Yesterday, the BCE and Jean Claude Trichet carried out a historical interest rates clipping on having lowered it in three quarters of point up to 2,5 %, the lowest level from May, 2006. With this descent of 0,75 % he supposes that the interest rates have bent in the last two months in 1,75 points.
It was not the only measurement on a global scale, and the fact is that recently the American Fed also reduced them in half a point up to a 1 %, while yesterday the Bank of England did the proper thing lowering the interest rate in a point up to 2 %. This way, the Englishmen try to catch the economic crisis in which we turn out to be immersed reducing the interest rates up to 3 points in only two months.
Far it remains 5,25 % of the price of the dollar not long ago more than one year, or the 4,25 of the BCE of scarce months ago. And the fact is that, although on the one hand with this measurement one tries to reactivate the economy, it is not less true, that the second reading allows to see that the economic crisis is strong and probably more lasting than the shift politicians wanted to allow to make out. It is as if finally they had had to take from themselves the blindfold that they seemed to have in the eyes, or this layer of prudence that was making them operate not everything rapid that the global market was asking them loudly.
It does not even three months the proper Trichet it was indicating that the global growth at the end of 2008 would stay about 1,4 % and that this one would be of between 0,6 % and 1,9 % for 2009. Yesterday it had to go back and admit that the forecasts are not good. Now for this year it indicates that it will stay, as much, in 1,2 % and for 2009 he foresees a contraction of an average of 0,5 %. Namely finally it admits the recession.
And the fact is that it is not necessary to forget than after the last macroeconomic information, Germany, Estonia, Italy, the United Kingdom, Sweden, Japan and the United States. For his part, the GDP of Spain began stepping back already in the third trimester and few ones doubt already that she is one of the next ones in entering technically recession.
At least, of course, the inflation is controlled so that one hopes that from 3,3 % in which it is going to close in 2008 one happens to a 1,4 %.
Photo route The Gazette
How does this interest rates clipping affect us, the citizens of on foot?
Since there are two direct and clear consequences. For those who find indebted this strong types clipping he will suppose an important clipping in the quota that they will have to pay monthly, so that when it comes to them the following review of the mortgage will apply a type to them much underneath of the one that had applying them to himself. A breather, undoubtedly, after two hard years of continuous increases. Nevertheless, for the thifty persons ésto he will suppose to them to obtain much minor profitability for his savings.
This tendency to the fall of the interest rates is begun already to notice in the profitability that they offer the financial institutions for his deposits. ING already reduced last Friday the profitability of the accounts of saving of 6 % for the first 5 months to 5 %, while other entities have already taken similar performances. This way for example, iBanesto it lowered them from 6,1 % to 5,1 % or Bancaja, from 6,25 % to 4,8 %.
On the real estate market, this measurement far from reactivating his market, the forecasts point that in 2009 the prices might go so far as to fall down up to 30 %, and the fact is that financial situation of many real estate agencies is such that we still will have ahead enough negative news that will take more of one to the technical failure and the creditors' contest.
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