Bernanke pledged to use all available means to avoid inflation

So, for the last night of serious movement in the currency market was not. The pair euro-dollar and dollar-franc at the same level. Morning, a slight strengthening of the dollar, the euro fell to 1.4180, but then returned to 1.4220. Against the pound, however, the U.S. grew more markedly, at one and a half pieces. Analytical tapes explain these movements Ben Bernanke article published in Wall Street Journal. It is said that the soft policy will be guaranteed a long period, but the Fed, when the need arises, begins to tighten, to avoid the inflationary problems. This article describes several methods by which the future Fed will keep inflation in check. To withdraw in case of need the money that accumulated in the banking sector, primarily to be used increasing the rates on deposits of banks at the Fed. As a last resort, if necessary, even for sale on the open market securities with the balance of the Fed. However, we believe this attempt to convince the market that the United States can avoid a significant growth of inflation, no more than a preventive measure against the early growth of inflationary expectations. In the context of the need to pursue monetization of budget deficits, to avoid the hyperinflation of the U.S. can not, the question just in time. In general statements like Bernanke periodic statements by various U.S. authorities, continuing for many years, that in future the U.S. will necessarily reduce the budget deficit, but so far, because of the circumstances, it is necessary to increase its support for the economy. We can see where the United States brought such a policy. Similarly, starting monetized budget deficits (to redeem the bond market), the United States are unlikely to stop. However, Bernanke is not precisely the same cunning: the future is at stake in the U.S. will increase, but not as a result of measures to combat inflation, but as a way to support the demand for Treasuries. In fact, the rate will follow the growth of revenue bonds. So far, the yield on short-term securities in the United States is very low, but the monthly outflow of capital from the United States over time will make his case.

Meanwhile, yesterday the Dow Jones rose 1.19% to 8848 thousand, closely matched to the half-maximum. In general, the optimism that prevails this week, the tape explains the analytical news that the American banking group CIT was able to negotiate with creditors and is likely to avoid collapse. The mood in the markets also continued to improve, thanks to generally positive reports of major companies for the 2 nd quarter, the publication that will continue this week. We continue to expect that the wave of optimism the euro will be able to update the maximum years.

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