{"id":511,"date":"2020-08-06T16:00:45","date_gmt":"2020-08-06T16:00:45","guid":{"rendered":"http:\/\/joapen.com\/dream\/?p=511"},"modified":"2021-01-06T08:47:34","modified_gmt":"2021-01-06T08:47:34","slug":"operaciones-pomo","status":"publish","type":"post","link":"http:\/\/joapen.com\/dream\/2020\/08\/06\/operaciones-pomo\/","title":{"rendered":"Operaciones permanentes de mercado abierto (POMO)"},"content":{"rendered":"\n<p>Cuando en la primavera de 2020 comenz\u00f3 a bajar la bolsa americana, la Reserva Federal (FED) anunci\u00f3 un plan de est\u00edmulos de unos 3 trillones de dolares que despu\u00e9s increment\u00f3. La prensa salm\u00f3n lo llam\u00f3: \u00abinyecci\u00f3n de liquidez de la FED\u00bb. Concepto interesante, inyeccci\u00f3n de dinero.<\/p>\n\n\n\n<p>Pero \u00bfc\u00f3mo se inyecta liquidez al mercado?, \u00bfc\u00f3mo se ejecutan todo esto?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Permanent Open Market Operations (POMO)<\/h2>\n\n\n\n<p>En espa\u00f1ol ser\u00eda: Operaciones permanentes de mercado abierto, pero me referir\u00e9 a POMO por simplificaci\u00f3n.<\/p>\n\n\n\n<p>Las operaciones POMO se refieren a cuando la FED (o cualquier banco central) utiliza constantemente el mercado abierto para comprar y vender valores con el fin de <strong>ajustar la oferta monetaria<\/strong>.&nbsp;&nbsp;Todas estas operaciones van a una cartera llamada: \u00absystem&nbsp;open market account\u00bb (SOMA), que es, por decirlo mal y pronto, la cartera de la FED.<\/p>\n\n\n\n<p>Este mecanismo y estas pr\u00e1cticas existen desde hace d\u00e9cadas, pero dependiendo del momento se hacen m\u00e1s notables o pasan desapercibidas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00bfCu\u00e1ndo compra la FED?<\/h2>\n\n\n\n<p>No s\u00e9 sabe, al menos yo no lo he averiguado, que es lo que compra la FED, eso si hay <a rel=\"noreferrer noopener\" href=\"https:\/\/www.newyorkfed.org\/markets\/domestic-market-operations\/monetary-policy-implementation\/treasury-securities\/treasury-securities-operational-details#current-schedule\" target=\"_blank\">un calendario<\/a> de los d\u00edas de compra y las cantidades estimadas que la FED pretende poner en circulaci\u00f3n. El <a rel=\"noreferrer noopener\" href=\"https:\/\/www.newyorkfed.org\/markets\/domestic-market-operations\/monetary-policy-implementation\/treasury-securities\/treasury-securities-operational-details#current-schedule\" target=\"_blank\">calendario<\/a> tiene este aspecto:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"915\" height=\"707\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-schedule-example.jpg\" alt=\"\" class=\"wp-image-512 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-schedule-example.jpg 915w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-schedule-example-300x232.jpg 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-schedule-example-768x593.jpg 768w\" data-sizes=\"(max-width: 915px) 100vw, 915px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 915px; --smush-placeholder-aspect-ratio: 915\/707;\" \/><\/figure>\n\n\n\n<p>Hay bastante m\u00e1s informaci\u00f3n de lo que parece si se mira en detalle.<\/p>\n\n\n\n<p>Es importante entender la cantidad que mueven y cuanto es lo que al final se mueve (ya que no todas las operaciones se cierran). En <a rel=\"noreferrer noopener\" href=\"https:\/\/www.newyorkfed.org\/markets\/pomo\/operations\" target=\"_blank\">esta p\u00e1gina<\/a> se puede ver el dato de operaciones lanzadas y ejecutadas:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"971\" height=\"697\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-list-example.jpg\" alt=\"\" class=\"wp-image-513 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-list-example.jpg 971w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-list-example-300x215.jpg 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-list-example-768x551.jpg 768w\" data-sizes=\"(max-width: 971px) 100vw, 971px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 971px; --smush-placeholder-aspect-ratio: 971\/697;\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">Varias compras al d\u00eda<\/h3>\n\n\n\n<p>Como se puede ver en la imagen de abajo, puede darse la situaci\u00f3n que se den varios paquetes de compras al d\u00eda, como el 27 de Mayo de 2020.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"613\" height=\"676\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2-compras-el-mismo-dia.jpg\" alt=\"\" class=\"wp-image-534 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2-compras-el-mismo-dia.jpg 613w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2-compras-el-mismo-dia-272x300.jpg 272w\" data-sizes=\"(max-width: 613px) 100vw, 613px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 613px; --smush-placeholder-aspect-ratio: 613\/676;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u00bfqu\u00e9 esta pasando en esta primavera \/ verano del 2020?<\/h2>\n\n\n\n<p>Bueno, est\u00e1n pasando muchas cosas, pero por centrar el tiro en las POMO, lo que est\u00e1 ocurriendo es que hay mucha gente mirando estos datos y operando en base a estos flujos de dinero (considerado \u00abgratis\u00bb por muchos).<\/p>\n\n\n\n<p>La opini\u00f3n general es que hay una correlaci\u00f3n entre el dinero que se pone en circulaci\u00f3n por la FED (la inyecci\u00f3n diaria). Con ello, en el d\u00eda previo a una inyecci\u00f3n de liquidez hay personas que operan en ciertos valores buscando la subida del d\u00eda de la \u00abinyecci\u00f3n gorda\u00bb. \u00bfc\u00f3mo operan y sobre que operan?&#8230; pues yo no lo s\u00e9. <\/p>\n\n\n\n<p>Estoy tratando de obtener datos y dibujarlos para entender si esta correlaci\u00f3n existe o es un simple sesgo.<\/p>\n\n\n\n<p>Esta gr\u00e1fica es la \u00fanica interesante que encontr\u00e9 pero es de a\u00f1os anteriores:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/i1.wp.com\/wallstreetexaminer.com\/wp-content\/uploads\/2019\/08\/Capture-2.png\" alt=\"\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption>Dinero de la FED a los principales operadores con respecto al S&amp;P 500<\/figcaption><\/figure>\n\n\n\n<p>Este otro gr\u00e1fico va a unos a\u00f1os m\u00e1s atr\u00e1s:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"678\" height=\"450\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/11\/Em7kiHgW8AATDCs.png\" alt=\"\" class=\"wp-image-619 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/11\/Em7kiHgW8AATDCs.png 678w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/11\/Em7kiHgW8AATDCs-300x199.png 300w\" data-sizes=\"(max-width: 678px) 100vw, 678px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 678px; --smush-placeholder-aspect-ratio: 678\/450;\" \/><\/figure>\n\n\n\n<p>Con respecto a 2020, el \u00fanico gr\u00e1fico que encontr\u00e9 es este, el cual no me dice mucho:<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/www.zerohedge.com\/s3\/files\/inline-images\/POMO%20abnormal%206.3.jpg?itok=Gtf6ofz0\" alt=\"\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption>Compras diarias de la FED Agosto\/2019 &#8211; Mayo\/2020<\/figcaption><\/figure>\n\n\n\n<p>Todo este dinero \u00abgratis\u00bb enchufado en el mercado ha hecho ricos a muchos, y en un momento donde el COVID-19 ha estado afectando a la econom\u00eda de manera muy significativa, Wall Street est\u00e1 haciendo su agosto particular.<\/p>\n\n\n\n<p>Esta vi\u00f1eta resumen muy bien lo que ha ocurrido:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"554\" height=\"416\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/Amateur.jpg\" alt=\"\" class=\"wp-image-521 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/Amateur.jpg 554w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/Amateur-300x225.jpg 300w\" data-sizes=\"(max-width: 554px) 100vw, 554px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 554px; --smush-placeholder-aspect-ratio: 554\/416;\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u00bf2.3T$ es mucho o poco?<\/h2>\n\n\n\n<p>Pues no lo s\u00e9, el PIB de EEUU en 2019 fue de unos 21 trillones de dolares americanos (9 ceros).<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/tradingeconomics.com\/united-states\/gdp\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"1020\" height=\"496\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image.png\" alt=\"\" class=\"wp-image-523 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image.png 1020w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-300x146.png 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-768x373.png 768w\" data-sizes=\"(max-width: 1020px) 100vw, 1020px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1020px; --smush-placeholder-aspect-ratio: 1020\/496;\" \/><\/a><\/figure>\n\n\n\n<p>Otro dato importante es saber el impacto de la deuda, donde Trump no lo est\u00e1 haciendo tan mal:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"629\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-1-1024x629.png\" alt=\"\" class=\"wp-image-524 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-1-1024x629.png 1024w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-1-300x184.png 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-1-768x472.png 768w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-1.png 1136w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/629;\" \/><figcaption>Si a\u00f1ades a Ronald Reagan, el dato se distorsiona mucho.<\/figcaption><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>\u00bfcuanto tiempo puede estar la FED inyectando esta cantidad enorme de dinero?<\/li><li>\u00bfes en realidad tanto dinero?<\/li><li>\u00bfqu\u00e9 ocurrir\u00e1 cuando bajen las cantidades de operaciones POMO de manera consistente?<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">M\u00e1s detalle<\/h2>\n\n\n\n<p>Los datos de la gr\u00e1fica verde de arriba donde se visualiza las compras de la FED en 2020 son muy simples y no me dicen mucho. Saqu\u00e9 algo de tiempo y volqu\u00e9 los datos en una hoja de c\u00e1lculo, y claro, se ven m\u00e1s cosas.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1021\" height=\"486\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2020-accepted-purchases.jpg\" alt=\"\" class=\"wp-image-536 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2020-accepted-purchases.jpg 1021w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2020-accepted-purchases-300x143.jpg 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/POMO-2020-accepted-purchases-768x366.jpg 768w\" data-sizes=\"(max-width: 1021px) 100vw, 1021px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1021px; --smush-placeholder-aspect-ratio: 1021\/486;\" \/><\/figure>\n\n\n\n<p>1.- El d\u00eda 12 de Marzo fue cuando comenz\u00f3 la inyecci\u00f3n diaria seria de dinero.<\/p>\n\n\n\n<p>2.- En la primera quincena de Junio hubo un decremento de las compras por parte de la FED, y provoc\u00f3 una correcci\u00f3n. A esta correcci\u00f3n le sigui\u00f3 una subida de la dosis.<\/p>\n\n\n\n<p>3.- El d\u00eda 9\/Abril la FED anunci\u00f3 un programa de est\u00edmulos de 2,3 trillones de dolares. Si sumamos lo gastado entre el 13\/Marzo, que fue cuando se pusieron a realizar compras masivas, hasta el 6\/Agosto, que es de cuando tengo datos, pues han inyectado 1,71T$, que supone un 75% de esos 2,3T$.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1008\" height=\"488\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-2.png\" alt=\"\" class=\"wp-image-538 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-2.png 1008w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-2-300x145.png 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-2-768x372.png 768w\" data-sizes=\"(max-width: 1008px) 100vw, 1008px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1008px; --smush-placeholder-aspect-ratio: 1008\/488;\" \/><\/figure>\n\n\n\n<p>4.- El n\u00famero de paquetes de compras normalmente es 0 \u00f3 1, entre el 13\/Marzo y el 7\/Abril siempre fuero 5, 6 \u00f3 7 paquetes lanzados. Despu\u00e9s estuvo unos d\u00edas con 3-4 paquetes y volvi\u00f3 a 1 paquete por d\u00eda. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1013\" height=\"480\" data-src=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-3.png\" alt=\"\" class=\"wp-image-540 lazyload\" data-srcset=\"http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-3.png 1013w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-3-300x142.png 300w, http:\/\/joapen.com\/dream\/wp-content\/uploads\/2020\/08\/image-3-768x364.png 768w\" data-sizes=\"(max-width: 1013px) 100vw, 1013px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1013px; --smush-placeholder-aspect-ratio: 1013\/480;\" \/><\/figure>\n\n\n\n<p>5.- Si dividimos las cantidades aceptadas de compras entre las lanzadas, no da el ratio de compras aceptadas. Yo adem\u00e1s he hecho la Media de los \u00faltimos 5 d\u00edas para ver si hay algo interesante. Y si lo hay, cuando la media baja, en unos d\u00edas el mercado baja (como pas\u00f3 en Junio). Ahora a finales de Julio ha vuelto a pasar, con lo que veamos que pasa durante la primera quincena de Agosto.<\/p>\n\n\n\n<p>Puedes acceder a la <a rel=\"noreferrer noopener\" href=\"https:\/\/docs.google.com\/spreadsheets\/d\/1W28flx1Vnv8TZYvd8T-qriAbebY--PhRMgHsAK3ST9E\/edit?usp=sharing\" target=\"_blank\">hoja actualizada aqu\u00ed<\/a>. Durante 2020 la he actualizado y ahora dejo un par de datos de como fue el 2020.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Datos mensuales de la inversi\u00f3n de la FED a trav\u00e9s de POMO:<\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/foro.cazadividendos.com\/uploads\/default\/original\/2X\/d\/d6df0bc369516dcab318338a23130e3111226ffc.png\" alt=\"image\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption>Datos mensuales de la FED en POMO durante 2020<\/figcaption><\/figure>\n\n\n\n<h4 class=\"wp-block-heading\">Datos mensuales retirando los meses de marzo y abril:<\/h4>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" data-src=\"https:\/\/foro.cazadividendos.com\/uploads\/default\/original\/2X\/f\/fef19b454e0818643b9c35fa788b8afecfa0ca50.png\" alt=\"image\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" \/><figcaption>Datos sin marzo y abril para ver mejor la evoluci\u00f3n en los meses posteriores a marzo<\/figcaption><\/figure>\n\n\n\n<p>Desde el 13\/03\/20 (d\u00eda de la 1\u00aa gran compra) se han gastado 2.069T$, que es justamente un 90% de los 2.3T$ que dijeron que iban a emplear en est\u00edmulos.<\/p>\n\n\n\n<p>A partir de ahora no voy a actualizar la hoja, mirar\u00e9 espor\u00e1dicamente y ver\u00e9 como van las cosas.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Mi opini\u00f3n acerca de las POMO<\/h2>\n\n\n\n<p>Este tipo de operaciones es conocido en EEUU. Hay traders haciendo cosas con esta informaci\u00f3n. Para mi es una cosa que requiere datos, conocimiento y tiempo que no tengo, pero siempre me resulta interesante entender lo que otros hacen, aprender y entender el contexto donde nos movemos.<\/p>\n\n\n\n<p>Esto no es, en ning\u00fan caso, un m\u00e9todo de ahorro o inversi\u00f3n a largo plazo.<\/p>\n\n\n\n<p>Si hay algo que no haya mencionado o sea de inter\u00e9s \u00a1d\u00edmelo!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cuando en la primavera de 2020 comenz\u00f3 a bajar la bolsa americana, la Reserva Federal&#8230;<\/p>\n","protected":false},"author":2,"featured_media":516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[29],"class_list":["post-511","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-05-mejora","tag-datos-macro"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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