La FOMC se reune 8 veces al año. La última vez fue a principios de agosto, la próxima será el 20 y 21 de septiembre. Estas reuniones de directorio siguen el protocolo de aprobar lo hecho, repasar la nueva información, evaluar alternativas y tomar una decisión, en este caso de política monetaria.
Las minutas de la última reunión de la FOMC se conocieron ayer. Lo que sigue es un extracto, el que se refiere a la evaluación de alternativas de acción monetaria futura, acciones que sean cuales sean serán llamadas QEs. Quienes tienen derecho a votar son los 7 miembros de la Junta de Gobernadores de la Fed (nombrados por el ejecutivo, aceptados por el Congreso) + 5 gobernadores de bancos regionales. Pero 2 puestos de los 7 miembros de la Fed están vacantes, por lo que quienes votan son 10. Por eso en el extracto destaco los morfemas cuantificadores (cuando solo está el sujeto, este implica una mayoría). Entonces, las opciones más factibles de qué hará la FOMC...
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Participants discussed the range of policy tools available to promote a stronger economic recovery should the Committee judge that providing additional monetary accommodation was warranted. Reinforcing the Committee's forward guidance about the likely path of monetary policy was seen as a possible way to reduce interest rates and provide greater support to the economic expansion; a
few participants emphasized that guidance focusing solely on the state of the economy would be preferable to guidance that named specific spans of time or calendar dates.
Some participants noted that additional asset purchases could be used to provide more accommodation by lowering longer-term interest rates.
Others suggested that increasing the average maturity of the System's portfolio--perhaps by selling securities with relatively short remaining maturities and purchasing securities with relatively long remaining maturities--could have a similar effect on longer-term interest rates. Such an approach would not boost the size of the Federal Reserve's balance sheet and the quantity of reserve balances. A
few participants noted that a reduction in the interest rate paid on excess reserve balances could also be helpful in easing financial conditions.
In contrast,
some participants judged that none of the tools available to the Committee would likely do much to promote a faster economic recovery, either because the headwinds that the economy faced would unwind only gradually and that process could not be accelerated with monetary policy or because recent events had significantly lowered the path of potential output. Consequently, these participants thought that providing additional stimulus at this time would risk boosting inflation without providing a significant gain in output or employment.
Participants noted that devoting additional time to discussion of the possible costs and benefits of various potential tools would be useful, and they agreed that the September meeting should be extended to two days in order to provide more time.
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http://www.federalreserve.gov/monetaryp ... 110809.htm
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Mañana, y hasta el 20 y 21 de septiembre, habrá más novedades que influyan en estas mayorías y minorías...
http://foro.ravaonline.com/foro3/viewto ... 6#p1689966
