The outlook for the post-Covid economic recovery is complicated. As in the rest of the world,

inflation continues unstoppable in the US

, which has forced the Federal Reserve to make a 180 degree turn in its monetary policy. The US central bank has decided to double the rate of reduction in the purchase of bonds that it had set just a month ago. Instead of buying $ 15 billion less each month, he's going to cut his purchases by $ 30 billion. The objective is to curb the rise in prices in the United States, which has brought inflation in that country to 6.8%, its highest level since 1982.

By

buying less public and private debt, the central bank injects less money into the economy

. And, when there is less quantity of something, that is worth more. That also applies to money. And, if the money loses less value, there is less inflation. That is the logic behind the decision, which had already been hinted at by the president of the central bank two weeks ago in an appearance before Congress in which he declared that we must stop using the term "temporary" when referring to inflation. . Tomorrow the Bank of England and the ECB will also meet in a context marked by accelerating inflation in Great Britain and the euro area, although no action is expected yet. The IMF asked London yesterday to raise interest rates.

The 'Fed' for now does not foresee increases in interest rates, and, as it has declared, it will not carry out decisions in that regard until the US labor market improves. But the members of the Open Market Committee, which is the body of the central bank that decides monetary policy,

foresees that in 2022 there will be three rate hikes.

That means that within a year the official rates are between 0.75% and 1%.

It is a clear change in relation to September, when the 'Fed' barely expected a rise in the price of money in 2022.

And even more so compared to the beginning of the year, since Powell had announced that, once the triggered bond purchases were concluded Due to the Covid-19 crisis, rates would remain at their current level, between 0% and 0.25%, for a considerable period of time.

The stock market reacted higher after the announcement of the 'Fed', which had already been discounted by the market, and public debt experienced a rebound of just three basis points in the ten-year bond.

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