La FED ayer

http://www.federalreserve.gov/newsevents/press/monetary/20140129a.htm

Al final, 10 bn. menos de compras mensuales de papel hasta situarlas ahora en 65 bn.
5 bn. y 5 bn. menos respectivamente en compras de treasuries y ABS.

¿Diferencias en el Comunicado con respecto al anterior? Más optimismo económico (crecimiento ha aumentado, inversión más rápida).

Ninguna alusión a la situación de los mercados.

En definitiva....

*       growth in economic activity picked up in recent quarters
*       Labor market indicators were mixed but on balance showed further improvement
*       Household spending and business fixed investment advanced more quickly in recent months
*       the recovery in the housing sector slowed somewhat
*       Fiscal policy is restraining economic growth, although the extent of restraint is diminishing
*       Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.

¿Tipos? that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens; that the current exceptionally low target range for the federal funds rate of 0 to 1/4 percent will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored.

La reacción de los mercados fue contundente: las bolsas USA se dejaron más del 1 %, el EUR en niveles de 1.365 USD; tipos de interés de la deuda  a la baja, con la rentabilidad del treasury 10 años en 2.7 %.

José Luis Martínez Campuzano
Estratega de Citi en España