ＰＩＭＣＯのマカリー氏：米経済を救い出したＦＲＢに敬意 - Bloomberg
米パシフィック・インベストメント・マネジメント（ＰＩＭＣＯ）のチーフエコノミストとして、今週同社に復帰したポール・マカリー氏は、米国経済を流動性のわなから救い出し、「ニューニュートラル」経済への道筋を築いたとして、バーナンキ前米連邦準備制度理事会（ＦＲＢ）議長とイエレン現議長を称賛した。
マカリー氏は30日、ブルームバーグのインタビューで、「米国経済をわなから救い出してくれたことに対して、バーナンキ氏とイエレン氏、そしてチームに敬意を表する」と述べた。同氏はさらに米国はインフレ退治にも勝利したと述べた。
Pimco’s Paul McCulley Salutes Fed For U.S. Escape From Trap - Bloomberg
McCulley today reiterated his support for Pimco’s “new neutral” theme. The firm this month outlined its outlook for the next three to five years, forecasting that global growth rates are converging toward lower, more stable top speeds and interest rates will be stuck below their levels prior to the 2008 global financial crisis. The term “new neutral” was used by Bloomberg News in a story on global interest rates published March 17.
“The signal is unambiguously that the new neutral thesis is real,” McCulley said.
In 2010, McCulley praised the Fed for acting “irresponsibly” relative to conventional wisdom to reverse an economy mired in a liquidity trap, where borrowing or lending may not be stimulated because of a shortfall in demand.
The Fed’s unconventional policy pushed borrowing costs to record lows and helped fuel a five-year stock market rally that pushed some markets to new highs.
“I don’t think the equity markets are cheap, but I also don’t think it has profound bubble tendencies,” McCulley said. “I believe the equity market is fairly valued.”
