American flag after storm Tom Gill/Flickr

Рискованное Восстановление Америки

КЕМБРИДЖ – Экономика Соединенных Штатов приближается к полной занятости населения и, возможно, уже так и есть. Но благоприятная тенденция занятости населения Америки, сопровождается существенным увеличением рисков финансового сектора, в связи с чрезмерно мягкой денежно-кредитной политикой, которая была использована для достижения текущего экономического восстановления.

Общий уровень безработицы снизился всего до 5,5%, а уровень безработицы среди выпускников колледжей составляет всего 2,5%. Рост инфляции, как правило, происходит, когда экономика достигает таких уровней занятости, но был временно отложен из-за снижения цен на нефть и роста стоимости доллара на 20%. Укрепление доллара не только снижает стоимость импорта, но также оказывает понижающее давление на цены отечественных товаров, которые конкурируют с импортом. Вероятно, рост инфляции начнется в следующем году.

Возвращение к полной занятости, отражает стратегию ФРС о “нетрадиционной денежно-кредитной политике” - комбинации массивных покупок долгосрочных активов, известных как количественное смягчение и ее обещание, сохранить краткосрочные процентные ставки, близкие к нулю. Низкий уровень всех процентных ставок, к которому привели эти политики, вынудили инвесторов покупать акции и повысить цены на занимаемые собственниками дома. В результате, чистая стоимость Американских домохозяйств, в 2013 году выросла на $10 трлн, что привело к увеличению потребительских расходов и инвестиций в бизнес.

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