US ECONOMICS

FED. May 24, 2017. Minutes of the Federal Open Market Committee, May 2-3, 2017


The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on May 2-3, 2017.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting.

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A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, May 2, 2017, at 1:00 p.m. and continued on Wednesday, May 3, 2017, at 9:00 a.m.1

PRESENT:

Janet L. Yellen, Chair
William C. Dudley, Vice Chairman
Lael Brainard
Charles L. Evans
Stanley Fischer
Patrick Harker
Robert S. Kaplan
Neel Kashkari
Jerome H. Powell

Marie Gooding, Loretta J. Mester, Mark L. Mullinix, Michael Strine, and John C. Williams, Alternate Members of the Federal Open Market Committee

James Bullard, Esther L. George, and Eric Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively

Brian F. Madigan, Secretary
Matthew M. Luecke, Deputy Secretary
David W. Skidmore, Assistant Secretary
Michelle A. Smith, Assistant Secretary
Scott G. Alvarez, General Counsel
Michael Held,2 Deputy General Counsel
Steven B. Kamin, Economist
Thomas Laubach, Economist
David W. Wilcox, Economist

James A. Clouse, Thomas A. Connors, Michael Dotsey, Evan F. Koenig, Daniel G. Sullivan, William Wascher, and Beth Anne Wilson, Associate Economists

Simon Potter, Manager, System Open Market Account

Lorie K. Logan, Deputy Manager, System Open Market Account

Ann E. Misback, Secretary, Office of the Secretary, Board of Governors

Matthew J. Eichner,3 Director, Division of Reserve Bank Operations and Payment Systems, Board of Governors; Michael S. Gibson, Director, Division of Supervision and Regulation, Board of Governors; Andreas Lehnert, Director, Division of Financial Stability, Board of Governors

Stephen A. Meyer, Deputy Director, Division of Monetary Affairs, Board of Governors

Trevor A. Reeve, Senior Special Adviser to the Chair, Office of Board Members, Board of Governors

Joseph W. Gruber, David Reifschneider, and John M. Roberts, Special Advisers to the Board, Office of Board Members, Board of Governors

Linda Robertson, Assistant to the Board, Office of Board Members, Board of Governors

Christopher J. Erceg, Senior Associate Director, Division of International Finance, Board of Governors; Diana Hancock and David E. Lebow, Senior Associate Directors, Division of Research and Statistics, Board of Governors; Gretchen C. Weinbach, Senior Associate Director, Division of Monetary Affairs, Board of Governors

Antulio N. Bomfim, Ellen E. Meade, Edward Nelson, and Joyce K. Zickler, Senior Advisers, Division of Monetary Affairs, Board of Governors

Rochelle M. Edge, Associate Director, Division of Financial Stability, Board of Governors; Jane E. Ihrig4 and David López-Salido, Associate Directors, Division of Monetary Affairs, Board of Governors; John J. Stevens, Associate Director, Division of Research and Statistics, Board of Governors

Glenn Follette, Assistant Director, Division of Research and Statistics, Board of Governors

Patrick E. McCabe, Adviser, Division of Research and Statistics, Board of Governors

Penelope A. Beattie,2 Assistant to the Secretary, Office of the Secretary, Board of Governors

Dana L. Burnett, Michele Cavallo,5 and Dan Li, Section Chiefs, Division of Monetary Affairs, Board of Governors

Benjamin K. Johannsen, Senior Economist, Division of Monetary Affairs, Board of Governors

Arsenios Skaperdas,5 Economist, Division of Monetary Affairs, Board of Governors

Ellen J. Bromagen, First Vice President, Federal Reserve Bank of Chicago

David Altig, Kartik B. Athreya, Geoffrey Tootell, and Christopher J. Waller, Executive Vice Presidents, Federal Reserve Banks of Atlanta, Richmond, Boston, and St. Louis, respectively

Troy Davig, Julie Ann Remache,4 and Nathaniel Wuerffel,5 Senior Vice Presidents, Federal Reserve Banks of Kansas City, New York, and New York, respectively

Todd E. Clark, Terry Fitzgerald, and Òscar Jordà, Vice Presidents, Federal Reserve Banks of Cleveland, Minneapolis, and San Francisco, respectively

Rania Perry,5 Assistant Vice President, Federal Reserve Bank of New York

David Lucca, Research Officer, Federal Reserve Bank of New York

Developments in Financial Markets and Open Market Operations

The manager of the System Open Market Account (SOMA) reported on developments in domestic and foreign financial markets over the period since the March FOMC meeting. Yields on U.S. Treasury securities declined, and the broad index of the foreign exchange value of the dollar fell modestly. These changes reportedly reflected revisions to investors' expectations for fiscal and other economic policies; some increase in geopolitical tensions; economic and inflation indicators that, on balance, were weaker than anticipated; and monetary policy communications. In response to political developments abroad, spreads on some European sovereign debt securities narrowed noticeably. Measures of implied volatility in equity markets declined, on net, to levels that were historically very low. Market pricing and survey evidence indicated that investors anticipated no change in the target range for the federal funds rate at this meeting but saw a substantial probability of an increase at the June FOMC meeting; market expectations for the path of the federal funds rate further ahead fell somewhat. Federal funds continued to trade well within the FOMC's target range. Reinvestment of principal payments from Treasury and mortgage-backed securities held in the SOMA proceeded smoothly. The manager updated the Committee on various small-value tests of System operations.

The manager also briefed the Committee on developments regarding certain reference interest rates. Changes in the practices of some domestic and foreign banks for booking certain types of liabilities, as well as the effects of recent changes in the regulation of money market funds, had resulted in a reduction in the volume of Eurodollar transactions reported on the Federal Reserve's Report of Selected Money Market Rates (FR 2420). The staff was in the process of analyzing possible revisions to the report that would guard against a further erosion of reported transactions and support the robustness of the overnight bank funding rate calculated by the Federal Reserve Bank of New York. Such revisions might be implemented in conjunction with the periodic renewal of authorization for the report, which is expected to be completed by the third quarter of 2018. The manager also noted that aspects of plans to publish reference interest rates for market repurchase agreements (repos) were being modified to incorporate a newly available source of data on cleared bilateral repo transactions; the modifications were expected to extend the time frame for publication of the new rates by several months.

The Committee voted unanimously to renew the reciprocal currency arrangements with the Bank of Canada and the Bank of Mexico; these arrangements are associated with the Federal Reserve's participation in the North American Framework Agreement of 1994. In addition, the Committee voted unanimously to renew the dollar and foreign currency liquidity swap arrangements with the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, and the Swiss National Bank. The votes to renew the Federal Reserve's participation in these standing arrangements are taken annually at the April or May FOMC meeting.

By unanimous vote, the Committee ratified the Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's account during the intermeeting period.

Staff Review of the Economic Situation

The information reviewed for the May 2-3 meeting indicated that the labor market strengthened further in March but that growth of real gross domestic product (GDP) slowed in the first quarter, with the slowing likely reflecting transitory factors. The 12-month change in overall consumer prices was close to the Committee's longer-run objective of 2 percent in recent months; excluding food and energy, consumer prices declined in March, and the 12-month change in core consumer prices remained somewhat below 2 percent. Survey-based measures of inflation expectations were little changed on balance.

Total nonfarm payroll employment rose in March, but the gain was smaller than in recent months, likely reflecting both warmer-than-usual temperatures in February that probably caused some hiring to be moved forward and a major winter storm in the Northeast in March that probably held down hiring somewhat; nevertheless, the increase in employment for the first quarter as a whole was solid. The unemployment rate decreased to 4.5 percent in March, and the labor force participation rate was unchanged. The share of workers employed part time for economic reasons declined. The rates of private- sector job openings, hiring, and quits were all little changed in January and February. The four-week moving average of initial claims for unemployment insurance benefits remained at a very low level through mid-April. Measures of labor compensation accelerated modestly. The employment cost index for private workers increased 2-1/4 percent over the 12 months ending in March, and average hourly earnings for all employees increased 2-3/4 percent over the same period; both increases were somewhat larger than those over the 12 months ending in March 2016.

The average unemployment rate for whites in the first quarter of this year was 1/2 percentage point lower than its annual average for 2015, while the unemployment rates for Hispanics and for African Americans were about 1 percentage point and 1-3/4 percentage points lower, respectively. The larger improvements in the rates for Hispanics and for African Americans mirrored the larger increases in those rates during the most recent recession. As of the first quarter, the unemployment rates for African Americans and for Hispanics remained above the rate for whites both overall and for people with similar educational backgrounds. Unemployment rates for Asians remained below those for whites.

Total industrial production rose in February and March, primarily reflecting a further expansion of mining output as well as a net increase in the output of utilities. Manufacturing production declined in March after advancing in each of the previous six months; about half of the decline in March was due to a decrease in the output of motor vehicles and parts. Automakers' assembly schedules suggested that motor vehicle production would increase in the second quarter despite somewhat elevated levels of vehicle inventories. Broader indicators of manufacturing production, such as the new orders indexes from national and regional manufacturing surveys, pointed to modest gains in factory output over the near term.

Real personal consumption expenditures (PCE) rose only modestly in the first quarter, although monthly data indicated some improvement late in the quarter. Indeed, after declining in January and February, real PCE increased in March, partly reflecting a rebound in spending on energy services, which had been held down by unseasonably warm weather through February, as well as an increase in outlays for a variety of consumer goods. Motor vehicle sales picked up in April after declining in March, although sales remained somewhat below their average pace in the first quarter and noticeably below the high levels seen in the fourth quarter. Recent readings on key factors that influence consumer spending pointed to solid growth in real PCE in coming quarters, including further gains in employment, real disposable personal income, and households' net worth. Moreover, consumer sentiment, as measured by the University of Michigan Surveys of Consumers, remained upbeat in March and April.

Residential investment increased at a brisk pace in the first quarter. Starts for both new single-family homes and multifamily units moved up, and issuance of building permits for new single-family homes--which tends to be a reliable indicator of the underlying trend in residential construction--also rose. Sales of both new and existing homes in the first quarter were above their levels in the previous quarter.

Real private expenditures for business equipment and intellectual property increased at a solid pace in the first quarter after a moderate gain in the fourth quarter. Nominal shipments and new orders of nondefense capital goods excluding aircraft both rose over the three months ending in March, and the level of new orders remained higher than that of shipments, pointing to further near-term gains in shipments. In addition, indicators of business sentiment were upbeat in recent months. Real business expenditures for nonresidential structures increased briskly in the first quarter, and the number of oil and gas rigs in operation, an indicator of spending for structures in the drilling and mining sector, continued to rise through mid-April. Business inventory investment slowed sharply last quarter and held down real GDP growth significantly.

Real federal purchases declined in the first quarter, as defense expenditures decreased and nondefense spending rose at a slower pace than in the final quarter of 2016. Real state and local government purchases also declined in the first quarter, with a sharp decrease in real construction spending by these governments more than offsetting a modest expansion in state and local government payrolls.

The U.S. international trade deficit narrowed in February. Exports rose and imports fell sharply, with imports of automotive products and consumer goods declining after robust increases in January. Preliminary data on trade in goods suggested that the trade deficit was about unchanged in March. The Bureau of Economic Analysis estimated that real net exports added slightly to growth of real GDP in the first quarter.

Total U.S. consumer prices, as measured by the PCE price index, increased 1-3/4 percent over the 12 months ending in March. Core PCE price inflation, which excludes changes in food and energy prices, was about 1-1/2 percent over those same 12 months. Over the 12 months ending in March, total consumer prices as measured by the consumer price index (CPI) rose 2-1/2 percent, while core CPI inflation was 2 percent. On a month-over-month basis, both the PCE price index and the CPI decreased in March, partly reflecting declines in some categories of prices that appeared unlikely to be repeated. The median of longer-run inflation expectations from the Michigan survey edged down a bit, on balance, in recent months, while the medians from the Desk's Survey of Primary Dealers and Survey of Market Participants were little changed.

Foreign real GDP growth appeared to have strengthened in the first quarter after slowing somewhat in the fourth quarter. In the advanced foreign economies (AFEs), indicators for the first quarter pointed to faster economic growth in Canada and solid growth in the euro area and Japan. By contrast, real GDP growth in the United Kingdom slowed significantly. More recent indicators were consistent with moderate economic growth in most AFEs. In the emerging market economies (EMEs), growth picked up in China and some Asian economies in the first quarter but slowed moderately in Mexico. Recent data also suggested that economic activity improved in parts of South America, most notably in Brazil where positive growth likely resumed in the first quarter. Inflation in the AFEs continued to rise, largely because of the pass-through of earlier increases in crude oil prices into retail energy prices. In the EMEs, inflation fell in China in the first quarter, reflecting a sharp drop in food prices, but was pushed up in Mexico by fuel price hikes and pass-through from past currency depreciation.

Staff Review of the Financial Situation

Domestic financial market conditions remained generally accommodative over the intermeeting period. Prices of risky assets increased a bit on net, Treasury yields declined, and the dollar depreciated. The decline in Treasury yields reportedly was driven in part by investor expectations of a somewhat slower pace of policy rate increases following FOMC communications after the March meeting and some waning of investor optimism about prospects for more expansionary fiscal policies.

FOMC communications over the intermeeting period reportedly were interpreted as indicating a somewhat slower pace of policy rate increases than previously expected but an earlier change to the Committee's reinvestment policy. Although the Committee's decision to raise the target range for the federal funds rate at the March meeting was widely anticipated, some of the accompanying communications were viewed as more accommodative than expected. Investors reportedly also took note of the discussion in the March FOMC minutes of the Committee's reinvestment policy as well as statements from some FOMC participants and appeared to pull forward their expectations for when the FOMC will either announce or start to implement a change to that policy. Overall, however, the market reaction to news related to potential changes in reinvestment policy appeared to be fairly limited. Quotes on overnight index swap (OIS) rates pointed to a flattening of the expected path of the federal funds rate through 2020, but a staff model suggested that a reduction in term premiums accounted for about half the decline in OIS rates.

Yields on intermediate- and longer-term nominal Treasury securities decreased 20 to 35 basis points over the intermeeting period. Investors' interpretations of FOMC communications, market perceptions of a reduced likelihood of domestic fiscal and regulatory policy changes, weaker-than-expected domestic economic data releases, and geopolitical factors and foreign political developments all reportedly placed downward pressure on yields. A staff term structure model attributed about one-third of the decline in the 10-year Treasury yield to a decrease in the average expected future short-term rate and the remaining two-thirds to a lower term premium. While inflation compensation based on Treasury Inflation-Protected Securities decreased at near-term horizons, partly reflecting the lower-than-expected March CPI release, far-term inflation compensation was little changed on net.

Broad U.S. equity price indexes increased slightly, on net, since the March FOMC meeting. One-month-ahead option-implied volatility on the S&P 500 index--the VIX--rose appreciably in mid-April, reflecting in part increased investor concerns about geopolitical factors and foreign political developments, but ended the period slightly lower, as investor concerns appeared to ease after the first round of the French presidential election. Over the intermeeting period, spreads of yields on investment- and speculative-grade nonfinancial corporate bonds over comparable-maturity Treasury securities narrowed a bit on net. Private-sector analysts continued to project robust profit growth for S&P 500 firms over 2017 even as first-quarter earnings, on a seasonally adjusted basis, were estimated to be a bit lower than in the fourth quarter.

Conditions in short-term funding markets were stable over the intermeeting period. Reflecting the FOMC's policy action in March, yields on a broad set of money market instruments moved higher. Treasury bills outstanding, which had declined before the reimposition ‎of the federal debt ceiling on March 15, moved higher thereafter, partly in connection with the Treasury's steps to rebuild its cash balance. Take-up at the System's overnight reverse repurchase agreement facility, which had risen ahead of the debt ceiling date, remained high through March and then fell to relatively low levels after quarter-end.

Financing conditions for large nonfinancial firms stayed accommodative. Gross issuance of corporate bonds and leveraged loans remained strong in March, with a large share of lower-rated debt issued for refinancing purposes. Net debt financing by nonfinancial businesses increased in the first quarter but remained noticeably below the pace of the same time last year. According to the April Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), a modest share of domestic banks reported weaker demand for commercial and industrial (C&I) loans, on net, in the first quarter, mainly citing several factors that pertained to customers' reduced needs for financing. C&I lending continued to be soft early in the second quarter.

Financing conditions for commercial real estate (CRE) were broadly unchanged on net. Spreads on commercial mortgage-backed securities (CMBS) widened slightly over the period since the March FOMC meeting but remained near the lower end of the range seen since the financial crisis. CMBS issuance picked up in March, reportedly reflecting a return to a more normal pace after the adoption of a credit risk retention rule in late December caused some issuance to be shifted from January and February into the fourth quarter. Growth of CRE loans on banks' books slowed in the first quarter but continued to be robust overall. Domestic respondents to the April SLOOS generally reported tightening their lending standards and experiencing weaker loan demand across all major CRE loan categories during the first quarter.

Financing conditions in the residential mortgage market were little changed over the intermeeting period. Credit availability continued to be relatively tight for households with low credit scores or harder-to-document incomes but relatively accommodative for other households. Mortgage rates declined in line with yields on longer-term Treasury securities and mortgage-backed securities, but they remained elevated compared with the very low levels of the third quarter of 2016. Consistent with these developments, refinance originations slowed considerably since the third quarter. In the April SLOOS, banks reported roughly unchanged standards on residential real estate (RRE) loans on average. Banks also reported that demand for some categories of RRE loans weakened during the first quarter, including those insured or guaranteed by government agencies. In line with lower reported demand, growth in RRE loans on banks' balance sheets declined.

Financing conditions in consumer credit markets remained accommodative, on balance, in early 2017. Consumer credit appeared to be broadly available even as interest rates charged on credit card balances and new auto loans drifted up in line with their benchmark shorter-term interest rates. Growth in consumer loan balances moderated a bit further from the relatively strong pace seen during the past few years, although year-over-year growth in credit card balances, student loans, and auto loans stayed in the 6 to 7 percent range through February. In the April SLOOS, banks reported tightening standards on auto loans and easing standards on credit card loans; banks also reported facing weaker demand for both auto and credit card loans.

Over the intermeeting period, movements in foreign financial markets were driven by central bank communications in the United States and abroad, geopolitical risks, and changes in investors' perceptions about future U.S. fiscal and other government policies. Concerns about the outcome of the French presidential election and tensions in the Korean peninsula pushed down 10‑year sovereign yields in the advanced economies for several weeks. Sentiment improved following the outcome of the first round of the French presidential election on April 23, which led to a partial retracement in yields. At their meetings on April 27, the European Central Bank and the Bank of Japan each left their policy stance unchanged. On net, foreign yields declined somewhat less than U.S. yields, contributing to a modest depreciation of the dollar against both the AFE and EME currencies. Equity indexes in most advanced and emerging economies rose. Flows to emerging market mutual funds remained strong, and spreads on emerging market debt were little changed.

The staff provided its latest report on the potential risks to financial stability; it continued to characterize the financial vulnerabilities of the U.S. financial system as moderate on balance. This overall assessment reflected the staff's judgment that leverage as well as vulnerabilities from maturity and liquidity transformation in the financial sector were low, that leverage in the nonfinancial sector was moderate, and that asset valuation pressures in some markets were notable. Although these assessments were unchanged from January's assessment, vulnerabilities appeared to have increased for asset valuation pressures, though not by enough to warrant raising the assessment of these vulnerabilities to elevated.

Staff Economic Outlook

In the U.S. economic forecast prepared by the staff for the May FOMC meeting, real GDP growth was projected to bounce back in the second quarter from its weak first-quarter reading. The staff judged that the weakness in first-quarter real GDP was probably not attributable to residual seasonality and that it instead reflected transitorily soft consumer expenditures and inventory investment. Importantly, PCE growth was expected to pick up to a stronger pace in the spring, which would be more consistent with ongoing gains in employment, real disposable personal income, and households' net worth. In addition, the sharp decrease in the contribution to GDP growth from the change in inventory investment in the first quarter was not expected to be repeated. Beyond the near term, the forecast for real GDP growth was a little stronger, on net, than in the previous projection, mostly due to the effect of a somewhat lower assumed path for the exchange value of the dollar. The staff continued to project that real GDP would expand at a modestly faster pace than potential output in 2017 through 2019, supported in part by the staff's maintained assumption that fiscal policy would become more expansionary in the coming years. The unemployment rate was projected to decline gradually over the next couple of years and to run somewhat below the staff's estimate of its longer-run natural rate over this period; the staff's estimate of the natural rate was revised down slightly in this forecast.

The staff's forecast for consumer price inflation, as measured by changes in the PCE price index, was revised down marginally for 2017 as a whole after incorporating the soft data on consumer prices for March, but it was essentially unrevised thereafter. Inflation was still expected to be somewhat higher this year than last year, reflecting an upturn in the prices for food and non-energy imports as well as a slightly faster increase in energy prices. The staff continued to project that inflation would increase gradually in 2018 and 2019 and that it would be marginally below the Committee's longer-run objective of 2 percent in 2019.

The staff viewed the uncertainty around its projections for real GDP growth, the unemployment rate, and inflation as similar to the average of the past 20 years. The risks to the forecast for real GDP were seen as tilted to the downside, primarily reflecting the staff's assessment that monetary policy appeared to be better positioned to respond to large positive shocks to the economic outlook than to substantial adverse ones. However, the staff viewed the risks to the forecast as less pronounced than late last year, with both somewhat diminished risks to the foreign outlook and an increase in U.S. consumer and business confidence. Consistent with the downside risks to aggregate demand, the staff viewed the risks to its outlook for the unemployment rate as tilted to the upside. The risks to the projection for inflation were judged to be roughly balanced. The downside risks from the possibility that longer-term inflation expectations may have edged down or that the dollar could appreciate substantially were seen as roughly counterbalanced by the upside risk that inflation could increase more than expected in an economy that was projected to continue operating above its longer-run potential.

Participants' Views on Current Conditions and the Economic Outlook

In their discussion of the economic situation and the outlook, meeting participants agreed that the information received over the intermeeting period indicated that the labor market had continued to strengthen even as growth in economic activity slowed in the first quarter. Job gains remained solid, on average, in recent months, and the unemployment rate declined. Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed in the first quarter after increasing only slowly over the previous two years. Inflation measured on a 12-month basis recently had been running close to the Committee's 2 percent longer-run objective; consumer prices, both including and excluding prices of energy and food items, declined in March, and core inflation continued to run somewhat below 2 percent. Market-based measures of inflation compensation remained low; survey-based measures of longer-term inflation expectations were little changed on balance.

Although the incoming data showed that aggregate spending in the first quarter had been weaker than participants had expected, they viewed the slowing as likely to be transitory. They continued to expect that, with further gradual adjustments in the stance of monetary policy, economic activity would expand at a moderate pace, labor market conditions would strengthen somewhat further, and inflation would stabilize around 2 percent over the medium term.

Participants generally indicated that their assessments of the medium-term economic outlook had changed little since the March meeting, and they discussed various reasons why the softness in consumer spending in the first quarter was likely to be transitory. Some participants judged that the low reading on GDP growth also could partly reflect residual seasonality and so would likely be followed by stronger GDP growth in subsequent quarters, repeating a pattern evidenced in recent years. A few emphasized the uncertainty with regard to the reasons for the unexpected weakness in consumer spending but considered it too early to judge the implications for the outlook. Many pointed to the recent firming of the housing market and business fixed investment as welcome developments.

Overall, participants continued to see the near-term risks to the economic outlook as roughly balanced. Many participants saw the risks stemming from global economic and financial developments as having receded further over the intermeeting period. They pointed to the encouraging tone of recent data on economic growth abroad, which suggested some upside risks to foreign economic activity. However, several noted that downside risks to the global outlook remained, either because of geopolitical developments and foreign political factors or because monetary policy normalization in the United States could lead to financial strains in EMEs. Many participants continued to view the possibility of expansionary fiscal policy changes in the United States as posing upside risks to their forecasts for U.S. economic growth, although they also noted that prospects for enactment of a more expansionary fiscal program, as well as its size, composition, and timing, remained highly uncertain. Regarding the outlook for inflation, a couple of participants expressed concern that a substantial undershooting of the longer-run normal rate of unemployment could pose an appreciable upside risk to inflation. However, several others continued to see downside risks to the inflation outlook, particularly given the low readings on inflation over the intermeeting period and the still-low measures of inflation compensation and inflation expectations. Participants agreed that the Committee should continue to closely monitor inflation indicators and global economic and financial developments.

While recent data suggested a significant slowdown of growth in consumption spending early in the year, participants expected to see a rebound in consumer spending in coming months in light of the solid fundamentals underpinning household spending, including ongoing job gains, rising household income and wealth, improved household balance sheets, and buoyant consumer sentiment. It was noted that much of the recent slowing likely reflected transitory factors, such as low consumer spending for energy services induced by an unusually mild winter and a decline in motor vehicle sales from an unsustainably high fourth-quarter pace. Nevertheless, contacts expected that demand for motor vehicles would be well maintained. District reports on the service sector were generally positive, although one District's contacts in the tourism industry reported a falloff in international visitors. One participant noted that retail contacts reported upbeat projections for online sales and associated package delivery services, in part reflecting structural shifts in the retail industry.

Several participants discussed the pickup in residential investment in the first quarter. Starts and permits for single-family housing continued to post moderate increases, while sales of new homes rose strongly from their level in the fourth quarter of 2016. Business contacts in some Districts reported that residential construction activity had not kept pace with demand, resulting in shortages in housing supply and upward pressure on prices.

Business fixed investment increased at a solid pace in the first quarter, led by a rebound in drilling for oil and natural gas. Several participants noted that rising orders for capital goods suggested further gains in business equipment investment over coming quarters. Business contacts reported increases in activity in the manufacturing and energy sectors. Contacts in many Districts were said to be generally optimistic about business prospects. Several participants noted that surveys of business conditions in their Districts continued to indicate expanding activity. A few participants commented that firms engaged in international trade were benefiting from improvements in global demand conditions. Several participants reported that firms in their Districts planned to increase capital expenditures, although in another District, uncertainty about changes in trade and regulatory policies was said to be weighing on capital spending. Conditions in the agricultural sector remained weak, partly as a result of low commodity prices.

Labor market conditions strengthened further in recent months. At 4.5 percent, the unemployment rate had reached or fallen below levels that participants judged likely to be normal over the longer run. Increases in nonfarm payroll employment averaged almost 180,000 per month during the first quarter, a pace that, if maintained, would be expected to result in further increases in labor utilization over time. Labor market conditions in many Districts were reported to have continued to improve. Contacts in several Districts reported a pickup in wage increases, shortages of workers in selected occupations, or pressures to train workers for hard-to-fill jobs. Even so, several other participants suggested some margins may remain along which labor market utilization could increase further without giving rise to inflationary pressures. In that regard, they noted that the recent rise in the labor force participation rate in the face of a downward trend from demographic factors was a positive development. However, a couple of participants pointed out that uncertainty about both the longer-run normal rate of unemployment and labor force trends made it difficult to assess the scope for additional sustainable increases in labor utilization. Generally, participants continued to expect that if economic growth stayed moderate, as they projected, the unemployment rate would remain, for the next few years, below their estimates of its longer-run normal level. A few participants continued to anticipate a substantial undershooting of the longer-run normal level of the unemployment rate.

Readings on headline and core PCE price inflation in March had come in lower than expected. On a 12‑month basis, headline PCE price inflation had edged above the Committee's 2 percent objective in February, but this measure dropped back to 1.8 percent in March, in part reflecting the effects of lower energy prices on the headline index. Core PCE price inflation, which historically has been a good predictor of future headline inflation, moved down to 1.6 percent over the 12 months ending in March. However, it was noted that some of this slowing reflected idiosyncratic factors such as a large drop in the measure of quality-adjusted prices for wireless telephone services. Several participants emphasized that inflation measured on a 12-month basis had been running very close to the Committee's 2 percent target. Overall, most participants viewed the recent softer inflation data as primarily reflecting transitory factors, but a few expressed concern that progress toward the Committee's objective may have slowed. Market-based measures of longer-term inflation compensation remained low, with five-year, five-year-forward CPI inflation compensation a bit below 2 percent--unchanged from the time of the March FOMC meeting but somewhat above levels registered last year. In addition, the median measure of inflation expectations over the next 5 to 10 years in the Michigan survey edged down from 2.5 percent in February to 2.4 percent in March and April. The three-year-ahead measure of inflation expectations from the Federal Reserve Bank of New York's Survey of Consumer Expectations decreased from 3.0 percent to 2.7 percent in March and rose to 2.9 percent in April.

In light of these developments, participants generally continued to expect that inflation would stabilize around the Committee's 2 percent objective over the medium run as the effects of transitory factors waned and conditions in the labor market and the overall economy improved further. Participants noted that import prices had begun to increase, supporting their expectation that inflation would gradually rise. A few participants, however, expressed uncertainty about the reasons for the recent unexpected weakness in inflation measures and about its implications for the inflation outlook.

In their discussion of recent developments in financial markets, some participants commented on changes in financial conditions in the wake of the Committee's decision to increase the target range for the federal funds rate in March. They noted variously that the decline in longer-term interest rates and the modest depreciation of the dollar over the intermeeting period would provide some stimulus to aggregate demand, that the Committee's recent policy actions had not resulted in a tightening of financial conditions, or that some of the decline in longer-term yields reflected investors' perceptions of diminished odds of significant fiscal stimulus and an increase in some geopolitical and foreign political risks.

With regard to financial stability, several participants emphasized that higher requirements for capital and liquidity in the banking system and other prudential standards had contributed to increased resilience in the financial system since the financial crisis. However, they expressed concerns that a possible easing of regulatory standards could increase risks to financial stability. In addition, it was noted that real estate values were elevated in some sectors of the CRE market, that a sharp decline in such valuations could pose risks to financial stability, and that potential reforms in the housing finance sector could have implications for such valuations.

In their consideration of monetary policy, participants judged that it was appropriate to leave the target range for the federal funds rate unchanged at this meeting. Although the data on aggregate spending and inflation received over the intermeeting period were, on balance, weaker than participants expected, they generally saw the outlook for the economy and inflation as little changed and judged that a continued gradual removal of monetary policy accommodation remained appropriate. A couple of participants indicated that increasing the target range for the federal funds rate at the current meeting would be warranted by their economic outlook, but they also noted that maintaining the current stance of policy for now would be consistent with the Committee's gradual approach or that the Committee's recent communications had not pointed to an increase at this meeting. Most participants judged that if economic information came in about in line with their expectations, it would soon be appropriate for the Committee to take another step in removing some policy accommodation. A number of participants pointed out that clarification of prospective fiscal and other policy changes would remove one source of uncertainty for the economic outlook. Participants generally agreed that the current stance of monetary policy remained accommodative, supporting some additional strengthening in labor market conditions and a sustained return to 2 percent inflation.

Participants generally reiterated their support for a continued gradual approach to raising the federal funds rate. Some participants noted that core PCE price inflation had been running below the Committee's objective for overall inflation for the past eight years and that it was important to return inflation to 2 percent, or that the public's longer-term inflation expectations may have fallen somewhat, and that a gradual approach to tightening could help return expectations and inflation to 2 percent. One participant cited results of a District survey of businesses indicating that more than one-third of respondents saw the Federal Reserve as more likely to accept inflation below its 2 percent objective than above; that participant interpreted the survey results as suggesting that the Committee's communications about the symmetry of its inflation objective had not completely taken hold, a concern also mentioned by a couple of other participants. Another participant observed that a gradual approach was appropriate because the neutral rate of interest had declined and considerable uncertainty prevailed about its longer-run level. Several participants, however, pointed to conditions under which the Committee might need to consider a somewhat more rapid removal of monetary accommodation--for instance, if the unemployment rate fell appreciably further than currently projected, if wages increased more rapidly than expected, or if highly stimulative fiscal policy changes were to be enacted. In contrast, a couple of others judged that the Committee could withdraw monetary accommodation even more gradually than reflected in the medians of forecasts in the March Summary of Economic Projections, noting that slack might remain in the labor market or that inflation was not very sensitive to declines in the unemployment rate below its estimated longer-run normal level.

Committee Policy Action

In their discussion of monetary policy for the period ahead, members judged that information received since the Committee met in March indicated that the labor market had continued to strengthen even as growth in economic activity had slowed. Job gains had remained solid, on average, in recent months, and the unemployment rate had declined. Household spending had risen only modestly, but the fundamentals underpinning the continued growth of consumption remained solid, while business fixed investment had firmed.

Inflation, measured as the 12-month change in the headline PCE price index, had been running close to the Committee's 2 percent longer-run objective. Core inflation continued to run somewhat below 2 percent. Both headline and core consumer price indexes fell in March. Market-based measures of inflation compensation had remained low, while survey-based measures of longer-term inflation expectations had changed little on balance.

With respect to the economic outlook and its implications for monetary policy, members agreed that the slowing in growth during the first quarter was likely to be transitory and continued to expect that, with gradual adjustments in the stance of monetary policy, economic activity would expand at a moderate pace, labor market conditions would strengthen somewhat further, and inflation would stabilize around 2 percent over the medium term. Members continued to judge that there was significant uncertainty about the effects of possible changes in fiscal and other government policies but that near-term risks to the economic outlook appeared roughly balanced. A couple of members noted that the outlook for global growth appeared to have brightened and that downside risks from abroad had waned. Members agreed that they would continue to closely monitor inflation indicators and global economic and financial developments.

After assessing current conditions and the outlook for economic activity, the labor market, and inflation, members agreed to maintain the target range for the federal funds rate at 3/4 to 1 percent. They noted that the stance of monetary policy remained accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.

Members generally judged that it would be prudent to await additional evidence indicating that the recent slowing in the pace of economic activity had been transitory before taking another step in removing accommodation. Members agreed that, in determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee would assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment would take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. Members also agreed to continue to carefully monitor actual and expected inflation developments relative to the Committee's symmetric inflation goal, with one member viewing further progress of inflation toward the 2 percent objective as necessary before taking another step to remove policy accommodation. Members expected that economic conditions would evolve in a manner that would warrant gradual increases in the federal funds rate. Members agreed that the federal funds rate was likely to remain, for some time, below levels that they expected to prevail in the longer run. However, they noted that the actual path of the federal funds rate would depend on the economic outlook as informed by incoming data.

The Committee also decided to maintain its existing policy of reinvesting all principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Members anticipated doing so until normalization of the level of the federal funds rate was well under way, and they noted that this policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the SOMA in accordance with the following domestic policy directive, to be released at 2:00 p.m.:

"Effective May 4, 2017, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 3/4 to 1 percent, including overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.75 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.

The Committee directs the Desk to continue rolling over maturing Treasury securities at auction and to continue reinvesting principal payments on all agency debt and agency mortgage-backed securities in agency mortgage-backed securities. The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."
The vote also encompassed approval of the statement below to be released at 2:00 p.m.:

"Information received since the Federal Open Market Committee met in March indicates that the labor market has continued to strengthen even as growth in economic activity slowed. Job gains were solid, on average, in recent months, and the unemployment rate declined. Household spending rose only modestly, but the fundamentals underpinning the continued growth of consumption remained solid. Business fixed investment firmed. Inflation measured on a 12-month basis recently has been running close to the Committee's 2 percent longer-run objective. Excluding energy and food, consumer prices declined in March and inflation continued to run somewhat below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee views the slowing in growth during the first quarter as likely to be transitory and continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will stabilize around 2 percent over the medium term. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

In view of realized and expected labor market conditions and inflation, the Committee decided to maintain the target range for the federal funds rate at 3/4 to 1 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. The Committee will carefully monitor actual and expected inflation developments relative to its symmetric inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions."
Voting for this action: Janet L. Yellen, William C. Dudley, Lael Brainard, Charles L. Evans, Stanley Fischer, Patrick Harker, Robert S. Kaplan, Neel Kashkari, and Jerome H. Powell.

Voting against this action: None.

Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors voted unanimously to leave the interest rates on required and excess reserve balances unchanged at 1 percent and voted unanimously to approve establishment of the primary credit rate (discount rate) at the existing level of 1-1/2 percent.6

System Open Market Account Reinvestment Policy

Participants continued their discussion of issues related to potential changes to the Committee's policy of reinvesting principal payments from securities held in the SOMA. The staff provided a briefing that summarized a possible operational approach to reducing the System's securities holdings in a gradual and predictable manner. Under the proposed approach, the Committee would announce a set of gradually increasing caps, or limits, on the dollar amounts of Treasury and agency securities that would be allowed to run off each month, and only the amounts of securities repayments that exceeded the caps would be reinvested each month. As the caps increased, reinvestments would decline, and the monthly reductions in the Federal Reserve's securities holdings would become larger. The caps would initially be set at low levels and then be raised every three months, over a set period of time, to their fully phased-in levels. The final values of the caps would then be maintained until the size of the balance sheet was normalized.

Nearly all policymakers expressed a favorable view of this general approach. Policymakers noted that preannouncing a schedule of gradually increasing caps to limit the amounts of securities that could run off in any given month was consistent with the Committee's intention to reduce the Federal Reserve's securities holdings in a gradual and predictable manner as stated in the Committee's Policy Normalization Principles and Plans. Limiting the magnitude of the monthly reductions in the Federal Reserve's securities holdings on an ongoing basis could help mitigate the risk of adverse effects on market functioning or outsized effects on interest rates. The approach would also likely be fairly straightforward to communicate. Moreover, under this approach, the process of reducing the Federal Reserve's securities holdings, once begun, could likely proceed without a need for the Committee to make adjustments as long as there was no material deterioration in the economic outlook.

Policymakers agreed that the Committee's Policy Normalization Principles and Plans should be augmented soon to provide additional details about the operational plan to reduce the Federal Reserve's securities holdings over time. Nearly all policymakers indicated that as long as the economy and the path of the federal funds rate evolved as currently expected, it likely would be appropriate to begin reducing the Federal Reserve's securities holdings this year. Policymakers agreed to continue in June their discussion of plans for a change to the Committee's reinvestment policy.

It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, June 13-14, 2017. The meeting adjourned at 11:45 a.m. on May 3, 2017.

Notation Vote
By notation vote completed on April 4, 2017, the Committee unanimously approved the minutes of the Committee meeting held on March 14-15, 2017.

_____________________________

Brian F. Madigan

Secretary

1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
2. Attended Tuesday session only. Return to text
3. Attended the discussions on developments in financial markets and System Open Market Account reinvestment policy. Return to text
4. Attended the discussions on monetary policy and System Open Market Account reinvestment policy. Return to text
5. Attended the discussion on System Open Market Account reinvestment policy. Return to text
6. The second vote of the Board also encompassed approval of the establishment of the interest rates for secondary and seasonal credit under the existing formulas for computing such rates. Return to text

Minutes of the Federal Open Market Committee (FOMC): https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20170503.pdf

DoS. May 24, 2017. United States and Argentina Strengthen Partnership on Cyber Policy

Washington, DC - On Tuesday, May 23, the United States and Argentina further deepened their joint commitment to an open, interoperable, reliable, and secure cyberspace during the inaugural meeting of the newly established Cyber Policy Working Group.

The meeting focused on key cybersecurity initiatives including implementing national cyber policy frameworks, protecting networks, developing a cyber workforce, and managing cyber incidents. Officials also discussed policy coordination, information sharing and the protection of critical infrastructure, with an emphasis on public-private cooperation. The dialogue reaffirms our ongoing partnership on cybercrime and cyber defense matters; and facilitates our engagement on cyber issues in relevant international fora.

Mr. Christopher Painter, Coordinator for Cyber Issues, U.S. Department of State, led the U.S. government interagency delegation that included other representatives from the Department of State, as well as representatives from the Department of Homeland Security, the Department of Justice, the National Security Council, the Department of Defense and the National Institute of Standards and Technology.

Mr. Jose Hirschson, Under Secretary for Technology and Cybersecurity, Argentine Ministry of Modernization, led the initiative for the Government of Argentina, in partnership with representatives from the Ministry of Foreign Affairs, Ministry of Security, and Ministry of Defense.

The U.S.-Argentina Cyber Policy Working Group was announced during President Mauricio Macri’s April 27, official working visit to Washington. The working group will serve as a policy-level channel for identifying cyber issues of mutual concern and developing new joint initiatives. It will also strengthen and help protect the economic and security interests of both countries.

________________

MF. STN. 23/05/2017. Estoque do Tesouro Direto atinge recorde de R$ 44,6 bilhões em abril. Parcela de mulheres cadastradas também alcançou marca histórica, de 25,4%

Em abril, o estoque do Tesouro Direto chegou a R$ 44,6 bilhões, maior montante da série histórica. Outro destaque do mês foi o aumento da participação feminina no total de investidores cadastrados, que tem se elevado seguidamente nos últimos 28 meses, atingindo a marca de 25,4% (ante o recorde de 25,2% no mês anterior).

O acréscimo mensal de investidores cadastrados foi de 44.389, totalizando 1.366.200 participantes inscritos no final de abril, o que representa aumento de 85,2% nos últimos 12 meses. Já o número de novos investidores ativos (que efetivamente possuem aplicações) no mês foi de 14.606. Com isso, o total de investidores ativos no programa alcançou 476.141, uma variação de 67,7% nos últimos 12 meses.

No período, as aplicações no Tesouro Direto atingiram R$ 1,491 bilhão. Já os resgates chegaram a R$ 871,4 milhões, sendo R$ 870,7 milhões relativos às recompras e R$ 700 mil aos vencimentos.

Os títulos mais demandados pelos investidores foram os indexados à inflação (Tesouro IPCA+ e Tesouro IPCA+ com Juros Semestrais), cuja participação nas vendas atingiu 46,0%. O título indexado à Selic (Tesouro Selic) correspondeu a 36,6% do total e os prefixados (Tesouro Prefixado e Tesouro Prefixado com Juros Semestrais), 17,4%.

Em relação ao prazo, 17,6% dos investimentos ocorreram em títulos com vencimentos acima de 10 anos. As aplicações em títulos com prazo entre 5 e 10 anos representaram 78,1% e as com prazo entre 1 e 5 anos, 4,3% do total.

No mês, foram realizadas 109.633 operações de investimento no programa. O valor médio por operação de investimento foi de R$ 13.602,59. A maior parte dessas operações (67,0%) é relativa a aplicações de até R$ 5 mil, o que evidencia a utilização do programa por pequenos investidores.

Estoque

O estoque do Tesouro Direto, por sua vez, alcançou o montante de R$ 44,6 bilhões, com crescimento de 2,2% em relação ao mês anterior (R$ 43,6 bilhões) e de 45,9% sobre abril de 2016 (R$ 30,5 bilhões). Os títulos remunerados por índices de preços respondem pelo maior volume do estoque, alcançando 64,6%. Na sequência aparecem os títulos indexados à taxa Selic, com participação de 19,3%, e os títulos prefixados, com 16,2%.

A maior parte do estoque, 49,8%, é composta por títulos com vencimento entre 1 e 5 anos. Os títulos com prazo entre 5 e 10 anos correspondem a 27,8% e os com vencimento acima de 10 anos, a 17,2% do total. Cerca de 5,2% dos títulos vencem em até 1 ano.

Balanço do Tesouro Direto: http://www.tesouro.fazenda.gov.br/pt/balanco-e-estatisticas

MF. PORTAL UOL. REUTERS. 24/05/2017. Dívida pública federal sobe 0,32% em abril, diz Tesouro

BRASÍLIA (Reuters) - A dívida pública federal cresceu 0,32 por cento em abril sobre março, alcançando 3,245 trilhões de reais, divulgou o Tesouro Nacional nesta quarta-feira.

Com isso, marcou seu terceiro mês consecutivo de alta, mas ainda permaneceu abaixo da faixa de 3,45 trilhões a 3,65 trilhões de reais estabelecida pelo Tesouro para o estoque da dívida em 2017, conforme Plano Anual de Financiamento (PAF).

No mês, a dívida pública mobiliária interna teve expansão de 0,30 por cento na mesma base de comparação, a 3,123 trilhões de reais, afetada de um lado pela apropriação positiva de juros de 21,75 bilhões de reais e, de outro, pelo resgate líquido de 12,37 bilhões de reais.

Já a dívida externa subiu 0,81 por cento, fechando abril em 121,28 bilhões de reais. Isso porque o dólar no período sofreu valorização de 1,40 por cento frente ao real.

Quanto à composição, os títulos prefixados seguiram respondendo pela maior fatia na dívida total, com participação de 33,95 por cento, abaixo dos 34,86 por cento de março, mas ainda dentro do intervalo de 32 a 36 por cento fixado para 2017.

Os títulos pós-fixados, representados pelas LFTs, viram sua fatia subir a 29,99 por cento em abril, ante 29,32 por cento um mês antes. Para o ano, o Tesouro estabeleceu uma participação almejada de 29 a 33 por cento.

Os papéis corrigidos pela inflação, cujo peso para o ano também foi definido em 29 a 33 por cento, passaram a 32,20 por cento do total da dívida em abril, acima dos 31,97 por cento em março.

Em março, a participação dos investidores estrangeiros em títulos da dívida interna interrompeu a trajetória de queda mostrada nos últimos meses e subiu a 13,63 por cento em abril, sobre 13,26 por cento no mês anterior.

ATUAÇÃO COORDENADA

Em atuação coordenada com o Banco Central para tentar acalmar o mercado, o Tesouro fez na véspera o último dos três leilões extraordinários de LTN, NTN-F e NTN-B que havia anunciado. No total, foi efetuado um resgate líquido de aproximadamente 2,11 bilhões de reais.

Em nota nesta quarta-feira, o Tesouro avaliou que "os leilões cumpriram com o objetivo de fornecer parâmetros de referência de preços e contribuíram para um melhor funcionamento do mercado financeiro nos últimos dias".

O Tesouro também anunciou o cancelamento dos leilões de venda de LTN e NTN-F previstos para quinta-feira, dia 25, e afirmou que permanecerá monitorando as condições de mercado para garantir seu bom funcionamento.

Sua atuação vem a reboque de intensa crise política instaurada no país após a divulgação na semana passada de conversa entre o presidente Michel Temer e o empresário Joesley Batista, da JBS.

Diante do cenário de incertezas para o prosseguimento das reformas na economia, a volatilidade tomou conta dos mercados, afetando a negociação de títulos públicos, o comportamento do dólar e o desempenho das ações na bolsa.

(Por Marcela Ayres)

DOCUMENTO: http://www.tesouro.fazenda.gov.br/relatorio-mensal-da-divida

FGV. IBRE. 24/05/2017. Sondagens e Índices de Confiança. Sondagem do Consumidor. Confiança do Consumidor avança em maio

O Índice de Confiança do Consumidor (ICC) da Fundação Getúlio Vargas avançou 2,0 pontos em maio, para 84,2 pontos, acumulando uma alta de 11,1 pontos em 2017.

“A evolução favorável da confiança dos consumidores em maio propiciou a recuperação de parte das perdas ocorridas no mês anterior. O resultado foi influenciado pela melhora das expectativas com relação à situação financeira das famílias e o ímpeto de compras, ambos os quesitos positivamente influenciados pela inflação mais baixa e os juros nominais em queda. O aprofundamento da crise política no país a partir do dia 17 ainda não foi detectada na pesquisa deste mês, embora o resultado da coleta de dados posterior a esta data sinalize que o aumento de incertezas no ambiente político possa motivar uma maior cautela dos consumidores nos próximos meses“, afirma Viviane Seda Bittencourt, Coordenadora da Sondagem do Consumidor.

Em maio, a percepção dos consumidores quanto à situação atual permaneceu relativamente estável, enquanto que, em relação ao futuro, houve melhora das expectativas. O Índice da Situação Atual (ISA) caiu 0,3 ponto, para 70,5 pontos, enquanto o Índice de Expectativas (IE) avançou 3,5 pontos, atingindo 94,6 pontos.

Quanto à situação financeira das famílias, o indicador de situação financeira atual apresentou um recuo de 1,3 ponto, o maior desde dezembro de 2016 (-4,6), atingindo 64,1 pontos. Apesar do nível de satisfação dos consumidores em relação à situação financeira familiar ainda esteja baixo e em queda há dois meses, as expectativas em relação aos próximos meses voltou a melhorar e atinge 95,5 pontos, o maior nível desde outubro de 2014 (96,4).

Com melhores perspectivas sobre as finanças familiares, os consumidores também responderam de forma mais favorável o quesito que mede o ímpeto por compras de bens duráveis, que exerceu a maior influência sobre o ICC no mês, com alta de 7,4 pontos, para 78,5 pontos, recuperando a queda de 7,2 pontos apresentada no mês anterior.

Entre as diferentes faixas de renda a evolução da confiança não foi homogênea. As famílias com renda mensal até R$ 2.100,00 e acima de R$ 9.600,00 recuperaram a queda da confiança ocorrida no mês anterior. Já as famílias com renda mensal entre R$ 2.100,01 e R$ 9.600,00 registraram novas perdas. Especificamente para os consumidores com renda familiar entre R$ 2.100 e R$ 4.800, essa queda é consequência de uma piora da situação financeira familiar, que atingiu o menor nível já apresentado para este quesito entre todas as rendas: 40 pontos.

A edição de maio de 2017 coletou informações de 1970 domicílios entre os dias 2 e 20 de maio.

DOCUMENTO: http://portalibre.fgv.br/main.jsp?lumPageId=402880972283E1AA0122841CE9191DD3&contentId=8A7C82C5593FD36B015C3A05024D6B0A

FGV. IBRE. 23/05/2017. Índices Gerais de Preços. IPC-S Capitais. Inflação pelo IPC-S avança em cinco das sete capitais pesquisadas

O IPC-S de 22 de maio de 2017 registrou variação de 0,35%, 0,05 ponto percentual (p.p.) acima da taxa divulgada na última apuração. Cinco das sete capitais pesquisadas registraram acréscimo em suas taxas de variação.

A tabela a seguir, apresenta as variações percentuais dos municípios das sete capitais componentes do índice, nesta e na apuração anterior.



DOCUMENTO: http://portalibre.fgv.br/main.jsp?lumPageId=402880972283E1AA0122841CE9191DD3&contentId=8A7C82C5593FD36B015C3687D45C4283

CNI. 24/05/2017. Produção volta a cair e indústria enfrenta dificuldades para sair da recessão. Pesquisa da CNI mostra que os empresários estão menos otimistas em relação ao emprego, à demanda, às exportações e à compra de matérias-primas

Depois da leve recuperação registrada em março, a produção da indústria brasileira voltou a cair em abril. O emprego e o nível de utilização da capacidade instalada também recuaram no mês passado. O indicador de evolução da produção caiu para 41,6 pontos, o de número de empregados ficou em 47 pontos, e o de utilização da capacidade instalada em relação ao usual diminuiu pra 36,6 pontos, informa a Sondagem Industrial, divulgada nesta quarta-feira (24) pela Confederação Nacional da Indústria (CNI). Os indicadores da pesquisa variam de zero a cem pontos. Quando estão abaixo de 50 pontos, revelam queda na produção, no emprego e na utilização da capacidade instalada.

"A indústria ainda encontra dificuldades para superar a recessão econômica enfrentada pelo país", informa a pesquisa. O estudo destaca que os feriados são responsáveis por parte das quedas registradas no mês. Abril teve 17 dias úteis, ante 23 dias de março. "Embora seja comum uma diminuição da atividade entre os meses de março e abril, a queda registrada em 2017 foi mais intensa que a usual", observa a CNI.

O fraco desempenho da atividade reduziu o otimismo dos empresários e a perspectiva é de mais demissões na indústria. Em maio, o indicador de expectativa sobre o número de empregados caiu para 48,7 pontos e continua abaixo da linha divisória dos 50 pontos, que separa o otimismo do pessimismo.  Embora estejam acima dos 50 pontos, os indicadores de expectativas para os próximos seis meses sobre a demanda, a quantidade exportada e a compra de matérias-primas recuaram um pouco.

Sem grandes perspectivas de melhora no cenário econômico, os empresários continuam pouco dispostos a investir. O índice de intenção de investimentos para os próximos seis meses ficou em 46,6 pontos em maio, uma queda de 0,4 ponto na comparação com abril. O indicador varia de zero a cem pontos e quanto maior o índice, maior é a propensão de investir das empresas. "Apesar do aumento de 7,2 pontos na comparação com o ano passado, as intenções de investir seguem baixas", afirma a pesquisa.

Sondagem Industrial. Indústria segue com dificuldades

A Sondagem Industrial indica que a indústria ainda encontra dificuldades para superar a recessão econômica enfrentada pelo País. Os dados representam, de maneira geral, uma reversão dos dados positivos de março. Ressalte-se, contudo, que a intensidade desse recuo pode ser atribuída, ao menos em parte, ao grande número de feriados do mês de abril.



DOCUMENTO: https://static-cms-si.s3.amazonaws.com/media/filer_public/96/cf/96cffb97-a7e2-4bb3-bc9a-312a9fcef6b1/sondagemindustrial_abril2017.pdf

BNDES. REUTERS. 23/05/2017. Senador Roberto Rocha encaminha na 4a-feira pedido de abertura de CPI sobre empréstimos do BNDES
Por Leonardo Goy

BRASÍLIA (Reuters) - O senador Roberto Rocha (PSB-MA) disse na noite desta terça-feira que vai protocolar na quarta-feira pedido de abertura de Comissão Parlamentar de Inquérito (CPI) para investigar empréstimos concedidos pelo BNDES no programa de internacionalização de companhias nacionais, incluindo a JBS.

O pedido da CPI já tem 33 assinaturas, acima das 27 necessárias para criar uma comissão, e se foca sobre a "linha de financiamento específica à internacionalização de empresas”.

"O primeiro grande empréstimo do programa de internacionalização foi de 80 milhões de dólares ao frigorífico Friboi, para a compra de 85 por cento da principal empresa de carne bovina na Argentina, a americana Swift Armour” diz o requerimento.

A Friboi comprou a Swift em 2007 por cerca de 225 milhões de dólares, assumindo 1,16 bilhão de dólares em dívida da companhia.

"Em 2008, o BNDESPar detinha 20 por cento das ações da JBSFriboi, passando no último ano para 35 por cento, como forma de eliminar dívidas e debêntures, exemplificando de forma categórica um caso de mescla entre capital privado e estatal", afirma o documento.

No momento, há apenas uma CPI em atividade no Senado. Não haveria problemas regimentais para criar mais uma comissão, mas a efetiva criação da CPI ainda teria que vencer outras etapas regimentais, como a indicação dos membros pelos líderes das bancadas.

Além disso, pelo regimento, os senadores ainda podem voltar atrás e retirar as assinaturas até a meia-noite do dia em que o pedido for oficializado.

Na Câmara, o líder do DEM, Efraim Filho (PB), pretende protocolar ainda nesta semana pedido de investigação das operações no mercado de capitais que teriam sido feitas pela JBS em meio à divulgação da delação dos controladores do grupo.

Segundo o líder, a ideia é pedir a abertura de uma Proposta de Fiscalização e Controle (PFC) no âmbito da Comissão de Fiscalização e Controle da Casa.

Inicialmente, o Efraim Filho considerou uma CPI, mas tendência agora é a de tentar abrir a investigação em comissão, que, segundo o deputado, só precisa ser aprovada pela própria comissão, sem a necessidade de assinaturas.

A PFC, porém, não tem poderes típicos de uma CPI, como convocar autoridades e quebrar sigilos.

________________

ENERGIA

ANEEL. PORTAL UOL. 24/05/2017. Empresa promete economia de até 95% com energia solar, mas instalar é caro. Painés solares fazem a conversão direta da radiação solar em energia elétrica
Claudia Varella
UOL, em São Paulo 

Você já pensou em produzir sua própria energia e, com isso, economizar até 95% na sua conta de luz? É o que promete a Envo, ao consumidor que investir em painéis solares (fazem a conversão direta da radiação solar em energia elétrica).

De acordo com a empresa, lançada no início de maio pelo grupo CPFL Energia, o foco dos negócios são os comércios de pequeno porte e os consumidores residenciais que moram em casas. Não serão atendidos pela Envo os condomínios (prédios) e grandes clientes industriais e comerciais.

Inicialmente, a Envo (abreviação de "Energia para você") vai atuar no interior de São Paulo, na região de Campinas, Jundiaí e Sorocaba. A empresa não divulga o investimento inicial.

Kit solar custa cerca de R$ 20 mil

A economia na conta de luz prometida pode parecer tentadora, mas o kit solar não sai barato, não. Segundo a empresa, o custo de um projeto depende do consumo de energia e das condições estruturais do imóvel.

"O custo do kit não é desprezível. É um investimento relativamente alto para os padrões brasileiros", afirma Pablo Becker, diretor-executivo da Envo.

Por exemplo, um consumidor residencial que paga R$ 150 de conta de energia por mês terá que investir de R$ 20 mil a R$ 23 mil na instalação dos painéis solares. O retorno desse investimento? Nove anos. A vida útil do painel solar é de 25 anos.

"Além do retorno financeiro, há outras motivações para investir, como a valorização do imóvel e a questão da sustentabilidade, pois o cliente passará a utilizar uma energia limpa e renovável, reduzindo a demanda pela energia de fontes mais caras e poluentes", diz o diretor. O público-alvo da Envo são as classes A e B, cujo gasto médio com energia elétrica é de R$ 300 por mês, diz a empresa.

 No início de maio, o governo divulgou que quer investir em energia renovável para atender consumidor de baixa renda.

É possível simular o projeto solar para sua casa

O consumidor tem ser homologado (aprovado) pela distribuidora de energia elétrica normal. A homologação é obrigatória. Serve para notificar a distribuidora de energia de que o imóvel tem um sistema de geração solar.

Com isso, a distribuidora instala o medidor para contabilizar o volume de energia produzido pelos painéis solares e injetado na rede elétrica. Quando o consumo é menor do que o volume gerado, a diferença se torna um crédito de energia, usado para abater na conta de luz. Os créditos têm validade de uso de 60 meses e não podem ser revertidos em dinheiro, só em desconto.

Os créditos podem ser usados para abater o consumo de outros imóveis do cliente, mas há algumas regrinhas: os imóveis têm que ser do mesmo titular e devem estar dentro da mesma área de atendimento da distribuidora.

No site da empresa, há um simulador que aponta o tamanho do projeto, a quantidade de placas solares, a área mínima para colocação dos painéis, a produção de energia em 12 meses e o investimento total.

Adesão à geração solar cresce no país

"A geração solar distribuída (sistema instalado nos telhados) tem crescido significativamente no país devido a dois fatores: redução de 70% no preço do kit solar nos últimos 10 anos e aumento de mais de 50% nas tarifas de energia elétrica nos últimos dois anos", explica o presidente executivo da Absolar (Associação Brasileira de Energia Solar Fotovoltaica), Rodrigo Sauaia, 33.

No início de maio, a Aneel (Agência Nacional de Energia Elétrica) divulgou que existem hoje no país cerca de 10,3 mil instalações que geram créditos e beneficiam mais de 11 mil imóveis.

PETROBRÁS. 23/05/2017. Títulos com vencimento em 2018

Por meio de nossa subsidiária integral Petrobras Global Finance B.V. (PGF), enviamos notificações de resgate antecipado aos investidores dos títulos 2,750% Global Notes, 5,875% Global Notes e 4,875% Global Notes, todos com vencimento em 2018. O resgate será financiado com os recursos captados por nós na emissão de títulos concluída ontem.

O valor total do resgate equivale a aproximadamente US$ 1,8 bilhão, excluindo juros capitalizados e não pagos e considerando para os títulos em Euros a taxa de câmbio de US$ 1,1181/€.

A liquidação financeira da recompra ocorrerá em 22 de junho de 2017.

A tabela abaixo traz informações adicionais sobre os títulos a serem resgatados:

PETROBRÁS. REUTERS. 24/05/2017. Petrobras prevê aumentar em quase 50% exportações até 2021 para 742 mil bpd

RIO DE JANEIRO (Reuters) - As exportações de petróleo da Petrobras devem crescer 47 por cento em 2021 na comparação com 2017, para 742 mil barris por dia (bpd), a partir do incremento da produção nas áreas do pré-sal, afirmou nesta quarta-feira o gerente executivo de comercialização e marketing da petroleira, Guilherme França.

Ao apresentar palestra no Rio de Janeiro, o executivo destacou que, em 2021, 76 por cento do petróleo exportado pela empresa deverá ser de óleos médios, contra previsão de 62 por cento em 2017 e 57 por cento registrados em 2016.

(Por Marta Nogueira)

UNICA. 24/05/2017. SETOR. SETOR SUCROENERGÉTICO IMPULSIONA GERAÇÃO DE EMPREGOS NO CENTRO-SUL

Dados do Ministério do Trabalho e resultados de um levantamento mensal realizado pela Federação das Indústrias do Estado de São Paulo (Fiesp) demonstram a importância do setor sucroenergético para a retomada do emprego no Centro-Sul do País.

Segundo informações do governo constantes no Cadastro Geral de Empregados e Desempregados (Caged), a atividade canavieira apresentou, no primeiro quadrimestre de 2017, saldo positivo na criação de postos de trabalho. No acumulado do ano, de acordo com o Caged, as unidades produtoras de açúcar, etanol e bioeletricidade geraram  57.602 vagas.

Março e abril foram os meses em que mais se registraram admissões - 17.112 e 23.825 postos, respectivamente.  O diretor Técnico da União da Indústria de Cana-de-Açúcar (UNICA), Antonio de Padua Rodrigues, atribui estes resultados à abertura da safra 2017/2018 no Sudeste e Centro-Oeste.

“São regiões responsáveis por 90% da produção canavieira nacional, e com o novo ciclo de moagem, era de se esperar este número de contratações no setor, que só não foi maior devido aos problemas econômicos enfrentados pelas usinas e, de um modo geral, pelo País”, afirma o executivo.

Outra pesquisa conduzida pela Fiesp indica que em abril, o setor de açúcar e etanol esteve à frente na criação de empregos no segmento industrial do maior estado brasileiro. Em São Paulo, das 8,5 mil vagas geradas na indústria, 7,7 mil foram abertas somente pelo segmento sucroenergético. O resultado representa uma alta de 0,39% na comparação com março deste ano e uma retração de 4,32% em relação ao mesmo mês de 2016.

No acumulado de 2017, o estudo da Fiesp aponta que o nível de emprego na indústria paulista se mantém positivo, com 21 mil postos contabilizados, alta de 0,97% sob o período anterior.

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PROMOÇÃO COMERCIAL

APEX-BRASIL. PROMOÇÃO COMERCIAL. 22/05/2017. INSCRIÇÕES ABERTAS PARA RODADAS DE NEGÓCIOS NOS EUA

Empresas dos setores de utilidades domésticas, artigos de higiene para o lar e artigos para casa em geral interessadas no mercado norte-americano podem se inscrever na Missão Comercial ECRM – Housewares, Household and General Merchandise, que acontece de 16 a 19 de julho, no Arizona. São dez vagas abertas e as inscrições podem ser feitas até sexta-feira (26/5).  Durante a missão, a Agência Brasileira de Promoção de Exportações e Investimentos (Apex-Brasil) irá promover rodadas de negócios entre as empresas brasileiras e fornecedores e compradores relevantes da região.

Podem se inscrever empresas brasileiras exportadoras iniciantes, intermediárias, experientes e internacionalizadas. Para participar é preciso ter conhecimento em exportação para o mercado norte-americano e ter as condições necessárias para atender a todas as especificidades dos negócios varejistas. A aprovação das companhias será feita pela Apex-Brasil com base na quantidade de vagas disponíveis e perfil das empresas inscritas.

Serviço

ECRM – Housewares, Household and General Merchandise
Data: 16 a 19 de julho
Vagas: 10
Inscrições: até 26/5, sexta-feira

APEX-BRASIL. PROMOÇÃO COMERCIAL. 19/05/2017. BRASILEIROS ESPERAM FECHAR US$ 6,9 MILHÕES NA NAB SHOW

A feira NAB Show tem evoluído ao longo das últimas décadas para liderar continuamente as indústrias de broadcast em constante mudança e a edição de 2017, que se encerrou em 27 de abril, registrou mais de 103 mil profissionais, sendo mais de 26 mil de fora dos Estados Unidos. O Pavilhão Brasil, um dos maiores entre os internacionais, marca presença na feira desde 2007. As 15 empresas brasileiras somaram mais de US$ 6 milhões em expectativas de negócios para os próximos 12 meses. A participação brasileira foi viabilizada pelo projeto setorial ELETROELETRÔNICOS BRASIL, desenvolvido em parceria entre Apex-Brasil (Agência Brasileira de Promoção de Exportações e Investimentos) e SINDVEL (Sindicato das Indústrias de Aparelhos Elétricos, Eletrônicos e Similares do Vale da Eletrônica).

Os participantes destacam que a quantidade de contatos comerciais superou as expectativas: foram cerca de 766 contatos de vários países, como Argentina, Bolívia, Brasil, Canadá, Chile, China, Colômbia, Equador, EUA, Índia, Japão, México, Panamá, Paraguai, Peru, Portugal, Reino Unido, e Taiwan. Leandro Guerzoni representante do INATEL, Instituto Nacional de Telecomunicações, comenta sobre os resultados: “A NAB Show trouxe a possibilidade de novos alunos candidatos aos cursos de extensão, potenciais parcerias com países latino-americanos, oportunidades de transferência de resultados de pesquisa do instituto e de fortalecimento da cooperação com o projeto setorial integrado de radiodifusão”.

A empresa Playlist Soluções apresentou os produtos Logger 2.0, Aires Mobile Studio e Playlist Automation Suite. Com destaque para os dois primeiros, como contou Marcello Costa: “Obtivemos uma visibilidade muito acentuada no mercado exterior, principalmente com o lançamento do Aires Mobile Studio e as inovações no Logger 2.0. Realizamos mais de 300 apresentações de produtos para visitantes de todo o mundo. A principal tendência vista na feira foi a que nós mesmos apresentamos: um único produto que engloba vários recursos e torna a emissora de rádio cada vez mais versátil e dinâmica”.

Presente na NAB Show desde de 2008, a Biquad ressalta o excelente resultado da edição de 2017. “Fortalecemos e estreitamos ainda mais o relacionamento com nossos distribuidores, fechando contratos expressivos de exclusividade para distribuição e comercialização de nossos equipamentos em diversos países. Foi observado também um alto grau de interesse na empresa por parte do público presente. Isso refletiu na prospecção de vários novos contatos, os quais puderam conhecer toda linha completa de equipamentos e soluções”, conta Totty Souza, gerente de marketing.

Além da exposição de produtos e soluções pelas empresas participantes, a feira contou com inúmeras reuniões. Uma das mais importantes para o país foi a Comitiva da República Dominicana, que está discutindo com o Governo Brasileiro a adoção do padrão brasileiro de TV Digital, se juntando aos outros 19 países que já o adotaram. Contou também, com mais de 767 sessões de capacitação (conferência para desenvolvimento de habilidades).

Foram destaques também as visitas de representantes do Governo Brasileiro, Ministério da Ciência, Tecnologia e Inovação e da ANATEL. Com a ANATEL, o Pavilhão Brasil conversou sobre a parceria para realização de Seminários Técnicos no exterior para divulgação do padrão brasileiro de TV Digital e das empresas brasileiras fabricantes de produtos e serviços para o setor.

Projeto Eletroeletrônicos Brasil: http://eletroeletronicosbrasil.com.br/projeto/

Atualmente, 30 empresas dos estados de Minas Gerais, São Paulo, Santa Catarina, Rio Grande do Sul, Rio de Janeiro, Pernambuco, Goiás e Distrito Federal participam do projeto Projeto Setorial ELETROELETRÔNICOS BRASIL, desenvolvido em parceria entre Apex-Brasil (Agência Brasileira de Promoção de Exportações e Investimentos) e SINDVEL (Sindicato das Indústrias de Aparelhos Elétricos, Eletrônicos e Similares do Vale da Eletrônica). O objetivo do projeto é abrir novos mercados, consolidar e ampliar a atuação de empresas brasileiras nos mercados tradicionais, sobretudo através do incremento nas vendas de itens com maior valor agregado.

APEX-BRASIL. PROMOÇÃO COMERCIAL. 18/05/2017. PROJETO COMPRADOR E IMAGEM DA ANFACER REÚNE 40 EMPRESAS

A Agência Brasileira de Promoção de Exportações e Investimentos (Apex-Brasil) apoiou mais um Projeto Comprador e Imagem, promovido pela ANFACER, que reuniu compradores e jornalistas de diversos países para rodadas de negócios entre 40 empresas associadas da entidade e expositoras da EXPO REVESTIR. Através da parceria estratégia construída com a Apex-Brasil, a ANFACER exerce atualmente um papel fundamental como vetor de inserção do setor do mercado internacional, com foco na promoção da marca brasileira e no incremento das exportações setoriais.

O Projeto Comprador e Imagem, realizado durante a 15° EXPO REVESTIR, principal evento do segmento na América Latina, foi responsável por gerar negócios com valores na ordem de US$ 29,7 milhões e estimativa de chegar a US$ 74,2 milhões em até um ano. Em nove anos dessa ação, a feira consolidou-se como um ambiente propício para estreitar relações comerciais com o mercado internacional, já que os convidados conseguem, em quatro dias de evento, conhecer mais fabricantes, linhas de produtos e representantes comerciais do que seria possível com visitas pontuais às unidades fabris.

Este ano, foram convidados compradores de 27 países: África do Sul, Alemanha,  Austrália, Aruba, Bahrein, Bolívia, Chile, Colômbia, Costa Rica, Curaçao, El Salvador, Estados Unidos, Haiti, Honduras, Guatemala, Grenada, Guiana, Jamaica, Líbano, México, Moçambique, Panamá, Peru,  Portugal, República Dominicana, Suriname, Trinidad e Tobago. Estiveram presentes também 14 jornalistas das principais revistas internacionais especializadas do setor representando oito países: África do Sul, Argentina, Espanha, Estados Unidos, França, Itália, Paraguai e Reino Unido.

APEX-BRASIL. PROMOÇÃO COMERCIAL. 17/05/2017. MÓVEIS DO PROJETO DESIGN NA PELE TERÃO LANÇAMENTO EM NY

A Semana de Design de Nova York é um dos momentos mais efervescentes da cidade quando o assunto é criatividade e tendências. Este tão aguardado período ocorrerá em breve e, neste ano, terá uma atração a mais: o projeto Design na Pele fará seu lançamento mundial em um dos eventos que integra a semana, a International Contemporary Furniture Fair (ICFF), entre os dias 21 e 24 de maio. Nesta feira, o Design na Pele terá um espaço exclusivo para mostrar a compradores, arquitetos e imprensa os exemplos de criações incríveis originadas por estúdios, indústrias de móveis e curtumes brasileiros tendo o couro como material central. São cadeiras em pele de pirarucu, balanço com tramado de couro e estantes surpreendentes que mostram toda a criatividade e a originalidade dos produtos feitos no Brasil.

O Design na Pele integra o Brazilian Leather – projeto de incentivo às exportações de couro brasileiro realizado pelo Centro das Indústrias de Curtumes do Brasil (CICB) em parceria com a Agência Brasileira de Promoção de Exportações e Investimentos (Apex-Brasil). A iniciativa e sua participação na ICFF têm o apoio do projeto Raiz, uma iniciativa do Sindmóveis de Bento Gonçalves/RS e da Apex-Brasil.

Por meio do Design na Pele, estúdios de design no Brasil desenvolveram coleções junto a indústrias de móveis e curtumes usando couros especiais, com trabalhos elaborados para resultados que fugissem do comum. As parcerias criaram peças que valorizam a pele, o design, a qualidade e a inovação do Brasil, apresentando resultados notáveis: cada artigo tem a cultura brasileira, o design colaborativo e a união da cadeia produtiva nacional em sua essência. A ICFF e seus visitantes terão acesso inédito a este trabalho cheio de detalhes, olhares e novas ideias para as indústrias de móveis e couros.

Veja as parcerias do Design na Pele e o que será mostrado na ICFF:

Sollos + Jader Almeida + Nova Kaeru + JBS Couros

Peças: cadeira Mia (com pele de pirarucu), cadeira Norma (couro de estofamento navy) e poltrona Mad (couro de estofamento navy). Todas as peças utilizam madeira maciça em sua estrutura.

Moora + Latoog Design + Curtume Rusan

Peças: cadeira Sernambetiba (estrutura de metal com assento e encosto de madeira estofada em couro camurça) e poltrona Trópicos (estrutura de madeira maciça e assento e encosto de almofadas estofadas em camurça).

BRV + Marta Manente + Cortume Krumenauer

Peças: balanço Revoar (multilaminado de madeira curvo, revestido com couro), prateleiras e mesa de centro (em madeira com detalhes em couro natural, feito artesanalmente com cordão trançados fio a fio) e banco Recanto (multilaminado de madeira curvo, revestido com couro)

JBS. PORTAL UOL. BBCPROMOÇÃO COMERCIAL. 22/05/2017. Investidores dos EUA manterão distância da JBS, diz analista americana
BBC
Ana Paula Paiva/Valor

Desde a divulgação de detalhes sobre as relações entre os principais políticos brasileiros e os irmãos Joesley e Wesley Batista, donos do grupo de empresas que inclui a JBS, muita gente especula que a delação premiada dos empresários seria uma estratégia para "limpar a barra" da companhia nos Estados Unidos.

Isso porque os donos da maior produtora de carne do planeta estão preparando um IPO (sigla em inglês para Oferta Pública Inicial de ações) bilionário na Bolsa de Valores de Nova York.

Com 65 frigoríficos espalhados pelos Estados Unidos, a JBS já é líder nas vendas de carne bovina, ovina e de frango no país e pretende expandir ainda mais sua atuação, com a subsidiária JBS Foods International.

Para alguns, a delação que culminou na autorização de uma investigação contra o presidente Michel Temer pelo Supremo Tribunal Federal seria uma forma de transmitir "transparência" e mostrar ao Departamento de Justiça americano que a empresa estaria disposta a deixar gestos de corrupção no passado. Nos Estados Unidos, entretanto, a leitura pode ser diferente.

Para Shannon O'Neil, pesquisadora sênior do "think-tank" Council of Foreign Relations (CFR), que edita a revista "Foreign Affairs", a oferta de ações da empresa em Nova York pode ficar comprometida --mesmo com a delação em Brasília.

"Mesmo que a delação mostre que os líderes da JBS estão cooperando com a Justiça, o fato de eles estarem envolvidos (em um escândalo de corrupção) torna tudo mais difícil", disse O' Neil à BBC Brasil em Nova York. "Especialmente no caso dos investidores americanos, que podem não conhecer os meandros da política brasileira. Eles devem manter distância."

Corrupção

Procurada insistentemente pela reportagem ao longo da semana, a sede da JBS nos Estados Unidos disse que não comentaria o caso, nem respondeu sobre o IPO na Bolsa de Nova York.

A preocupação da empresa com a repercussão internacional do caso pode ser percebida em um trecho de uma carta pública de desculpas, divulgada pelos irmãos na última quinta-feira, após a eclosão do escândalo.

"Em outros países fora do Brasil, fomos capazes de expandir nossos negócios sem transgredir valores éticos", ressalta Joesley Batista no texto, mirando o mercado estrangeiro.

Para O' Neil, o problema começa em terras brasileiras. "Ter seu nome ou o nome da sua empresa associados a potenciais vereditos de corrupção nunca é algo bom para quem está querendo entrar em um novo mercado", afirmou.

"O Departamento de Justiça vai acompanhar o caso de perto. Se eles porventura tiverem violado algo na Lei Americana Anti-Corrupção no Exterior (FCPA, na sigla em inglês), eles podem ser investigados e processados por aqui", afirmou a analista.

Autoridades brasileiras apuram supostas irregularidades no financiamento das compras pela JBS das empresas Swift, National Beef e Pilgrim's Pride, todas nos Estados Unidos.

Antes da eclosão das denúncias do acordo de delação premiada, na última quarta-feira, a JBS havia sido alvo de quatro operações da Polícia Federal entre julho de 2016 e março de 2017.

A oferta pública inicial de ações (IPO) nos Estados Unidos, inicialmente prevista para o primeiro semestre deste ano, foi adiada para o segundo semestre.

'Ano difícil'

A especialista também avaliou os impactos da delação para o futuro de Michel Temer e do sistema político brasileiro. Segundo O' Neil, a imagem do país vinha se recuperando no exterior, mas "agora muito disso mudou".

"A comunidade internacional estava torcendo ou começando a acreditar que o Brasil tinha mudado de caminho. Inflação caindo, crescimento econômico sendo retomado, reformas como o teto do gastos, trabalhista e da Previdência caminhando. A comunidade internacional apoia fortemente o ministro da Fazenda, Henrique Meirelles, e o presidente do Banco Central, Ilan Goldfajn", disse.

"Mas agora muito disso mudou. As reformas pararão e podem retroceder. Sua equipe econômica continuará? Eu acredito que sim, independente do que acontecer com Temer, mas não aquela ideia de que o Brasil estava finalmente superando seus desafios e seguindo em frente e superando os escândalos da Lava Jato. Agora é pior, porque elas envolvem diretamente o presidente", diz.

A especialista completa: "Os problemas de Dilma durante o impeachment não estavam exatamente no âmbito da Lava Jato, eles tinham a ver com procedimentos orçamentários."

A reportagem pergunta se, frente à instabilidade política, seria melhor para o país que Temer continue ou deixe a presidência. "Neste momento, a habilidade dele para mudar as coisas é bastante limitada, mas é difícil saber o que está por vir", ponderou.

"Pode-se imaginar outro presidente interino para completar o mandato, mas esta pessoa será apenas alguém 'ocupando o cargo' até que um novo presidente seja realmente eleito. Então, acho que ele continuando ou saindo, o Brasil terá um ano difícil pela frente."

_________________

LGCJ.: