This proliferation is the richness of the poleImmigration strikes at the gates of EuropeIngenico the renewA course an increase of 8Our debates took nearly three hours of delayNeuschwander had failed to place a trade network But we have reached the critical mass only in 2004The turnover in 2007 exceeds 700 millionHowever a new meeting is scheduled today to 15 hoursUnfortunately the show is sometimes awkwardCompetitiveness is played at the country levelNew status quo currency in the United States. As expected, the Federal Reserve kept interest rates guidelines unchanged, at 5.25 for the sixth time in a row, yesterday evening, at the end of its meeting (also read our information page 9). In their communiqué, the "wise" the Fed however created a surprise by abandoning the upward bias of monetary policy, foreshadowing of future rate cuts. Even if inflation risks persist, the policy of the US Central Bank will depend now on both the "Outlook for inflation and growth", emphasize. They evoke more the possibility of new monetary tightening, as in their previous releases.
The reason for this change Economic growth seems less robust under the effect of the real estate downturn. "Recent indicators have been mixed and the adjustment continues in the real estate sector," explained the members of the Federal Reserve, even if the economy is expected to continue to grow at a moderate pace. Their tone is therefore more qualified than their previous meeting. January 31, had found that the economic growth of the country seemed "more robust" given such "signs of stabilization" appeared on the residential real estate market.
Yesterday, the stock market applauded the abandonment of the upward bias. Quiet until the release of the release, the Dow Jones index jumped in the wake, to complete an increase of 1.3, at 12.447,52 points. The bond market also welcomed the new: the performance of the American loan to 2 years, evolving in contrast to its price, relaxed by 9 basis points, to 4,519. In contrast, the dollar fell to 1,3378 dollar for 1 euro.
Since the last meeting of the Fed, the scenery has changed. The difficulties of real estate credit risk facilities, which lend to indebted households, have multiplied. What scares investors. They fear that these problems spread to the banking sector and only weigh, in fine, on the consumption of households and, therefore, on the US economy. Where the stock market turmoil of recent weeks.
To a decline in the rate
But, in this turbulent context, the President of the reserve Federal American, Ben Bernanke, had continued, so far, said that he was always on a slowdown in the economy smoothly US. The brake of the US housing market shot should have only a limited impact on the whole of the economy, according to him, the remaining household consumption supported thanks to a bastaux of unemployment. Where the pursuit of a policy of status quo monetary.
After the release of the Federal Reserve yesterday, operators have estimated that the US Central Bank would quickly change course by lowering its rate of guiding interest as early as may or June.
"The abandonment of the upward bias is a significant change." "It underlines that the difficulties on the real estate market have become a real cause of concern for the Fed, which now should lower its rates by the end of June," said Marie - Pierre Ripert, Economist at Ixis-CIB.
However, all the economists did not have the same reading. "The Fed continues to insist on the fact that inflation remains his main area of concern and that inflationary pressures persist, which means that it should not lower its imminent manner," thus out Rob Carnell, an economist at ING.
Pending the decision of the Fed, the minutes of the last meeting of the Bank of England also surprised operators. He revealed that one of its members had voted for a decrease in interest rates on 8 March, and eight others for their maintenance to 5.25. This reduces the likelihood of a vote increase next. Result: the book yesterday, retreated to 1,9597 dollar.
