Jun 14th To 2nd - Members - Highlights

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FOMC – Research

Semana del 14 al 16 de junio

Summary:

Los indicadores recientes sugieren que la actividad económica ha continuado expandiéndose a


un ritmo moderado. La creación de puestos de trabajo ha sido sólida en los últimos meses y la
tasa de desempleo se ha mantenido baja, mientras que la inflación sigue siendo elevada.

El sistema bancario estadounidense es sólido y resistente. Es probable que las condiciones


crediticias más estrictas para los hogares y las empresas pesen sobre la actividad económica, la
contratación y la inflación. El alcance de estos efectos sigue siendo incierto. El Comité
permanece muy atento a los riesgos de inflación.

A pesar de que hay muchos datos f que están por encima de las expectativas, la pregunta general
era de dónde viene la desinflación, si el mercado laboral sigue siendo robusto y los precios siguen
altos, Powell menciona que podría provenir del sector de la vivienda y los servicios. La clave para
bajar la inflación sería debilitar o suavizar el mercado laboral, y también que la desinflación de
los servicios de vivienda sea un poco más lenta de lo que se esperaba.
14/06/2023

FED’s FOMC:

- Fed signals additional rate increases possible later this year.


- Fed officials see US GDP at 1.0% in 2023 and 1.1% in 2024.
- Fed median rate forecasts rise to 5.6% end-* 23, 4.6% end-* 24.
- Fed: Job gains robust and unemployment remains low.
- Fed: FOMC vote was unanimous.
- Fed will continue same pace of reducing Treasury and MBS holdings.
- Fed: Economic activity expanded at modest pace.
- Fed Policymakers see higher GDP growth in 2023, a lower unemployment rate and less
progress on core inflation than they saw in March.

FOMC Powell:

- There’s gonna be more rate hikes later this year.


- Goal remains to be 2% inflation
- Fed's Powell: Activity in housing sector remains weak.
- Fed's Powell: Labor market remains very tight.
- Fed's Powell: Some signs supply and demand in labor market coming into better
balance.
- Fed's Powell: Nearly all policymakers view some further rate hikes this year
appropriate.
- Fed's Powell: Full effects of tightening has not yet been felt.
- Inflation has moderated vs last year but prices remain too high
- Will continue to decrease Fed’s securities holding.
- Will hold the rates steady to gather more data for further policy
- Fed's Powell: At this meeting, considering how far and fast we have moved, judged it
prudent to hold rates steady.
- Fed's Powell: Reducing inflation is likely to require below trend growth, some
softening of labor conditions.
- Fed Powell: It may make sense for rates to move higher, but at a more moderate pace.
- Fed's Powell: A pause is continuation of moderating pace of hikes.
- Where is Desinflation coming from?, - Any forecast about inflation coming down this
year will contain a big dose of housing disinflation.
- Fed's Powell: We need to see continued healing in supply side for goods.
- Fed's Powell: Housing services disinflation will be a little slower than we would have
expected.
- Fed Powell: The key to non-housing services disinflation is to get loosening in labor
market conditions.
- Fed's Powell: We see only earliest signs of core services disinflation.
- Fed's Powell: The things we need for disinflation are coming into play, process will take
some time.
- Fed's Powell: Shouldn't call June pause “a skip".
- Lower pace of rate hikes allows economy to adapt.
- Fed's Powell: The labor market is the engine driving the economy.
- Fed's Powell: If we see more of an effect from credit tightening, we will factor that into
rate decisions.

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