FOMC mantiene el estímulo

Genevieve Signoret & Patrick Signoret

El miércoles, el comité de política monetaria de la Reserva Federal (FOMC) mantuvo sin cambio su postura. Observó algunas señales positivas en la economía pero continuó preocupado por la tasa de desempleo alta y la postura fiscal restrictiva. Continuará expandiendo su balance comprando $85 MMn en activos cada mes. Su orientación a futuro sigue igual: mantendrá la tasa de política monetaria en niveles cercanos a cero al menos hasta que la tasa de desempleo baje de 6.5% (siempre y cuando la inflación no supere el 2.5%). El Comité no proyecta que esto ocurra antes del 2015. FT resumió la decisión de la Fed y la conferencia de prensa de Ben Bernanke.

El FOMC observó algunas señales positivas en la economía pero continuó preocupado por la tasa de desempleo alta y la postura fiscal restrictiva:

Information received since the Federal Open Market Committee met in January suggests a return to moderate economic growth following a pause late last year.  Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated.  Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy has become somewhat more restrictive.  Inflation has been running somewhat below the Committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.

Al anunciar que seguirá comprando activos de largo plazo al ritmo actual de $85/mes, de nuevo recalcó su vigilancia ante los riesgos de burbujas e ineficacia:

The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.  In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases as well as the extent of progress toward its economic objectives.