{"id":25166,"date":"2026-09-10T16:20:36","date_gmt":"2026-09-10T14:20:36","guid":{"rendered":"https:\/\/creandgroup.com\/?post_type=opinion-article&#038;p=25166"},"modified":"2026-09-10T16:24:29","modified_gmt":"2026-09-10T14:24:29","slug":"la-leccion-de-2022-los-bancos-centrales-ya-no-van-por-detras-de-la-curva","status":"publish","type":"opinion-article","link":"https:\/\/creandgroup.com\/es\/articulo-opinion\/la-leccion-de-2022-los-bancos-centrales-ya-no-van-por-detras-de-la-curva\/","title":{"rendered":"La lecci\u00f3n de 2022: los bancos centrales ya no van por detr\u00e1s de la curva"},"content":{"rendered":"<section id=\"block_2756b2cb149178b159233cb3cb5916a4\"  data-block_2756b2cb149178b159233cb3cb5916a4 class=\"text-img-article align w-full section-text-img-article relative block clear-both overflow-hidden mt-8 lg:mt-16\">\n    <div class=\"container\">\n\n        \n        \n    <\/div>\n<\/section>\n\n<style>\n    .section-text-img-article .article-media :is(img, video) {\n        width: 100%; height: auto; max-height: 519px;\n        object-fit: contain; display: block; margin: 0 auto;\n    }\n    .section-text-img-article .article-media :is(.wp-video, .wp-video-shortcode) {\n        width: 100% !important; height: auto !important; max-width: 100%; max-height: 519px;\n    }\n    .section-text-img-article .video-embed-responsive {\n        position: relative; width: 100%; max-height: 519px;\n        padding-bottom: 56.25%; height: 0; overflow: hidden;\n    }\n    .section-text-img-article .video-embed-responsive :is(iframe, embed, object) {\n        position: absolute; inset: 0; width: 100%; height: 100%;\n    }\n\n    .section-text-img-article .article-rows {\n        font-family: 'Roboto', sans-serif;\n        font-weight: 300;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #333333;\n    }\n\n    .section-text-img-article .article-rows :is(h1, h2, h3, h4) { color: black; font-weight: normal; }\n    .section-text-img-article .article-rows :is(h1, h2) { font-family: 'tiempos-bold', serif; }\n    .section-text-img-article .article-rows :is(h3, h4) { font-family: 'tiempos-regular', serif; }\n    .section-text-img-article .article-rows h1 { font-size: 2.375rem; line-height: 1.1; margin: 24px 0 16px; }\n    .section-text-img-article .article-rows h2 { font-size: 1.75rem; line-height: 1.2; margin: 22px 0 14px; }\n    .section-text-img-article .article-rows h3 { font-size: 1.5rem; line-height: 1.25; margin: 20px 0 12px; text-decoration: underline; text-underline-offset: 4px; }\n    .section-text-img-article .article-rows h4 { font-size: 1.25rem; line-height: 1.3; margin: 18px 0 10px; }\n\n    .section-text-img-article .article-rows :is(p, li) { font-size: 16px; line-height: 1.6; font-weight: 300; }\n    .section-text-img-article .article-rows p { margin-bottom: 15px; }\n    .section-text-img-article .article-rows :is(strong, b) { font-weight: 700; }\n    .section-text-img-article .article-rows a { color: #369125; text-decoration: underline; font-weight: 500; }\n    .section-text-img-article .article-rows .quote-mark { color: #369125; font-weight: 700; }\n    .section-text-img-article .article-rows hr { border: 0; border-top: 2px solid #369125; margin: 20px 0; }\n\n    .section-text-img-article .article-rows :is(ul, ol) { margin: 10px 0 16px; padding-left: 24px; }\n    .section-text-img-article .article-rows ul { list-style: disc outside; }\n    .section-text-img-article .article-rows ol { list-style: decimal outside; padding-left: 28px; }\n    .section-text-img-article .article-rows li { margin-bottom: 8px; }\n    .section-text-img-article .article-rows li::marker { color: #369125; font-weight: 700; }\n\n    .section-text-img-article .article-rows :is(ul.list-dot, ul.list-dash) { list-style: none; padding-left: 0; }\n    .section-text-img-article .article-rows :is(ul.list-dot, ul.list-dash) li { padding: 2px 0 5px 22px; position: relative; list-style: none; }\n    .section-text-img-article .article-rows :is(ul.list-dot, ul.list-dash) li::before {\n        color: #369125; font-weight: 700; position: absolute; line-height: 1;\n    }\n    .section-text-img-article .article-rows ul.list-dot li::before { content: \"\\B7\"; 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}\n    .section-text-img-article .taula-row table {\n        width: 100% !important;\n        table-layout: auto;\n        border-collapse: collapse;\n        font-family: 'Roboto', sans-serif;\n        font-size: 15px;\n        line-height: 1.5;\n    }\n    .section-text-img-article .taula-row :is(col, colgroup) { width: auto !important; }\n    .section-text-img-article .taula-row :is(th, td) {\n        padding: 10px 14px;\n        border: 1px solid #369125;\n        text-align: left;\n        vertical-align: top;\n    }\n    .section-text-img-article .taula-row :is(th, td)[width] { width: auto !important; }\n    .section-text-img-article .taula-row.has-header :is(thead th, thead td, tr:first-child th, tr:first-child td) {\n        background: #369125;\n        color: #fff;\n        font-weight: 700;\n    }\n<\/style>\n\n\n<section id=\"block_be184737e267ea033dac2e9119978731\"  data-block_be184737e267ea033dac2e9119978731 class=\"text-img-article align w-full section-text-img-article relative block clear-both overflow-hidden mt-8 lg:mt-16\">\n    <div class=\"container\">\n\n        \n                    <div class=\"article-rows max-w-detail_container mx-auto mt-8 lg:mt-12\">\n                                     \n                                            <div class=\"article-row text-row my-6 lg:my-8  \" data-aos=\"fade-in\" data-aos-duration=\"500\" data-aos-easing=\"ease-in-out\" data-aos-once=\"true\">\n                            <div class=\"article-row-col w-full \"><p>Nueva subida de tipos de inter\u00e9s por parte del BCE, pero eso s\u00ed, estaba totalmente descontada por el mercado, no cogi\u00f3 por sorpresa. La sorpresa ha estado en que el tono de Lagarde en la rueda de prensa ha sido bastante <em>hawkish<\/em>, tanto que el mercado ha empezado a descontar una subida adicional el mes que viene. Adem\u00e1s, el m\u00e1ximo organismo monetario europeo ha cambiado sus proyecciones de inflaci\u00f3n al alza y ahora esperan que la inflaci\u00f3n est\u00e9 por encima de su objetivo del 2% por lo menos hasta finales de 2027.<\/p>\n<p>Sin embargo, tambi\u00e9n han revisado al alza sus estimaciones de crecimiento econ\u00f3mico. Lagarde reconoce que la econom\u00eda est\u00e1 aguantando mejor de lo esperado. Esa fortaleza, unida a que Lagarde ha quitado importancia al repunte de <em>Yield<\/em> de los bonos (al decir que est\u00e1 siendo algo global y no espec\u00edfico de Europa), hace que, de hecho, tras su discurso, las <em>Yield<\/em> vuelvan a subir, lo que provoca tambi\u00e9n algo de ca\u00edda en la renta variable, as\u00ed como ca\u00eddas en el euro respecto al d\u00f3lar.<\/p>\n<p>En esta ocasi\u00f3n, claramente los bancos centrales no est\u00e1n yendo por detr\u00e1s de la curva. Han aprendido de lo sucedido en 2022.<\/p>\n<\/div>\n                                                    <\/div>\n                    \n                            <\/div>\n        \n    <\/div>\n<\/section>\n\n<style>\n    .section-text-img-article .article-media :is(img, video) {\n        width: 100%; height: auto; max-height: 519px;\n        object-fit: contain; display: block; margin: 0 auto;\n    }\n    .section-text-img-article .article-media :is(.wp-video, .wp-video-shortcode) {\n        width: 100% !important; height: auto !important; max-width: 100%; max-height: 519px;\n    }\n    .section-text-img-article .video-embed-responsive {\n        position: relative; width: 100%; max-height: 519px;\n        padding-bottom: 56.25%; height: 0; overflow: hidden;\n    }\n    .section-text-img-article .video-embed-responsive :is(iframe, embed, object) {\n        position: absolute; inset: 0; width: 100%; height: 100%;\n    }\n\n    .section-text-img-article .article-rows {\n        font-family: 'Roboto', sans-serif;\n        font-weight: 300;\n        font-size: 16px;\n        line-height: 1.6;\n        color: #333333;\n    }\n\n    .section-text-img-article .article-rows :is(h1, h2, h3, h4) { color: black; 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