Zimmermann claimed the error had been unintentional but apologized “for the usage without appropriate credit.” The brand also withdrew the item from sale.
In 2022, the Mexican Congress passed a law to safeguard the cultural heritage of Indigenous and Afro-Mexican communities in Mexico. The law prohibits the use and exploitation of their heritage without legal consent of the original communities.
The Bank of Mexico (Banxico) delivered a half-point cut to its benchmark interest rate on Thursday. (Moisés Pablo Nava/Cuartoscuro)
The Bank of Mexico (Banxico) delivered a half-point (50 basis points) cut to its benchmark interest rate on Thursday, citing cooling inflation and weakness in the country’s economy.
Mexico’s central bank stepped up the pace of its monetary easing following five 25-basis-point cuts last year and said it would consider additional reductions of the same size. The rate is now 9.5%.
Banxico Deputy Governor Jonathan Heath was the lone dissenting voice in Thursday’s meeting. He wanted to make a smaller rate cut. (Moises Pablo Nava/Cuartoscuro)
Had the tariffs been imposed, there was concern the peso would weaken sharply against the U.S. dollar. This would likely have prompted the central bank to cut the interest rate by a quarter of a percentage point, or even put the easing cycle on pause, according to the news agency Reuters.
Banxico’s board of governors voted 4-1 to lower the overnight interest-rate target to 9.5%, saying in a statement that it “anticipates that the inflationary environment will allow continuing the rate-cutting cycle, albeit maintaining a restrictive stance.”
Annual inflation in Latin America’s second-biggest economy slowed to its lowest level in almost four years in the first half of January. Mexico’s 12-month headline inflation reading came in at 3.69%, putting it within the bank’s target of 3%, plus or minus one percentage point.
Banxico cited weakness in Mexico’s economy as one of its concerns. (Magdalena Montiel Velázquez/Cuartoscuro)
Banxico’s decision came one week after the U.S. Federal Reserve kept its key interest rate steady at the 4.25%-4.5% range during its January meeting, in line with expectations. The U.S. central bank paused its own rate-cutting cycle after three consecutive reductions in 2024 that totaled a full percentage point.
With Mexico’s inflation back in the target range and the slowing economy, Banxico could be encouraged to continue cutting rates.
“The Board estimates that looking forward, it could continue calibrating the monetary policy stance and consider adjusting it in similar magnitudes,” policymakers wrote in the statement accompanying their decision.
Mexico’s interest rate is now at its lowest level since September 2022, and Thursday’s announcement narrows the gap between borrowing costs in Mexico and the U.S.
Cháirez’s latest exhibition, “La venida del Señor” (“The Coming of the Lord”), opened Wednesday at the Academia de San Carlos as part of the capital’s annual Art Week. It is scheduled to run through March 7.
Cháirez’s new exhibit opened Wednesday at the Academia de San Carlos in Mexico City. (Annick Donkers)
Fusing eroticism and sacred iconography, the nine large-scale oil paintings depict Catholic figures such as angels, nuns and cardinals in intimate and ecstatic interactions.
Cháirez, 37, who is queer, is known for exploring themes of gender, sexuality and the deconstruction of traditional masculinity — particularly within Mexican and Latin American cultural contexts. His newest series is more of the same.
“I use religious images and characters from the Catholic imagination to make a comparison between religious ecstasy and sexual ecstasy,” Cháirez said at the exhibit’s opening.
Originally from Tuxtla Gutiérrez, Chiapas, Cháirez first garnered national attention in 2019 with his portrait “La revolución,” which depicts Mexican Revolution hero Zapata in a traditionally feminine pose atop a horse with a prominent penis.
Displayed at the Palacio de Bellas Artes in Mexico City, the piece sparked public debate and protests.
In 2019, Chairez sparked citizen protests in 2019 with this portrait of Mexican revolutionary Emiliano Zapata, who is a highly masculinized figure in Mexico’s culture. (Culture Ministry)
At the time, Zapata’s grandson, Jorge Zapata González, said that the painting “denigrates the figure of the general” and is harmful to the image of Mexican heroes.
Now, with “The Coming of the Lord,” Cháirez continues to push boundaries.
“Its intention is not to generate controversy, per se, but to open a space for discussion about how symbols can be reinterpreted to include voices that have historically been silenced,” he told the newspaper Milenio.
One of the paintings in the series features two males dressed in traditional Catholic cardinal attire, holding and licking a lit Paschal candle (a symbol that often represents the resurrection of Christ, light and hope). In another, two nuns are intimately touching their heads together with ambiguous but perhaps amorous facial expressions.
Cháirez said the inspiration for the series came from classical religious artworks such as Gian Lorenzo Bernini’s “The Ecstasy of Saint Teresa,” Fra Angelico’s “The Annunciation” and El Greco’s “The Immaculate Conception.”
His work later caught the attention of European galleries, leading to an exhibition in Barcelona.
His current exhibit coincides with Mexico City’s annual Art Week, a major cultural event that opened Wednesday and will conclude Sunday.
At the opening for “The Coming of the Lord,” Cháirez pulled on an arm-length, black, plastic opera glove and black plastic head mask with eye and mouth holes to pose for pictures alongside his works — “in order to generate greater mystery,” Milenio wrote.
For his part, Cháirez — whose family took him to church in an attempt to change his sexual orientation after he came out to them — embraces the discussion his works generate.
Cháirez is originally from Tuxtla Gutiérrez, Chiapas.
“I would love for the public to question the roles imposed within society,” he said. “I hope that they approach my work with a critical eye,” he said.
He said a premise for his new series was exploring how “to make erotic portraits without stripping the Catholic characters of their habits and clothes — something that is usually common when making an erotic portrait,” he said.
“As much as people tried to censor my pieces, they couldn’t. So the truth is, this shows that, in the end, morality and eroticism are things that are in the mind.”
“The Coming of the Lord” will be on display through March 7 at the 245-year-old Academia de San Carlos, about three blocks from the Zócalo plaza in downtown CDMX. Admission is free.
The artist plans to offer guided tours, providing insights into his creative process. He will disclose the date(s) and time(s) on Instagram and/or Facebook.
The Kutsari Project aims to strengthen Mexico's semiconductor industry. (Presidencia)
With the troop deployment process at the northern border proceeding smoothly and U.S. tariff threats momentarily shelved, President Claudia Sheinbaum turned her attention back to economic development issues.
During her Thursday morning press conference, Sheinbaum presented a new initiative for the development of semiconductors, announcing plans to make Mexico’s industry a key player in the design and manufacturing of the building blocks of modern electronics.
President Sheinbaum’s Kutsari Project seeks to strengthen Mexico’s semiconductor industry. (Maxence Pira/Unsplash)
The president also said she has asked her Cabinet to address the constitutionality of the proposed ban on genetically modified corn, mentioned that the country’s patent process will be simplified, and claimed that the U.S. Drug Enforcement Administration (DEA) will not have greater freedom to operate in Mexico.
Minister Rosaura Ruiz said the first phase of the initiative will be to establish a cutting-edge design center, leveraging the extensive expertise of Mexican talent.
Essential for the operation of electronic devices such as computers, mobile phones, televisions, automobiles and home appliances, semiconductors enable the manufacturing of integrated circuits or “chips,” the essence of most modern technological devices.
Science Minister Rosaura Ruiz explained that the semiconductor initiative was named “Kutsari” after the Purépecha word for sand or silica, the base material of many semiconductors. (Andrea Murcia/Cuartoscuro)
The development of the project will be led by top-tier academic institutions and research centers, including the National Institute of Astrophysics, Optics, and Electronics (INAOE), the Center for Research and Advanced Studies (Cinvestav), the National Autonomous University (UNAM) and the National Polytechnic Institute (IPN).
The goal will be to reduce the dependency on exported “chips” while strengthening Mexico’s participation in the global semiconductor supply chain.
Sheinbaum lauded the extensive research being carried out in Mexico, saying Ruiz will be tasked with coordinating efforts to turn that research into marketable, high-value products.
The government plans to support semiconductor development through three stages: design, manufacture and commercialization through semi-autonomous public companies (entidad pública empresarial, or EPE in Spanish). (Presidencia)
Future decisions will determine what type of manufacturing plant should be built (public, private or mixed enterprise) with the goal of completing an assembly plant by 2030.
Semiconductor plan will prompt patent reform
Recognizing that the semiconductor industry could become a strategic sector in Mexico’s economy, Civil Service Minister Raquel Buenrostro said it will be important to simplify the patent process.
Buenrostro pointed out that Mexican scientists and domestic industries don’t patent in Mexico “because current patent law does not meet international standards.”
She said that there are currently 427 patent applications (84 submitted by Mexicans) related to semiconductors and 148 pending semiconductor registrations (28 submitted by Mexicans).
Santiago Nieto, the director of the Mexican Institute of Industrial Property, said the reform being prepared will streamline the process and encourage the development of domestic technology.
Addressing GMO corn controversy
The Sheinbaum administration will soon meet with members of the U.S.-Mexico-Canada trade agreement (USMCA) panel to discuss the ruling that declared Mexico’s 2020 presidential decree banning genetically modified (GMO) seeds in Mexico violated the USMCA and lacked scientific merit.
#EnLaMañanera | Sobre el panel que México perdió en el #TMEC, acerca del maíz transgénico, la presidenta Sheinbaum confirmó que habrá una reunión con Agricultura, Medio Ambiente y especialistas de la organización ‘Sin Maíz No Hay País’ para analizar una nueva reforma pic.twitter.com/HRvDuAhd9H
Ahead of the discussions, Sheinbaum asked Mexico’s Agriculture Ministry, Environment Ministry and members of the organization Sin Maíz No Hay País (Without Corn There is No Country) to consider a new decree that would prohibit the cultivation of genetically modified corn in Mexico.
The stated idea, Sheinbaum says, is to protect Mexico’s biodiversity and preserve corn as both a cultural symbol and a nutritional staple.
Restrictions on DEA remain in place
Upon being asked by a reporter if the DEA will have a greater role as Mexico ratchets up its drug interdiction efforts, Sheinbaum responded in the negative.
“No, there will always be coordination within the framework of our country’s sovereignty,” she said, but the DEA will not reinforce its presence in Mexico.
