La Fed discute cómo ajustar orientación a futuro, pero no hay consenso

Genevieve Signoret & Patrick Signoret

A finales de enero, en el comité de política monetaria de la Fed (FOMC) se discutió cómo cambiar su orientación a futuro –es decir, su comunicación sobre cuándo y cómo comenzar a restringir su postura–, según la minuta de esa reunión. Sin embargo, los miembros del FOMC no lograron un consenso al respecto. Lea más en NYT (Binymain Appelbaum) y FT Alphaville (Cardiff Garcia).

El párrafo con la discusión sobre la orientación a futuro:

Participants agreed that, with the unemployment rate approaching 6-1/2 percent, it would soon be appropriate for the Committee to change its forward guidance in order to provide information about its decisions regarding the federal funds rate after that threshold was crossed. A range of views was expressed about the form that such forward guidance might take. Some participants favored quantitative guidance along the lines of the existing thresholds, while others preferred a qualitative approach that would provide additional information regarding the factors that would guide the Committee’s policy decisions. Several participants suggested that risks to financial stability should appear more explicitly in the list of factors that would guide decisions about the federal funds rate once the unemployment rate threshold is crossed, and several participants argued that the forward guidance should give greater emphasis to the Committee’s willingness to keep rates low if inflation were to remain persistently below the Committee’s 2 percent longer-run objective. Additional proposals included relying to a greater extent on the Summary of Economic Projections as a communications device and including in the guidance an indication of the Committee’s willingness to adjust policy to lean against undesired changes in financial conditions.