LOS TIPOS BAJOS NO CURAN, SON PARTE DEL PROBLEMA!. SP500
Bill Gross, exitoso gestor del fondo de renta fija más grande del mundo, Total Return Fund con $270.000 millones bajo gestión, hasta septiembre de 2014, ha elaborado su informe «August Investment Outlook» desde su nuevo puesto en Janus Capital. Un jarro de agua fría para las autoridades monetarias, en línea con las bases defendidas en este blog desde hace años. It’s monetary policy where the battleground for evolutionary ideas is taking place, as the Fed begins to recognize that zero percent interest rates increasingly have negative, as well as positive consequences. With financial assets, the logic is straightforward: higher bond prices and stock P/E’s almost axiomatically elevate markets, although the assumed trickle-down effect leading to higher real wages has not followed suit «low interest rates are not the cure – they are part of the problem,» Bill Gross recuerda las advertencias respecto de los problemas que generan los bajos tipos de interés lanzadas en numerosas ocasiones desde el BIS -Bank of International Settlements- o patrón de los Bancos Centrales: Such rates they claim, “sap banks’ interest margins…cause pervasive mispricing in financial markets…threaten the solvency of insurance companies and pension funds…and as a result test technical, economic, legal and even political boundaries.”
