CALDEIRÃO DE BOLSA

The indices are range-bound, but dips are being used as buying opportunities... At 11 ET, Fed Governor Bernanke spoke on inflation and noted that consensus implies 0.5% disinflation by year end 2004 to about 0.7%... Disinflation may continue even if growth rises and monetary ease is likely to be needed for a considerable period of time... Bernanke said he expects the Fed to resist the inflation decline through convention policy methods until quantitative ease is needed if funds approach 0%... The quantitative measures include flooding the system with reserves, coupon purchases and Fed lending at a lower discount rate... The Fed Gov admits that the nontraditional measures are only theoretical for now as the guard against deflation is real...