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5/03/2009 Positive real types of interest
This last month we have not begun to find with economizers who show their disagreement because the slopes of types of interest, are causing that the yield of their investments without risk are seen tremendously decreased. To some they speak us advisers of clients threatening taking the money to the mattress.
This situation seems to us showy, because we are attending the best situation in the last 10 years for the preservative investor. If we see the following picture, the real types of interest (annual inflation - Average of Euribor 3m of last the 12 months) were negative last the 10 years, mainly if we included the fact that we paid interests by losrendimientos, but this has changed dráticamente the last months.
As we see, after 10 bad years, last the four months of 2008 the real types of interest have begun to grow, thanks to the substantial cut of the inflation.
We could think that this differential is going away to correct with the slopes of types of interest that have been undertaken, but we paid attention to January of 2009, the monthly inflation was of the -1,23% (the double that a year before) whereas the Euribor 3m was placed in 2.45%. The real types of interest were of more of 3% if the anualizamos.
It is certain that this information is difficult that includes the economizer, but we must try to transmit it. If the real yield is placed in 3% it is normal that it is not necessary to resort to the investments with risk, because the historical real yield of this tipod and investments usually is not much more high.
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