Fed anunció QE3 sin establecer límite
Genevieve Signoret & Patrick Signoret
El comité de política monetaria de la Fed (FOMC) anunció que comenzaría a comprar títulos respaldados por hipotecas emitidas por agencias del gobierno (MBS) a razón de $40 MMn por mes hasta que la perspectiva del mercado laboral mejore sustancialmente, siempre en un contexto de estabilidad de precios. También cambió su orientación a futuro, prediciendo “niveles excepcionalmente bajos para la tasa de fondos federales al menos hasta mediados de 2015”, en vez de finales de 2014. Pero en su orientación además añadió que el comité espera mantener su postura altamente acomodaticia aún después de que se fortalezca la recuperación económica. En unas horas tendremos más detalle, incluyendo la conferencia de prensa de Bernanke y las proyecciones del FOMC.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee is concerned that, without further policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely would run at or below its 2 percent objective.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities.
[…] If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.
To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens. In particular, the Committee also decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015.
Por cierto, votaron a favor de la decisión 11 de los 12 miembros del FOMC.