{"id":32713,"date":"2019-10-09T12:53:58","date_gmt":"2019-10-09T10:53:58","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=32713"},"modified":"2019-10-09T12:53:58","modified_gmt":"2019-10-09T10:53:58","slug":"vuelve-la-expansion-cuantitativa","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/vuelve-la-expansion-cuantitativa\/","title":{"rendered":"Vuelve la expansi\u00f3n cuantitativa"},"content":{"rendered":"<p>La Reserva Federal, a trav\u00e9s de su presidente Jerome Powell, ha se\u00f1alado que se dispone a aumentar su balance \u201cde manera org\u00e1nica\u201d.\u00a0<!--more-->El esfuerzo por desligar este nuevo cambio de pol\u00edtica monetaria de un nuevo QE (expansi\u00f3n cuantitativa) es, como m\u00ednimo, divertido. Porque, si miramos lo que est\u00e1 ocurriendo, no tiene nada de expansi\u00f3n org\u00e1nica y se parece mucho a un nuevo programa de recompras.<\/p>\n<p>\u00bfPor qu\u00e9 no ha afectado al d\u00f3lar? Fundamentalmente porque el d\u00f3lar no se est\u00e1 apreciando (el DXY Index est\u00e1 casi a m\u00e1ximos de 98,95) porque la pol\u00edtica monetaria de la Reserva Federal sea restrictiva, sino porque los bancos centrales de otras econom\u00edas son mucho m\u00e1s irresponsables en su expansi\u00f3n. Es decir, el d\u00f3lar se fortalece como moneda de refugio ante la peor represi\u00f3n financiera de otros; por eso el oro, plata y d\u00f3lar se han apreciado en t\u00e9rminos relativos.<\/p>\n<p>La crisis del mercado de repo muestra algo que hemos comentado en esta columna en varias ocasiones. Los bancos centrales han creado un tsunami monetario y pensaban que pod\u00edan gestionar la magnitud de las olas. La necesidad de inyectar m\u00e1s de 270.000 millones de d\u00f3lares en el mercado monetario de corto plazo nos ense\u00f1a que en el mercado la liquidez es mucho menor de lo que estimaba la Reserva Federal y el endeudamiento de los agentes mucho mayor (<a href=\"https:\/\/app.hedgeye.com\/insights\/78348-the-repo-market-incident-may-be-the-tip-of-the-iceberg?type=guest-contributors\" target=\"_blank\" rel=\"noopener noreferrer\">lean mi comentario en Hedge Eye USA<\/a>). Si eso ocurre en una econom\u00eda y un sector financiero din\u00e1mico y con proveedores de liquidez enormes, imaginen cuando ocurra en Europa, que no dispone de esos mecanismos.<\/p>\n<p>Coment\u00e1bamos que lo que se propone no tiene nada de expansi\u00f3n org\u00e1nica. Veamos por qu\u00e9.\u00a0Los programas de QE 1 a 3 recompraron entre 65 y 85.000 millones de d\u00f3lares de activos por mes.\u00a0El crecimiento org\u00e1nico del balance de la Reserva Federal previo a esos programas no llegaba a 2 o 3.000 millones de d\u00f3lares por mes.\u00a0La Reserva Federal est\u00e1 planteando entre 200.000 y 300.000 millones entre uno y dos trimestres. Es decir, no es nada org\u00e1nico pero tampoco es el tipo de medida que disparar\u00eda el apetito de riesgo de los agentes financieros, las estimaciones exageradas de crecimiento de los analistas o la necesidad de rescatar las malas inversiones de los m\u00e1s apalancados, como ocurri\u00f3 en el QE1 (sobre todo).<\/p>\n<p>Nos encontramos, por lo tanto, con una medida que no contentar\u00e1 a los que necesitan m\u00e1s excesos de liquidez y m\u00e1s est\u00edmulos para seguir jugando al <i>carry<\/i> contra el d\u00f3lar, pero a la vez una medida que aleja todav\u00eda m\u00e1s a la Reserva Federal de la normalizaci\u00f3n. Si asumimos las cifras que se comentan en Estados Unidos, hablamos de un balance de la Reserva Federal que no bajar\u00eda te\u00f3ricamente del 25% del PIB.<\/p>\n<p>Ayer lo coment\u00e9 en el programa de Lance Roberts. El ciudadano se encuentra con mensajes contradictorios. Powell confirma que la econom\u00eda crece a buen ritmo, 2%, que el paro est\u00e1 en m\u00ednimos de 50 a\u00f1os y que la inflaci\u00f3n subyacente se mantiene por encima del umbral de la Reserva Federal, un 2%&#8230; Y sin embargo nos dicen que tienen que bajar tipos y expandir el balance. Algo no concuerda, y la explicaci\u00f3n est\u00e1 en un mercado excesivamente apalancado y la cadena de burbujas en activos financieros.<\/p>\n<p>Dado que el susto del mercado de repos ha costado un aumento de balance equivalente a mes y medio de expansi\u00f3n cuantitativa (entre otras cosas porque, a vencimiento, no se han deshecho esas posiciones), este nuevo movimiento de la Reserva Federal es probable que lo \u00fanico que consiga es tapar agujeros en un mundo que no necesita m\u00e1s est\u00edmulos monetarios y en el que la econom\u00eda se ralentiza por el exceso de los mismos, que ha llevado a perpetuar desequilibrios fiscales y sobrecapacidad productiva, premiando al imprudente y endeudado con un dinero que ni es f\u00e1cil ni es gratis. La baja productividad de los factores, pobre crecimiento y\u00a0&#8220;zombificaci\u00f3n&#8221; de la econom\u00eda es la otra cara de la moneda.<\/p>\n<p><center><strong>Daniel Lacalle<\/strong><br \/>\nEconomista Jefe<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La Reserva Federal, a trav\u00e9s de su presidente Jerome Powell, ha se\u00f1alado que se dispone a aumentar su balance \u201cde manera org\u00e1nica\u201d.\u00a0<\/p>\n","protected":false},"author":4,"featured_media":32718,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-32713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estrategias"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vuelve la expansi\u00f3n 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