FOMC会议声明

ctcld

（原文见此）：
Release Date: January 30, 2013

For immediate release
Information received since the Federal Open Market Committee met in December suggests that growth in economic activity paused in recent months, in large part because of weather-related disruptions and other transitory factors. Employment has continued to expand at a moderate pace but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has shown further improvement. Inflation has been running somewhat below the Committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate.  Although strains in global financial markets have eased somewhat, the Committee continues to see downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. 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. Taken together, these actions should maintain downward pressure on  longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.

The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy, the Committee will also consider other information, including additional measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial developments. When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Charles L. Evans; Jerome H. Powell; Sarah Bloom Raskin; Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Esther L. George, who was concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.

2013 Monetary Policy Releases

要点：(ZT)

12月会议结束以来的信息显示经济活动的增长在最近几个月出现了停滞，这大部分是由于气候相关的干扰和其他临时性因素。就业持续以温和速度扩张，但失业率仍然高企。家庭部门的支出和企业固定资产投资上升，房地产业显示出更多改善迹象。通胀率低于委员会设定的长期目标，除了主要受能源价格波动影响的临时性变动。长期通胀预期仍然稳定。

根据法定的使命，委员会寻求就业最大化和价格稳定。委员会预计，通过适当的政策宽松，经济将以为何的速度增长，而失业率将逐渐跌至委员会认为与其双重使命相符的水平。尽管全球金融市场的紧张已经出现一定缓解，但委员会仍然认为经济前景展望存在下行风险。委员会还预计中期的通胀率可能在2%的目标水平或以下运行。

为了支持更强劲的经济复苏并且帮助确保通胀率在长期处于最合适其双重使命的水平，委员会将继续每月额外购买400亿机构MBS债券和450亿长期国债。委员会将维持现有政策，将持有的机构债券、机构MBS和到期国债所收到的本金偿付重新投资。这些措施应会对长期利率维持下行的压力，支持按揭市场，帮助更大范围的金融环境更加宽松。

委员会将密切监控未来几个月的经济和金融进展的信息。如果劳动市场前景没有明显改善，委员会将继续其国债和机构MBS债券，并在恰当时候使用其他政策工具，直到在价格稳定的情况下，劳动市场出现明显改善。在决定资产购买计划的规模、节奏和结构时，委员会将一如既往地兼顾成本与效率。

为了支持最大化就业和价格稳定目标，委员会预计高度宽松的货币政策立场在资产购买计划结束和经济复苏强化后的相当一段时间内仍将继续。委员会决定将联邦资金利率目标区间维持在0-0.25%，目前预计这一季度利率将一直持续，起码只要在失业率高于6.5%、未来一至两年的通胀预计超过委员会设定的2%的长期目标的幅度不超过0.5%以及长期通胀预期仍然较好的稳定。在决定高度宽松的货币政策立场维持多久时，委员会还会考虑其他in西，包括劳动力市场情况的其他指标、通胀压力指标和通胀预期以及金融情况的理解。当委员会决定开始退出宽松政策时，委员会就爱那个采取与其双重使命相符的恰当措施。

在所有委员中，只有Esther L. George投了反对票，他对于持续高度宽松的货币政策增加未来经济和金融不平衡以及在长期可能导致长期通胀预期升高的风险表示担忧。

xiaochong

关键是如何解读，请大牛赐教

小鸟

只是涨的借口

silicon_beaver

源济