(produjo el giro del mercado USA)
"Provided that the economy continued to perform about as expected, most participants anticipated that gradual increases in the federal funds rate would continue and judged that a change to the Committee’s reinvestment policy would likely be appropriate later this year."
"Many participants emphasized that reducing the size of the balance sheet should be conducted in a passive and predictable manner. Some participants expressed the view that it might be appropriate for the Committee to restart reinvestments if the economy encountered significant adverse shocks that required a reduction in the target range for the federal funds rate."
“In their discussion of recent developments in financial markets, participants noted that financial conditions remained accommodative despite the rise in longer-term interest rates in recent months and continued to support the expansion of economic activity. Many participants discussed the implications of the rise in equity prices over the past few months, with several of them citing it as contributing to an easing of financial conditions. A few participants attributed the recent equity price appreciation to expectations for corporate tax cuts or to increased risk tolerance among investors rather than to expectations of stronger economic growth. Some participants viewed equity prices as quite high relative to standard valuation measures.”
"Stock prices rose across most industries, and equity prices for financial firms outperformed broader indexes. Meanwhile, spreads of yields on bonds issued by nonfinancial corporations over those on comparable-maturity Treasury securities were little changed”
“... a number of participants remarked that recent and prospective changes in financial conditions posed upside risks to their economic projections, to the extent that financial developments provided greater stimulus to spending than currently anticipated, as well as downside risks to their economic projections if, for example, financial markets were to experience a significant correction. Participants also mentioned potential developments abroad that could have adverse implications for the U.S. economy.”
Traduzco el tercer párrafo:
"En su análisis de la evolución reciente de los mercados financieros, los participantes señalaron que las condiciones financieras seguían siendo acomodaticias a pesar del aumento de las tasas de interés a largo plazo en los últimos meses y continuaron apoyando la expansión de la actividad económica. Muchos participantes discutieron las implicaciones de la subida de los precios de las acciones en los últimos meses, con varios de ellos, citándolas como contribución a una relajación de las condiciones financieras. Algunos participantes atribuyeron la reciente apreciación del precio de las acciones, más a las expectativas de recortes de impuestos a las empresas o a una mayor tolerancia al riesgo entre los inversionistas, que a las expectativas de crecimiento económico más fuerte. Algunos participantes consideraron que los precios de las acciones eran bastante altos en comparación con las medidas estándar de valoración ".
