terça-feira, 3 de maio de 2011

USS Titanic

Podia ser o titulo do novo comentário de Bill Gross ao mercado de dívida pública americano e aos efeitos perversos que a política da FED está a ter nos mesmos. Bill Gross não foi tão assassino no título, mas apenas nisso.

The point of the Reinhart paper was not to state the obvious – that inflation is bad for bonds. Their financial repressionary thesis points out that bond prices don’t necessarily have to go down for savers to get skunked during a process of “debt liquidation.” The argument over whether the end of QEII on June 30 will result in higher yields and lower Treasury bond prices is, in a sense, a secondary one. Even if 10-year Treasuries stay where they are at 3.30%, and fed funds close to 0%, savers and financial intermediaries are being shortchanged by both of these yields and everything in between. Today’s rates resemble the interest rate caps prior to the 1951 Accord. Either through QEI, QEII or the Fed’s “extended period of time” language reinforced at Chairman Bernanke’s recent press conference, U.S. Treasuries and the bond market in general are being “repressed,” “capped” or simply overvalued compared to the prior 30 years. Bond investors forced to invest in dollar government bonds either through indexation, convention, regulatory guidelines or simply falling asleep at the helm are being shortchanged by 1 to 2% annually compared to historical norms and in many cases receive negative real yields.

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