Re: nincs cím

Ezt érdemes elolvasni.

The FOMC shows the Fed moving slowly but surely along its path of exiting the extraordinary credit liquidity programs and facilities it created in the aftermath of last year's bubble. A brief rundown here of the changes (and key "non-changes") to the statement:

- In the initial paragraph, the statement adds that "the deterioration of the labor market is abating". Other changes were very minor.

- The second paragraph was completely unchanged in repeating that inflation "will remain subdued for some time"

- In the final section, the key phrase about conditions continuing to "warrant exceptionally low levels of the federal funds rate for some time" was left untouched.

- the biggest change came to the final part of the statement, a new fourth paragraph in which the Fed outlines that it will discontinue most of the Federal Reserves special liquidity facilities on Feb 1, including the AMLF, CPFF, PDCF and TSLF. The biggest of the programs, the TALF ($1 trillion), will be wound down by June 30 of this year for CMBS' (suggesting what large problem these continue to be) and March 31 of this year for all other debt types.

Looking at the reaction in the market, this was considered a fairly hawkish performance by the Fed, considering that no one expected an alteration of the reference to interest rates. The very specific time tables for unwinding the liquidity programs makes it clear that the Fed wants to pull itself out of the market in order to see how well it can survive on its own accord.