e desde as 00h o Berny .. fala....fala..fala
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e desde as 00h o Berny .. fala....fala..fala
THE FED: Bernanke: Curve not slowdown sign
By Greg Robb, MarketWatch
Last Update: 7:37 PM ET Mar 20, 2006
WASHINGTON (MarketWatch) -- The recent inversion of the yield curve is not a signal of a coming period of economic weakness, Fed chief Ben Bernanke said Monday.
"Although macroeconomic forecasting is fraught with hazards, I would not interpret the currently very flat yield curve as indicating a significant economic slowdown to come," Bernanke said in a much-anticipated speech to the Economic Club of New York.
Bernanke gave no hints about the path of monetary policy decisions at the FOMC meeting on March 27-28.
He said that the implications of low long-term bond yields on monetary policy "are not at all clear-cut" and depend more on the cause behind the low rates.
If long-term bond yields are low because investors need less compensation for risks, this could mean that rates should go higher.
But if rates are low because of macroeconomic conditions, then the required policy interest rate would be lower.
"The bottom line for policy appears ambiguous," Bernanke said.
"Given this reality, policymakers are well advised to follow two principles familiar to navigators throughout the ages: First, determine your position frequently. Second, use as many guides or landmarks as are available," Bernanke said.
John Ryding, chief U.S. economist at Bear Stearns, said in a television interview that Bernanke was signaling that the Fed would not stop increasing interest rates due to the bond market conditions.
Ryding said he expects that Fed to hike rates to 5.25% before pausing
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Read full text of his speech
http://www.federalreserve.gov/boarddocs ... efault.htm
By Greg Robb, MarketWatch
Last Update: 7:37 PM ET Mar 20, 2006
WASHINGTON (MarketWatch) -- The recent inversion of the yield curve is not a signal of a coming period of economic weakness, Fed chief Ben Bernanke said Monday.
"Although macroeconomic forecasting is fraught with hazards, I would not interpret the currently very flat yield curve as indicating a significant economic slowdown to come," Bernanke said in a much-anticipated speech to the Economic Club of New York.
Bernanke gave no hints about the path of monetary policy decisions at the FOMC meeting on March 27-28.
He said that the implications of low long-term bond yields on monetary policy "are not at all clear-cut" and depend more on the cause behind the low rates.
If long-term bond yields are low because investors need less compensation for risks, this could mean that rates should go higher.
But if rates are low because of macroeconomic conditions, then the required policy interest rate would be lower.
"The bottom line for policy appears ambiguous," Bernanke said.
"Given this reality, policymakers are well advised to follow two principles familiar to navigators throughout the ages: First, determine your position frequently. Second, use as many guides or landmarks as are available," Bernanke said.
John Ryding, chief U.S. economist at Bear Stearns, said in a television interview that Bernanke was signaling that the Fed would not stop increasing interest rates due to the bond market conditions.
Ryding said he expects that Fed to hike rates to 5.25% before pausing
---------
Read full text of his speech
http://www.federalreserve.gov/boarddocs ... efault.htm
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