ป๋าเบนไม่ลด QE นะจ๊ะ!!!! เขื่อป๋าเค้าเลย แกสับขาหลอกตลอด แล้วอย่างนี้ใครจะเถียงว่าทฤษฏีสมคบคิดไม่มีจริง บอกเลยว่าเกมส์แกสุดยอด Fed Refrains From QE Taper, Keeps Bond Buying at $85 Bln The Federal Reserve unexpectedly refrained from reducing the $85 billion pace of monthly bond buying, saying it needs to see more evidence of improvement in the economy. “The Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases,” the Federal Open Market Committee said today at the conclusion of a two-day meeting in Washington. While “downside risks” to the outlook have diminished, “the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement.” Chairman Ben S. Bernanke and his policy making colleagues refrained from paring record accommodation as rising borrowing costs show signs of slowing the four-year expansion. Treasury yields have jumped since May, when Bernanke first outlined a possible timetable for a reduction in the asset purchases that have swelled the Fed’s balance sheet to $3.66 trillion. The Fed chairman has orchestrated the most aggressive easing in the Fed’s 100-year history, pumping up the balance sheet from $869 billion in August 2007 and holding the main interest rate close to zero since December 2008. “Asset purchases are not on a preset course, and the committee’s decisions about their pace will remain contingent on the committee’s economic outlook as well as its assessment of the likely efficacy and costs of such purchases.” Press Conference Bernanke will have an opportunity to explain the Fed’s policy strategy at a 2:30 p.m. press conference in Washington. The central bank today left unchanged its guidance that it will probably hold its target interest rate near zero “at least as long as” unemployment exceeds 6.5 percent, so long as the outlook for inflation is no higher than 2.5 percent. The Fed said that inflation had been running below its longer run objective of 2 percent. The central bank’s preferred gauge of inflation climbed 1.4 percent in the year through July. It has not breached 2 percent since March 2012. Kansas City Fed President Esther George dissented for the sixth meeting in a row, repeating that the policy risks creating financial imbalances. Economists had forecast the FOMC would dial down monthly Treasury purchases by $5 billion, to $40 billion, while maintaining its buying of mortgage-backed securities at $40 billion, according to a Bloomberg News survey. The Fed’s asset purchases have fueled gains in asset prices and lowered borrowing costs, making it cheaper for consumers to buy homes and cars. The Standard & Poor’s 500 Index has climbed more than 20 percent since Aug. 31, 2012, when Bernanke made the case for further monetary easing at the central bank’s annual forum in Jackson Hole, Wyoming. Jobless Rate Officials have also credited the program, which began last September, with reducing the unemployment rate, which is the lowest since December 2008. Officials have said that they would maintain bond purchases until the labor market has “improved substantially.” At the same time, recent data on payrolls, housing and retail sales have lagged behind economists’ forecasts. An increase in interest rates triggered by Bernanke’s May 22 comments that the Fed may step down the pace of purchases in the “next few meetings” threatens to further slow growth. “The economy is very uneven,” said Lindsey Piegza, chief economist at Sterne, Agee & Leach Inc. in Chicago. “With every report you can find a silver lining and then find two reasons to suggest growth will falter,” she said. “We’re seeing this consistent juxtaposition of strength and weakness.” Growth Outlook Gross domestic product will probably grow at a 2 percent annualized pace in the third quarter after expanding at a 2.5 percent rate in the prior three months, according to the median estimate of economists surveyed by Bloomberg Sept. 6-11. The yield on the 10-year Treasury note has climbed almost 1 percentage point since Bernanke’s comments in May, with yields on Sept. 6 exceeding 3 percent on an intraday basis for the first time since July 2011. That compares with 1.61 percent on May 1, and a record-low 1.38 percent in July 2012. The average interest rate on a 30-year fixed home loan was 4.57 percent last week, compared with a record-low 3.31 percent in November 2012, according to Freddie Mac. The rate soared 35 percent in 10 weeks ended July 11, the most ever for a comparable period, the data show. More costly home loans threaten to restrain the housing revival that has been a mainstay of the expansion. A report today showed builders began work on fewer homes than forecast by economists in August. U.S. companies created 169,000 jobs last month, fewer than economists projected, and increases in the prior two months were revised down. The unemployment rate fell as workers left the labor force. August and July were the weakest back-to-back months for payroll gains in a year. Employment growth has nevertheless improved since the bond purchases began. The U.S. has added an average of 160,000 jobs over the past six months, compared with 97,000 originally reported for the half-year before the Fed decided to start the third round of purchases a year ago. Faster employment gains may be needed to spur the consumer spending that accounts for 70 percent of the economy. Retail sales last month rose less than forecast, with purchases climbing 0.2 percent, the smallest gain in four months, the Commerce Department reported last week. “The U.S. consumer is still very cautious,” Julia Coronado, chief economist for North America at BNP Paribas SA in New York and a former Fed economist, said in a Bloomberg Television interview. “The labor market is OK, but it’s not great, and wage growth is subdued, so it is not a very buoyant background for the U.S. consumer.” Homebuilding and manufacturing remain bright spots for the economy. Companies such as Hovnanian Enterprises Inc. have said the recent rise in mortgage rates will temporarily restrain the housing recovery rather than end it. Homebuilder confidence held this month at the highest level in almost eight years, even as mortgage rates rose. The National Association of Home Builders/Wells Fargo confidence index registered 58 this month, matching August’s revised reading as the strongest since November 2005. Such optimism has found fuel from a recovery in home prices that pushed up the S&P/Case-Shiller (SPCS20Y%) index of values in 20 cities by 12.1 percent in June from a year earlier. Factories turned out more cars, appliances and home furnishings in August, propelling the biggest increase in U.S. industrial production in six months. Output at factories, mines and utilities rose 0.4 percent after no change the prior month, the Fed reported this week. Cars and light trucks sold last month at the fastest annualized rate since 2007, according to researcher Autodata Corp. Sales at General Motors Co., Ford Motor Co. (F), Toyota Motor Corp. and Honda Motor Co. all exceeded analysts’ estimates. Texas Instruments Inc., the largest maker of analog chips, is among companies with a brighter outlook as global markets stabilize. “Orders continue to be quite solid” this quarter, Chief Financial Officer Kevin March said at a Sept. 11 conference. “We continue to see strength in three of the four regions of the world,” with Asia, Japan, and the Americas expanding, he said. Bernanke, whose term ends in January, has led the most aggressive easing campaign in the Fed’s 100-year history as he sought to pull the nation out of the financial crisis and then to ensure that a recovery could be sustained and unemployment reduced. The 59-year-old former Princeton University professor pushed the benchmark interest rate close to zero in December 2008 and embarked on three rounds of large-scale asset purchases that have more than tripled the size of the Fed’s balance sheet. Vice Chairman Janet Yellen, a supporter of Bernanke’s policies, is the top candidate to succeed him after former Treasury Secretary Lawrence Summers withdrew from contention, according to people familiar with the process. To contact the reporters on this story: Joshua Zumbrun in Washington at [email protected]; Jeff Kearns in Washington at [email protected] To contact the editor responsible for this story: Chris Wellisz at [email protected] Find out more about Bloomberg for iPhone: m.bloomberg/iphone/ Sent from my iPhone
Posted on: Wed, 18 Sep 2013 18:48:12 +0000