Tres nuevos integrantes de la FOMC están abiertos a mayores medidas de estímulo

Genevieve Signoret & Patrick Signoret

John Williams (Fed de San Francisco)

Williams, nuevo miembro del FOMC, ve un caso fuerte a favor de hacer más compras de activos. Discurso el martes 10 enero: HTML, PDF.

Bloomberg lo cita:

Williams…said he sees a “strong” case for more Fed purchases of mortgage bonds given his expectation that inflation will fall below 1.5 percent this year.

“I’m expecting lower inflation than a typical private- sector” economics forecaster, Williams [told reporters after the speech.] If that’s the case, “there’s a strong argument for buying more mortgage- backed securities” and suggests a need for policy which is “more stimulative.”

Sandra Pianalto

Pianalto, de la Fed de Cleveland, espera una recuperación moderada y que la tasa de desempleo tome 4-5 años para bajar a 6.0%, y dijo que ha apoyado las acciones de estímulo de la Fed

Discurso (martes 10 enero):

A number of headwinds are holding back growth. Housing markets continue to be depressed. The government sector has been reducing spending and employment. Add to the mix that Europe could well be headed for recession, which will negatively affect our exports.

Uncertainty is clearly an important factor, but businesses leaders are also telling me that weak demand for their products and services is the primary reason they are not expanding their businesses and hiring new workers.

Given these numerous headwinds, I am expecting the economic recovery to remain moderate and for the economy to grow around 2-1/2 percent in 2012, and about 3 percent in 2013.

the outlook for inflation is pretty good. Incoming inflation data across a broad range of products are soft.

My staff and I currently estimate that the natural rate of unemployment is somewhere around 6 percent. Given my current outlook for economic growth of 2-1/2 percent for this year and 3 percent for next year, it is going to take four to five years to reach that rate.

The FOMC meets in two weeks, and this year I am a voting member.

I have supported our policy decisions, and there is evidence that they have been effective.

Dennis Lockhart

Lockhart, de la Fed de Atlanta, prevé recuperación moderada; en cuanto a  medidas de estímulo, cree que las medidas anteriores fueron necesarias, pero tiene cuidado de no tomar una “posición rígida”

Discurso (miércoles 11 enero).

Speaking for myself only, steady even if unspectacular growth accompanied by inflation in the neighborhood of 2 percent justifies some reluctance to change, in either direction, the FOMC’s accommodative policy.

At the same time, I think slow progress toward full employment justifies continuing consideration of whether more can and should be done.

So for me as a policymaker, now is not a time to lock into a rigid position.

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