Z grubsza rzecz biorąc: nie jest tak dobrze jak sądziliśmy ale może jest lepiej niż się wydaje bo pogoda była wyjątkowa. Jesteśmy gotowi na wszystko, a na razie wystarczy to co do tej pory.Bernanke: Maintaining a highly accomodative policy
Written by Jamie Coleman
June 20, 2012 at 18:16 GMT
Lengthening maturities of holdings
Twist has supported economic recovery; longer rates lower than they otherwise would be
Economy expanding at moderate pace despite Europe, housing and fiscal constrains from govts
Unemployment remains elevated; slower progress in job growth
Outlook has changed, Fed has not been start-stop
Non-conventional tools tend to be discrete in size but still persist in accommodation
Prepared to do what is necessary
Data has been weak but there are issue with weather, seasonal adjustments
Extending Twist is substantive step
More QE is additional step that can be taken
Monetary policy by itself will not solve problems; welcomes help from government
Fed still has tools; non-standard but can still support economy
Both QE1 and QE2 were effective; QE2 ended incipient deflation
We can lower interest rates more
Unorthodox tools have some costs
European first line of defense for own problems; a very wealthy area; leave leadership to them; consults frequently with European central bankers; Europe has adequate resources to deal with problems
Fiscal cliff will have impact later this year, markets don’t like uncertainty
Można to nazwać bardziej gołębim podejściem niż ostatnio. Ale z drugiej strony zabrakło wskazań co mogłoby skłonić FED do QE. Czyli mniej więcej to czego można było się spodziewać - ani w tę, ani we wte.
Co teraz przeważy? Zobaczymy. Jak dla mnie nie jest to mocna strona dolara.
A jeżeli chodzi o złoto to znów będzie skakać na słabych danych do góry po to żeby spaść po zrealizowaniu szybkiego zysku lub zlecieć na dobrych danych.