La Reserva Federal tiende otra trampa

NEW HAVEN – La Reserva Federal de los Estados Unidos se ha internado por una senda conocida y muy peligrosa. Empeñada en negar sus errores del pasado, está aplicando el mismo método gradual que contribuyó a preparar el terreno para la crisis financiera del período 2008-2009. Las consecuencias podrían ser igualmente catastróficas.

Pensemos en la reunión de diciembre del Comité para las Operaciones de Mercado Abierto de la Reserva Federal (COMA), donde los debates sobre el aumento del tipo de interés de referencia de los fondos federales abundaron en adjetivos, en lugar de medidas explícitas.

En consonancia con una orientación anterior en el sentido de que se mantendría el tipo de interés oficial próximo a cero durante un tiempo “considerable” después de que en el pasado mes de octubre la Reserva Federal dejara de comprar activos a largo plazo, el COMA declaró que ahora podía permitirse el lujo de mostrarse “paciente” en espera de las condiciones idóneas para aumentar el tipo de interés. Si añadimos a eso que la declaración de Janer Yellen, Presidenta de la Reserva Federal, de que haría falta al menos un par de reuniones más del COMA antes de que se produzca semejante “despegue”, la Reserva Federal parece estar telegrafiando un viaje prolongado por la vía de la normalización normativa.

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