Znižanje obresti, kakršnega ne pomnijo niti najstarejši
vojko, sreda, 8. oktober 2008Sedem centralnih bank, med njimi Fed, Evropska centralna banka in Bank of England, je po davišnjih in sinočnjih dramatičnih izgubah na svetovnih borzah usklajeno znižalo vodilno obrestno mero za pol odstotne točke. Evrska obrestna mera je tako zdaj 3,75 namesto 4,25 odstotka, dolarska 1,5 namesto 2 odstotkov. Če bi šlo za naravno katastrofo, bi duhoviti reporterji dramatičnost dogajanja najbrž ‘podčrtali’ z opazko, ‘da česa takšnega ne pomnijo niti najstarejši prebivalci’. Na strani Fed v zvezi s tem med drugim sporočajo:
Some easing of global monetary conditions is therefore warranted. Accordingly, the Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, Sveriges Riksbank, and the Swiss National Bank are today announcing reductions in policy interest rates. The Bank of Japan expresses its strong support of these policy actions.
The Federal Open Market Committee has decided to lower its target for the federal funds rate 50 basis points to 1-1/2 percent. The Committee took this action in light of evidence pointing to a weakening of economic activity and a reduction in inflationary pressures.
Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months. Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit. Inflation has been high, but the Committee believes that the decline in energy and other commodity prices and the weaker prospects for economic activity have reduced the upside risks to inflation.
ECB pa v svojem sporočilu za javnost (na trenutno zelo počasni spletni strani) poudarja, česar pred tednom dni še ni opazila:
In the euro area, upside inflationary risks have recently decreased further. It remains imperative to avoid broad-based second-round effects in price and wage-setting. Keeping inflation expectations firmly anchored in line with our objective and securing price stability in the medium term will support sustainable growth and employment and contribute to financial stability.
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Falling interest rates destroy capital as they raise the liquidation-value of debt contracted
earlier at higher rates. By ‘liquidation value’ is meant the sum that will liquidate the debt, should it
be necessary to pay it off before maturity. In a falling interest-rate environment it will take a larger
sum to retire the same debt. Why? Because the scheduled stream of interest payments is now
capitalized at a lower rate of interest and, therefore, it falls short in liquidating the debt.