Confuse the global monetary policy the Fed rate cut.

<P> Order to eliminate the risk of recession facing the U.S. economy, local time on January 30, the U.S. Federal Reserve Board (Fed) cut interest rates again by 50 basis points, the benchmark interest rate from 3.5% to 3% for June 2005 .lowest level. .This is the Federal Reserve since September last year, the fifth rate cut, the cumulative decline of 225 basis points, but also cut the second time since 9 days. .</ P> <P> Federal Reserve interest rate policy has been out of control? .</ P> <P>: http://finance. The same day, the Federal Reserve cut interest rates also released a statement. .And the January 22 statement issued after an emergency rate cut control, the Fed statement in the current economic situation to determine roughly the same. .The Fed said the rate cut with several previously taken action to cut interest rates, should help promote moderate economic growth and reduce the risks of economic growth. .However, downside risks to economic growth still faces. .The Fed will continue to assess the financial markets and other economic changes in the field and to take timely measures to reduce risk. .This statement suggests the Fed may still cut interest rates further next, but the pace may slow. .</ P> <P> "The rate cut effect, the role of the previous rate cut is no essential difference." When asked about the rate cut effect, China International Business School Center for Financial Research Fellow, the case to this reporter, said Han Gaofeng .. .His analysis, from the 90s of last century, when the crisis comes, the Fed usually play the "cut card." .This is a means of dealing with the crisis, now still in the crisis stage, and can not be said Minge Greenspan Fed has been gradual adjustment of monetary policy strategy had to be changed. .</ P> <P> Royal Bank of Scotland chief economist Stephen Stanley believes that the Fed's monetary policy is out of control, completely swayed by market expectations. .He said that the next interest rate move in full accordance with market needs, rather than policy-makers made the economic objectives and requirements. .</ P> <P> However, it is certain that the Fed at this stage the primary focus of monetary policy to control inflation has been converted to stimulate economic growth to avoid recession. .</ P> <P> U.S. Department of Commerce released the latest data also shows that the current inflation situation is not optimistic. .The fourth quarter of last year to remove the volatile energy and food, the U.S. core consumer price index rose 2.7%, an increase of more than 2% of the previous quarter, the biggest rise since the spring of 2006. .Because of inflation concerns, the U.S. Federal Reserve Bank of Dallas president Richard Fisher in the rate cut decision, the cast only one vote against. .</ P> <P> Han Gaofeng to this reporter that in order to save the sub-prime crisis, the Federal Reserve mainly on three fronts "rescue", namely: First, cut interest rates, reducing loan costs; second, delay banks .penalties for breach of contract customers, including the delay and default in the housing confiscation of the collateral; Third, tax cuts. ."When the rescue measures in place, the economy will be self-regulating, in the second half should have effect, a rate cut is estimated that this situation can end in the first half of this year." Hangao Feng said. .</ P> <P> compete other economies to follow </ P> <P> the linked exchange rate system, the Fed's rate cut move quickly followed by other economies. .January 31, the Hong Kong Monetary Authority also said it would cut benchmark interest rate by 50 basis points, from 5% to 4.5%, and the extent consistent with the Fed's rate cut. .23 this month, the Hong Kong Monetary Authority has pre-set formula based on the base rate by 75 basis points cut to 5%. .</ P> <P> Hong Kong Monetary Authority Chief Executive Joseph Yam on Jan. 31, said the decision reflected the Federal Reserve cut interest rates on U.S. subprime mortgages are increasing concerns about the subprime mortgage problem is very serious potential impact. .Mr Yam said that its concerns about the U.S. economy is not limited to subprime loans, as subprime mortgage problems have spread to other economic areas. .</ P> <P> the same day, Bank of Korea, head of financial markets Jang Byung-Wha also said the Fed cut rates 50 basis points, increasing the possibility of South Korea cut interest rates. .Bank of Japan member Kiyohiko Nishimura said Japanese central bank's future monetary policy does not eliminate all possible options, hinted that if the Japanese economy deteriorated sharply, the central bank might consider cutting interest rates. .The outside world is also expected in the next few months, the United Kingdom interest rates may slow down, but because of the Bank of England Monetary Policy Committee in the most hard-line attitude of the members of two had just won re-election, the country will ease monetary policy should be careful. .</ P> <P> In contrast, the ECB's performance is more steady and more. .Analysts widely expect the European Central Bank will be held next Thursday to keep interest rates at the meeting on interest rates unchanged at 4.0%, as high inflation prevents the ECB follow the Fed rate cuts, but soon after the ECB may not cut rates. .</ P> <P> senses a good opportunity ASSETS </ P> <P> "in the current pattern of globalization of financial markets, the Fed's rate cut move will no doubt lead to other countries, monetary policy will change. .does not consider U.S. interest rates on the premise that other countries have capital controls. But Japan, the European Union, Britain and other clearly will not do, only China is an exception. "Han Gaofeng think. .</ P> <P> Han Gaofeng to this reporter that he does not agree with the market on "China to ease monetary policy" argument. .The reason is: First, the amount of money from the formula in 2007 and price relations, the money supply, prices fell on the letter head of incremental; Second, U.S. monetary easing hardship benefit not only the United States, many U.S. health .The company will also benefit, they will lower the money into the world. .</ P> <P> Han Gaofeng that affected China's exports to the U.S., is currently the main advocate of China cut interest rates starting point. .But to cut interest rates to stimulate consumption and undesirable. .This is because the export of goods will not be sold domestically, if this increase in the number of goods, prices will decline, which in itself can stimulate consumption. .If this is not to stimulate consumption, then the same will not cut interest rates to stimulate consumption. .Third, China's control of the investment, including investment in housing from the outside of housing, if the money supply, people expect the price of investment goods will heat up, inflation will not be controlled. .The crisis in the U.S. market, in fact, is the asset return to rational prices and consumer prices a good opportunity. .</ P>.