sexta-feira, 19 de dezembro de 2014

Até Mohamed El-Erian, o bem conceituado ex-CEO da PIMCO, se rende ao rally dos mercados americanos...."Impressionante"......

"Impressionante....realmente impressionante"........essas foram as palavras de Mohamed El-Erian, ex CEO da PIMCO, ao se referir ao rally dos mercados americanos após o comportamento do FED na última quarta-feira.....isto é. ao dizer que está preparado pra "ser paciente" com a alta da taxa de juros....

Até Mohamed El-Erian se rende a impressionante alta dos 2 últimos dias dos mercados americanos...

Mas Brenda, aquela personagem que chegou ao Brasil recentemente, e que inaugurou a seção do blog "O Dia em que o FED aumentou a taxa de juros", leu a matéria.....

e acha que "não é bem assim....".......

Vamos a matéria, crédito da ""

EL-ERIAN: This Stock Market Rally Has Been 'Impressive, Really Impressive...'
DEC. 18, 2014, 8:00 PM 3,037 3

Having noticed his tweet about the market's enthusiastic response to Wednesday’s Fed decision, Business Insider reached out to Mohamed El-Erian for his insights.  Here are his responses.

Where you surprised by the FOMC decision?

Yes, and in two ways: First that central bankers refrained from cleanly removing the “considerable period” language; and second that they adopted a rather complex formulation that gives them optionality but at the risk of market confusion. What did not surprise me is the challenge the FOMC is having in maintaining unanimity as it tries to navigate a tricky policy pivot in a gradual and measured manner – thus the large number of dissenters (three) which reflects more than these regional bank presidents wishing to place markers as they rotate off the voting group.

How about the equity markets’ reaction?

Impressive, really impressive. It speaks to the extent to which the Fed still influences stock markets around the world.  It also suggests that, at least from an equities’ perspective, the recent remarks of Fed officials and the resulting market positioning had in fact opened a window for the orderly removal of the “considerable period” language.

And other markets?

Whether its currencies or government bonds, there you get a sense of the larger influence of the underlying fundamentals. They seem more mindful of the increasing divergence within the advanced world as it relates to the prospects for economic performance and monetary policy.

Should the Fed statement had included more on oil, Russia, geo-politics and Europe’s economic malaise?

I suspect that these issues were all discussed at the FOMC meeting, and for good reasons. The Fed is trying to strike a delicate balance between responding to a broadly improving domestic economy and being cautious on account of headwinds from the rest of the world.  We will get a better sense of the content of their discussions once the minutes and, much later, the transcripts are released. As regards the FOMC statement itself, the Fed has historically focused almost exclusively on the domestic economy.

Mohamed A. El-Erian is the former CEO/co-CIO of PIMCO. He is Chief Economic Advisor at Allianz and member of its International Executive Committee, Chair of President Obama’s Global Development Council and author of the NYT/WSJ bestseller “When Markets Collide.”