As so often happens in these types of cases ... once they realize there is monetary gain, they extort money.

You don't hire those positions. You get the money that was set aside, for over time costs.

The companies are now cash-rich and that money needs to be put to use. They need to grow. They need to replace reserves and they can't do it domestically, especially for liquids production so they need to go overseas.

It is too amorphous--the picture is cloudy. It looks like it might develop into a very interesting picture, but what are the odds (of that happening)? We don't know.

We think that with the risk of surprisingly tight U.S. monetary policy diminishing as the U.S. economy decelerates, and with the peso strong, the scales are tipped to a 50bp east at the January meeting.

Going forward, we expect the economy to show positive year-on-year and seasonally adjusted rates in the quarters ahead, but the 1.8 percent Central Bank estimate appears to have more downside than upside risk at the moment.