199.- Desde que la Reserva Federal (FED) decidió situar los tipos de interés en las tasas actuales parece que las reuniones de su comité monetario (FOMC) han pérdido ya interés para los medios. Nada más lejos de la realidad.

En la reunión de hoy el FOMC ha declarado que el ritmo de contracción de la economía persiste pero no de forma tan acusada como en meses anteriores. El consumo se mantiene estable a pesar de la continua pérdida de puestos de trabajo. El crédito se ha contraído notablemente pues la rigurosidad en su concesión se ha acentuado. Asimismo, el mercado financiero empieza a dar signos de cierta recuperación pero la actividad económica en general continuará mostrando escasa consistencia.

En relación a la inflación se mantendrá en los niveles actuales, con algún ligero descenso todavía pero quizás pueda repuntar si el consumo así lo hiciera también.

En otro orden de cosas, la Reserva Federal como ya anunció en su reunión del 18 de Marzo iniciará la adquisición de títulos hipotecarios y del tesoro con el fin de aliviar las tensiones de liquidez en los mercados financieros.

Los tipos de interés se mantendrán en los niveles actuales, sin variación.

Para algunos analistas esta ha sido una reunión de puro trámite pero la realidad es que nunca lo son y los mercados la esperan para ver si se adoptan algunas medidas excepcionales; en esta ocasión no ha sido así.

Release Date: April 29, 2009

For immediate release

Information received since the Federal Open Market Committee met in March indicates that the economy has continued to contract, though the pace of contraction appears to be somewhat slower. Household spending has shown signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Weak sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories, fixed investment, and staffing. Although the economic outlook has improved modestly since the March meeting, partly reflecting some easing of financial market conditions, economic activity is likely to remain weak for a time. Nonetheless, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is facilitating the extension of credit to households and businesses and supporting the functioning of financial markets through a range of liquidity programs. The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of financial and economic developments.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.