{"id":114664,"date":"2026-01-05T10:38:52","date_gmt":"2026-01-05T09:38:52","guid":{"rendered":"https:\/\/www.tressis.com\/?p=114664"},"modified":"2026-01-07T10:44:43","modified_gmt":"2026-01-07T09:44:43","slug":"final-ciclo-relajacion-monetaria","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/final-ciclo-relajacion-monetaria\/","title":{"rendered":"El final del ciclo de relajaci\u00f3n monetaria"},"content":{"rendered":"<p>Cerrado el 2025, una conclusi\u00f3n se impone en el panorama financiero: el amplio proceso de reducciones en el coste del dinero que arranc\u00f3 tras el repunte de la inflaci\u00f3n ha alcanzado su etapa conclusiva. Durante estos doce meses, <strong>las autoridades monetarias de las principales econom\u00edas han reducido sus tasas de referencia de manera considerable<\/strong>, aunque siempre con un discurso progresivamente m\u00e1s cauto y vinculado a la informaci\u00f3n econ\u00f3mica disponible.<\/p>\n<p>&nbsp;<\/p>\n<p>Las decisiones adoptadas en las \u00faltimas reuniones del a\u00f1o no solo han importado por su contenido t\u00e9cnico, sino especialmente por el mensaje transmitido. Los inversores han escrutado cada palabra buscando pistas sobre si las instituciones mantendr\u00edan una postura restrictiva o si, por el contrario, habr\u00edan asimilado las ense\u00f1anzas de episodios anteriores.<\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center; margin-bottom: 10px;\"><a href=\"https:\/\/www.tressis.com\/tressis-vision\/?utm_source=web_publica&amp;utm_medium=direct&amp;utm_campaign=descarga_paper&amp;utm_term=tressisvision&amp;utm_content=blog_MMV\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-67199 size-full\" style=\"aspect-ratio: 400 \/ 177;\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg\" alt=\"Informe mensual - Tressis visi\u00f3n\" width=\"800\" height=\"354\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog.jpg 800w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-300x133.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2023\/03\/CTA-Tressis-vision-para-articulos-blog-768x340.jpg 768w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/div>\n<p>&nbsp;<\/p>\n<h2><strong>2025: el a\u00f1o de la normalizaci\u00f3n<\/strong><\/h2>\n<p>El ejercicio que concluye puede caracterizarse como un <strong>periodo de normalizaci\u00f3n paulatina<\/strong>. La Reserva Federal ha operado en los \u00faltimos tiempos gui\u00e1ndose por informaci\u00f3n estad\u00edstica que llegaba con cierto desfase temporal, justo cuando la entidad pr\u00e1cticamente hab\u00eda dado por finalizado su calendario anual. El ajuste a la baja de diciembre no sorprendi\u00f3 al mercado, y su m\u00e1ximo responsable admiti\u00f3 que las tasas se aproximaban ya a un territorio considerado neutral, tras una secuencia de movimientos justificada por la <strong>atenuaci\u00f3n de las presiones sobre los precios y respaldada por un mercado de trabajo que ha demostrado una fortaleza inesperada<\/strong>.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>BCE y Jap\u00f3n: estrategias divergentes<\/strong><\/h2>\n<p>Al otro lado del Atl\u00e1ntico, <strong>el BCE implement\u00f3 una estrategia algo m\u00e1s agresiva<\/strong> para contrarrestar un dinamismo econ\u00f3mico claramente insuficiente. Mientras tanto, <strong>Jap\u00f3n ejecut\u00f3 uno de los virajes m\u00e1s significativos<\/strong> al poner fin definitivamente a su era de tasas bajo cero. No obstante, lo que parec\u00eda configurarse como un cierre de a\u00f1o tranquilo se ha convertido, en estas \u00faltimas jornadas de diciembre, en un entorno bastante m\u00e1s inestable de lo anticipado. El escenario global respecto al precio del dinero luce ahora considerablemente menos favorable que hace escasas semanas, apuntando a que el pr\u00f3ximo a\u00f1o podr\u00eda caracterizarse por mayores sacudidas.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>La inversi\u00f3n de la estrategia monetaria<\/strong><\/h2>\n<p>Esta percepci\u00f3n de transformaci\u00f3n estructural se ha afianzado tras las declaraciones recientes de distintas instituciones multilaterales, que han perturbado la tranquilidad de los mercados. Al plantear que el siguiente movimiento en varias econom\u00edas relevantes podr\u00eda consistir en elevar las tasas, se ha enfriado el \u00e1nimo estacional. Lo que recientemente parec\u00eda una trayectoria inequ\u00edvoca de recortes se ha convertido en un interrogante sobre <strong>una potencial inversi\u00f3n completa de estrategia.<\/strong> El denominador com\u00fan es <strong>una inflaci\u00f3n que persiste tercamente sobre el objetivo mientras la actividad econ\u00f3mica mantiene su vigor<\/strong>, colocando a las autoridades monetarias ante un dilema complejo.<\/p>\n<p>&nbsp;<\/p>\n<p>Mirando hacia 2026, el concepto central ser\u00e1 la fragmentaci\u00f3n. Si algo caracteriza el horizonte es la <strong>asincron\u00eda entre las grandes potencias econ\u00f3micas<\/strong>: mientras algunas contemplan pausas extendidas en sus ajustes, otras conservan una orientaci\u00f3n m\u00e1s favorable a la flexibilizaci\u00f3n debido a la fragilidad de su consumo interno. Esta descoordinaci\u00f3n en las pol\u00edticas monetarias amenaza con desencadenar turbulencias en los mercados de deuda soberana.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Gesti\u00f3n activa<\/strong><\/h2>\n<p>Ante este panorama de incertidumbre creciente, se requiere una aproximaci\u00f3n mucho m\u00e1s din\u00e1mica y selectiva en <a href=\"\/gestion-de-carteras\/renta-fija\/\" target=\"_blank\" rel=\"noopener\">las estrategias de renta fija<\/a>. La era de confiar en que las reducciones de tasas generar\u00edan retornos por s\u00ed solas ha terminado; el verdadero impulso a la rentabilidad provendr\u00e1 de <strong>la habilidad para identificar oportunidades de valoraci\u00f3n relativa<\/strong> en un contexto donde las herramientas fiscales podr\u00edan comenzar a sustituir a las monetarias como principal palanca de est\u00edmulo.<\/p>\n<p>&nbsp;<\/p>\n<h2><strong>La comunicaci\u00f3n como factor clave<\/strong><\/h2>\n<p>Los bancos centrales han alcanzado el cierre del ejercicio condicionados por <strong>estad\u00edsticas rezagadas, compromisos previos y relatos institucionales dif\u00edciles de modificar<\/strong>, pero tambi\u00e9n con capacidad para reformular su narrativa durante el a\u00f1o entrante. Si algo ha quedado patente en estas semanas finales es que, m\u00e1s all\u00e1 de los movimientos t\u00e9cnicos en los tipos, lo verdaderamente relevante ha sido la comunicaci\u00f3n: <strong>c\u00f3mo se eval\u00faa la trayectoria reciente, se administra la coyuntura actual y se <a href=\"\/asesoramiento-inversion\/\" target=\"_blank\" rel=\"noopener\">sientan las bases<\/a> para lo venidero<\/strong>. El aut\u00e9ntico cambio no depender\u00e1 \u00fanicamente de lo acontecido, sino de <strong>la agilidad para responder<\/strong> cuando las circunstancias lo exijan.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.tressis.com\/landing\/reuniones\/?utm_campaign=reunion&amp;utm_medium=blog&amp;utm_source=final-ciclo-relajacion-monetaria-dl\" class=\"toBlank ctaReunionTaconNegro\" target=\"_blank\" rel=\"noopener\"><\/p>\n<div class=\"ctaReunion2\"><img decoding=\"async\" width=\"1100\" height=\"398\" class=\"wp-image-76838\" style=\"aspect-ratio: 550 \/ 199;\" title=\"Reuni\u00f3n tressis\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2021\/01\/fondo-reuniones.jpg\" alt=\"Concierte una reuni\u00f3n con Tressis\" srcset=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2021\/01\/fondo-reuniones.jpg 1100w, https:\/\/www.tressis.com\/wp-content\/uploads\/2021\/01\/fondo-reuniones-300x109.jpg 300w, https:\/\/www.tressis.com\/wp-content\/uploads\/2021\/01\/fondo-reuniones-1024x371.jpg 1024w, https:\/\/www.tressis.com\/wp-content\/uploads\/2021\/01\/fondo-reuniones-768x278.jpg 768w\" sizes=\"(max-width: 1100px) 100vw, 1100px\" \/><\/div>\n<div class=\"flex\">\n<div class=\"leftSide\">Concierte una reuni\u00f3n con Tressis<\/div>\n<div class=\"rightSide\">Estamos a su lado para resolver sus dudas, analizar su cartera y proponerle soluciones a medida.<\/div>\n<\/div>\n<p><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>Gabriel Antonio Justiniano<\/strong><br \/>\nAnalista<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cerrado el 2025, una conclusi\u00f3n se impone en el panorama financiero: el amplio proceso de reducciones en el coste del dinero que arranc\u00f3 tras el repunte de la inflaci\u00f3n ha alcanzado su etapa conclusiva. Durante estos doce meses, las autoridades monetarias de las principales econom\u00edas han reducido sus tasas de referencia de manera considerable, aunque [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":114674,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8554],"tags":[],"class_list":["post-114664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analisis-e-inversiones"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El final del ciclo de relajaci\u00f3n monetaria<\/title>\n<meta name=\"description\" content=\"El ciclo de bajadas de tipos llega a su fin. 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