Bajá el interés, Cacho

El gran Fed sigue firme con su política de apagar el fuego con nafta. Evitando un recesión de corto plazo nos estamos comprando una depresión de largo. Ya pasó antes.

It is possible we've dipped into negative growth in the second quarter, no thanks to the Fed. While its big easy policy may be stimulating after a lag, its main short-term result has been to send dollar-denominated commodity prices soaring. Oil alone is up nearly 70% since late August, despite a slowing global economy. Oil fell slightly and the dollar strengthened yesterday from its historic lows on the mere hint of a possible pause in rate-cutting. But the Fed missed an opportunity to take much more air out of the commodity price bubble.