Here’s a quick annotated summary of three key points that I took from Bernanke’s press conference: If Greece were to default, it would probably threaten European political unity and would surely threaten European and global financial stability. U.S. banks have little direct exposure to Greek debt (they don’t hold much of it directly on their […]

  Esta entrada termina una exposición con antecedentes del comunicado de la Fed de hoy iniciada en mi entrada anterior. La Fed no cambia obviamente el rango objetivo de las tasas de interés desde 0-0.25%, donde está desde el 16 de diciembre 2008. Es un rango en lugar de una tasa puntual porque con tasas […]

Comento el comunicado de la Fed a detalle en español para mis clientes y seguidores locales: Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. La frase anterior comenzaba igual pero decía “and […]

Mark Thoma has already commented on the Fed statement: As expected, there was no change in Fed policy. QE2 will end on schedule on June 30, the Fed won’t begin reversing QE1 and QE2 yet, i.e. it won’t reduce the size of its balance sheet, it gave no hint at all of willingness to move […]

Needless to say, I await the Fed’s monetary policy statement and Chairman Bernanke’s press conference with baited breath. We took something of a risk in our research report to clients last week predicting that the Fed would not hint at (raise hopes of) a QE3 today. So they had better not hint at it. If […]

Welcome to my new blog, La Carpeta Monetaria. My aims are three: Clarify my own thinking about global monetary policy by “conversing with” (linking to and commenting on the content of) other bloggers and online commentators on global monetary policy. In doing so, educate the public. I’ll have in mind especially my clients in and […]