{"id":30531,"date":"2018-12-20T10:31:40","date_gmt":"2018-12-20T09:31:40","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=30531"},"modified":"2018-12-20T10:31:40","modified_gmt":"2018-12-20T09:31:40","slug":"los-mercados-no-maduran","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/los-mercados-no-maduran\/","title":{"rendered":"Los mercados no maduran"},"content":{"rendered":"<p>\u00bfEl mercado podr\u00eda haber reaccionado positivamente si la Reserva Federal hubiera escogido otro camino?<!--more--><\/p>\n<p>Puede, aunque existen dudas naturales. Lo que s\u00ed sabemos es que eso mismo no es lo que ha sucedido despu\u00e9s de la reuni\u00f3n de ayer, demostr\u00e1ndonos que los mercados no est\u00e1n a\u00fan lo suficientemente maduros como para empezar a desamamantar tras varios a\u00f1os enganchados a la ayuda directa de los bancos centrales.<\/p>\n<p>Tal y como se esperaba, el FOMC elev\u00f3 en otro cuarto de punto los tipos de inter\u00e9s y no dio un mensaje especialmente acomodaticio en materia monetaria, suficiente para tumbar las expectativas de que iba a sucumbir ante la volatilidad de las bolsas. Especialmente curioso esto dado que han reducido de tres a dos las subidas de tipos esperadas para 2019 y es algo que ha sido totalmente obviado. De la misma manera que la revisi\u00f3n a la baja de las expectativas de crecimiento e inflaci\u00f3n, que tambi\u00e9n deber\u00edan haber cotizado con tranquilidad, pero no han servido de mucho.<\/p>\n<p>Cogido todo, queda pensar que los inversores ven este y los pr\u00f3ximos movimientos de la Fed como una amenaza seria sobre la actividad real de EE.UU., o lo que es lo mismo, quieren volver a lo de los \u00faltimos a\u00f1os, eso de cuanto peor, mejor para invertir en activos de riesgo, que ya llegar\u00e1n las pol\u00edticas de tipos cero a eliminar todo el riesgo a la baja.<\/p>\n<p>Esta reuni\u00f3n ha eclipsado por completo la del Banco de Jap\u00f3n, si bien es cierto que no ha cambiado absolutamente nada en temas de tipos de inter\u00e9s o de su programa de compra masiva de compra de activos. Tampoco sobre la evoluci\u00f3n de la inflaci\u00f3n nipona ni sobre las rentabilidades de la curva soberana, ambas variables incapaces de alcanzar los niveles que con tanto esfuerzo el BoJ sigue intentando conseguir.<\/p>\n<p>Buen d\u00eda. <\/p>\n<p><center><strong>Am\u00edlcar Barrios Vilallonga<\/strong><br \/>\nDirecci\u00f3n de Inversiones<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00bfEl mercado podr\u00eda haber reaccionado positivamente si la Reserva Federal hubiera escogido otro camino?<\/p>\n","protected":false},"author":4,"featured_media":30534,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[490,629,1308,2206,2792,3453,4219,5761,5891,6924],"class_list":["post-30531","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-banco-de-japon","tag-boj","tag-compra-de-activos","tag-eeuu","tag-fomc","tag-inflacion","tag-mercados-poco-maduros","tag-reserva-federal","tag-riesgo-a-la-baja","tag-volatilidad-en-las-bolsas"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Los mercados no maduran<\/title>\n<meta name=\"description\" content=\"El FOMC elev\u00f3 en otro cuarto de punto los tipos de inter\u00e9s y no dio un mensaje especialmente acomodaticio en materia monetaria\" \/>\n<meta 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