Hledat v komentářích
Investiční doporučení
Výsledky společností - ČR
Výsledky společností - Svět
Týdenní přehledy

Detail - články
FOMC meeting: Continuing in LSAP and no surprise expected

FOMC meeting: Continuing in LSAP and no surprise expected

29.1.2013 9:28

The FOMC meeting starts today, but will only be concluded tomorrow with a statement. There is no press conference and no new separate economic projections, which are scheduled in the last month of each quarter. The FOMC switched from its operation twist that ended in December to renewed purchases of long-term Treasuries ($45B). It continued its monthly purchases of MBS ($40B) and the re-investment of the proceeds of the redeemed assets of its portfolio. The programme is open-ended which means it is discussed and eventually stopped or adapted at each FOMC meeting. The Committee vowed to continue buying assets at the current pace until it sees substantial improvement in the outlook for the labour market. There are currently no signs of such substantial improvement. On top of it, while the fiscal cliff has been averted for now, it is still unclear how the fiscal policy, under intense discussion for now, will affect the economy and thus the labour market in the next 12 months. In such a context, we expect the FOMC to continue it LSAP (large asset purchase programme) unchanged. From the Minutes of the previous FOMC meeting, we know that discussion are ongoing about the programme, its effectiveness, its impact on risk and Fed balance sheet and on its exit.

The Summary of the discussions even showed that governors were about evenly divided on the question whether they thought the programme would be completed by mid-2013. However, on our count, Bernanke has still a comfortable majority among the voting members of the Committee. It would indeed be odd to change already the policy after one month. So, while the statement should be very much similar to the last FOMC, the Minutes, to be published in February might be more interesting as it could give us a view on the way thinking on the subject is evolving inside the FOMC. The absence of new economic projections and of a press conference makes it still more likely that there won’t be surprises. On rates, there will of course be no news. It will still be linked to the 6.5% threshold for unemployment rate and on the 2.5% threshold for inflation.

Nově na Patria.cz - obchodní signály na forexu podle technických indikátorů ADX, Williams R% a klouzavých průměrů!
Váš názor
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře

Související komentáře
Nejčtenější zprávy dne
Nejčtenější zprávy týdne
Nejdiskutovanější zprávy týdne
Denní kalendář hlavních událostí
Anheuser-Busch InBev SA/NV/old (09/16 Q3)
Danske Bank A/S (09/16 Q3)
Goodyear Tire & Rubber Co/The (09/16 Q3, Bef-mkt)
Chevron Corp (09/16 Q3, Bef-mkt)
International Consolidated Airlines Group SA (09/16 Q3)
Novo Nordisk A/S (09/16 Q3, Bef-mkt)
Royal Bank of Scotland Group PLC (09/16 Q3)
Weyerhaeuser Co (09/16 Q3, Bef-mkt)
Xerox Corp (09/16 Q3, Bef-mkt)
1:30JP - CPI, y/y
6:45UBS Group AG (09/16 Q3)
7:00BNP Paribas SA (09/16 Q3)
7:30Linde AG (09/16 Q3)
7:30Sanofi (09/16 Q3)
7:30Skanska AB (09/16 Q3)
7:45Eni SpA (09/16 Q3)
8:00Electrolux AB (09/16 Q3)
8:00Hexagon AB (09/16 Q3)
8:00TOTAL SA (09/16 Q3)
12:30Newell Brands Inc (09/16 Q3)
13:00AbbVie Inc (09/16 Q3)
13:00AutoNation Inc (09/16 Q3)
13:00Hershey Co/The (09/16 Q3)
13:00Phillips 66 (09/16 Q3)
14:00DE - Harmonizovaný CPI, y/y
14:00Exxon Mobil Corp (09/16 Q3)
14:00Mastercard Inc (09/16 Q3)
14:30USA - HDP, q/q a
16:00USA - Index spotř. důvěry Mich. university