EURO SELLERの為替・投資戦略ブログ

2005年6月の欧州憲法否決の際にユーロを売りまくった管理人の【新】為替・投資日記ブログです。くれぐれも投資行動は自己責任でお願いします。

FOMC statement, September 18, 2013

FOMC statement

2013年7月31日以来,約49日ぶりのリリースでした。今回も政策金利は据え置きでした。第3パラグラフでは緩和縮小を少しだけ期待させて結局否定してしまい,ある程度織り込み済みの緩和縮小だっただけにFRBの信頼感は少し失われたような気がします。(※8下線)

1.景気回復については,前回の"economic activity expanded at a modest pace during the first half of the year"から今回の"economic activity has been expanding at a moderate pace"に若干変化し,直近のゆっくりとした景気回復に再度の言及。(※1下線)
2.雇用情勢については,前回の"Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated"から今回の"Some indicators of labor market conditions have shown further improvement in recent months, but the unemployment rate remains elevated"に若干変化したが,失業率の高止まりについては全く変わらない論調。(※2下線)
3.家計消費と設備投資と財政政策についての表現は全く変化していない。しかし,前回の"the housing sector has strengthened somewhat"から今回の"the housing sector has been strengthening, but mortgage rates have risen further"に変化し,住宅ローン金利の上昇が継続していると指摘。(※3下線)
4.インフレ要因については,前回の"Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective"から今回の"Apart from fluctuations due to changes in energy prices, inflation has been running below the Committee's longer-run objective"に変化し,変動要因としてはエネルギー価格を切り離して考えている模様。(※4下線)
5.景気の展望については,前回の"expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate"から全く変化しておらず,失業率の低下についての文言も全く同じ。(※5下線)
6.景気の後退リスクについては,前回の"The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall"から前段はほとんど変わらないが,後段を追加して"but the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market"と金利の上昇をリスク要因として挙げている。(※6下線)
7.インフレ見通しについては,前回のThe Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term"から変化しておらず,明示的にインフレ・ターゲット値を表現するだけでなく,インフレ率が下げ止まって経済成長に影響がある可能性にも言及。(※7下線)
8.第3パラグラフは,緩和縮小を期待させる前段から始まったものの逆接でそれを否定して,従来からの緩和策は継続されている。前回まであったお決まりのDual Mandateに結びつけた前段は重要度が減ってパラグラフ最後尾に移動。(※8下線)
9.緩和政策の継続性については緩和縮小を匂わせても否定したために,前段は同じであっても後段で"Asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's economic outlook as well as its assessment of the likely efficacy and costs of such purchases"と,継続が前提でないことを明確にせざるを得なかった。(※9下線)
10.レートは今回も0.25%で据え置きで,前回と同じ表現で6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※10下線)
11.上記の失業率ターゲット政策には,インフレ期待が2.5%以内であるという前回と同じ条件がついている。(※11下線)
12.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。結果的に第5パラグラフは前回と全く同じ。(※12下線)
13.前回と同じく,カンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に(タカ派として)不同意を表明した。(※13下線)

For immediate release
Information received since the Federal Open Market Committee met in July suggests that ※1economic activity has been expanding at a moderate pace. ※2Some indicators of labor market conditions have shown further improvement in recent months, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and ※3the housing sector has been strengthening, but mortgage rates have risen further and fiscal policy is restraining economic growth. ※4Apart from fluctuations due to changes in energy prices, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee ※5expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. ※6The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished, on net, since last fall, ※6but the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market. ※7The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term.

※8Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. Accordingly, ※8the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※8longer-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 ※8of 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, ※8which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate.

The Committee will closely monitor incoming information on economic and financial developments in coming months and ※9will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. ※9In judging when to moderate the pace of asset purchases, the Committee will, at its coming meetings, assess whether incoming information continues to support the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective. Asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's economic outlook as well as its assessment of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view 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 ※10the federal funds rate at 0 to 1/4 percent and currently anticipates that ※10this 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 ※11no 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. ※12In 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; Charles L. Evans; Jerome H. Powell; Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was ※13Esther 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.

FOMC statement, July 31, 2013

FOMC statement

2013年6月19日以来,約42日ぶりのリリースでした。今回も政策金利は据え置きでした。第3,4パラグラフは全く変更がありませんでしたが,僅かながら低インフレの危険を指摘し,市場がFRBの「出口政策」時期によって騒ぐのも牽制しているように思えます。

1.景気回復については,前回の"economic activity has been expanding at a moderate pace"から今回の"economic activity expanded at a modest pace during the first half of the year"に若干変化し,年前半の総括としてのゆっくりとした景気回復に言及。(※1下線)
2.雇用情勢については,前回の"Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated"から全く変化していない。失業率ターゲットに達しないうちは文言は大きく変わらない予感。(※2下線)
3.家計消費と設備投資と財政政策についての表現は全く変化していない。しかし,前回の"the housing sector has strengthened further"から今回の"the housing sector has been strengthening, but mortgage rates have risen somewhat"に変化し,住宅ローン金利が上昇していると指摘。(※3下線)
4.インフレ要因については,前回の"Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective"から全く変化していない。住宅ローン金利のみが特殊な上昇と意識。(※4下線)
5.景気の展望については,前回の"expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace"から今回の"expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace"に変化し,ゆっくりとした経済成長から若干の加速を示唆。失業率の低下についての文言は全く同じ。(※5下線)
6.景気の後退リスクについては,前回の"The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall"から全く変化していない。(※6下線)
7.インフレ見通しについては,前回の"inflation over the medium term likely would run at or below its 2 percent objective"から今回の"The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term"に変化し,明示的にインフレ・ターゲット値を表現するだけでなく,インフレ率が下げ止まって経済成長に影響がある可能性に初めて言及。(※7下線)
8.第3パラグラフは前回と全く同じなので,従来からの緩和策は変化なく継続中。(※8下線)
9.緩和政策の継続性についても前回と同じ表現。(※9下線)
10.将来の緩和政策についても前回と同じ表現で機動的な緩和政策について記述。結果として第4パラグラフは前回と同じ。(※10下線)
11.レートは今回も0.25%で据え置きで,前回と同じ表現で6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※11下線)
12.上記の失業率ターゲット政策には,インフレ期待が2.5%以内であるという前回と同じ条件がついている。(※12下線)
13.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。ただし第5パラグラフの最初の文の一部が"the Committee expects that..."から"the Committee today reaffirmed its view that..."に変化し,多少は市場が「出口政策」で騒ぐのを牽制。(※13下線)
14.前回と同じく,カンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に(タカ派として)不同意を表明した。※7下線の表現が追加されたことにより,セントルイス連銀のブラード総裁は前回の不同意を撤回。(※14下線)

For immediate release
Information received since the Federal Open Market Committee met in June suggests that ※1economic activity expanded at a modest pace during the first half of the year. ※2Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and ※3the housing sector has been strengthening, but mortgage rates have risen somewhat and fiscal policy is restraining economic growth. ※4Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee ※5expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. ※6The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall. ※7The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, ※8the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※8longer-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 ※8of 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. ※9The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. ※9The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases ※10as well as the extent of progress toward its economic objectives.

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view 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 ※11the federal funds rate at 0 to 1/4 percent and currently anticipates that ※11this 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 ※12no 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. ※13In 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; ※14James 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 ※14Esther 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.

US上場企業決算日告知

アルコアの決算発表を皮切りに,2013年第2四半期の決算発表月が始まります。US上場企業決算日自動取得マクロの表に7・8・9月の列を追加して,あらたに今月分と来月分をマクロに取得させました。(まだ埋まっていないTickerは省略してあります。15日の週と22日の週に集中していますね。)

Date Company Name (As of 5-July-13) TICKER
2013/7/8 Alcoa Inc(AA)
2013/7/12 JPMorgan Chase & Co(JPM)
2013/7/12 Wells Fargo & Co(WFC)
2013/7/15 Citigroup Inc(C)
2013/7/15 E*TRADE Financial Corp(ETFC)
2013/7/16 Goldman Sachs Group Inc(GS)
2013/7/16 Johnson & Johnson(JNJ)
2013/7/16 The Coca-Cola Co(KO)
2013/7/16 Yahoo! Inc(YHOO)
2013/7/17 Bank of America Corp(BAC)
2013/7/17 Bank of New York Mellon Corp(BK)
2013/7/17 eBay Inc(EBAY)
2013/7/17 International Business Machines Corp(IBM)
2013/7/17 Intel Corp(INTC)
2013/7/17 U.S. Bancorp(USB)
2013/7/18 Advanced Micro Devices Inc(AMD)
2013/7/18 Google Inc(GOOG)
2013/7/18 Microsoft Corp(MSFT)
2013/7/18 Verizon Communications Inc(VZ)
2013/7/19 General Electric Co(GE)
2013/7/22 Amazon.com Inc(AMZN)
2013/7/22 Texas Instruments Inc(TXN)
2013/7/23 Apple Inc(AAPL)
2013/7/23 Broadcom Corp(BRCM)
2013/7/24 Boeing Co(BA)
2013/7/24 Caterpillar Inc(CAT)
2013/7/24 EMC Corp(EMC)
2013/7/24 GlaxoSmithKline PLC(GSK.L)
2013/7/24 PepsiCo Inc(PEP)
2013/7/25 Gilead Sciences Inc(GILD)
2013/7/25 3M Co(MMM)
2013/7/25 Starbucks Corp(SBUX)
2013/7/25 Xerox Corp(XRX)
2013/7/30 Barclays PLC(BARC.L)
2013/7/30 Deutsche Bank AG(DBK.DE)
2013/7/30 Merck & Co Inc(MRK)
2013/7/30 Pfizer Inc(PFE)
2013/7/30 UBS AG(UBSN.VX)
2013/7/30 Waste Management Inc(WM)
2013/7/31 BNP Paribas SA(BNP.PA)
2013/8/5 HSBC Holdings PLC(HSBA.L)
2013/8/5 NVIDIA Corp(NVDA)
2013/8/7 MBIA Inc(MBI)

FOMC statement, June 19, 2013

FOMC statement

2013年5月1日以来,約49日ぶりのリリースでした。言うまでもなく今回も政策金利は据え置きでしたが,直近のバーナンキ議長の緩和縮小とも取れる発言が市場に何らかの影響を与えたことを考慮してか,全般的に前回と文言を変えたくないという意識がありありです。第1,2パラグラフの若干の修正を除くと,第3,4,5パラグラフが全く変更がなかったので今回は文言的には一回休みと言って良いでしょう。しかし,その後に会見で「年内緩和縮小可能性」への言及キタァ〜…で米株安ですか。

1.景気回復については,前回の"economic activity has been expanding at a moderate pace"から全く変化していない。前回と同様にゆっくりとした景気回復につながっていることを示唆。(※1下線)
2.雇用情勢については,前回の"Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated"から今回の"Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated"に変化し,多少ではあるが「ある程度の改善」から「さらなる改善」に上方修正された記述。(※2下線)
3.家計消費と設備投資と住宅セクターについては,前回と表現が同じであり,かつ財政政策についての表現も前回の"fiscal policy is restraining economic growth"から全く変化していない。財政政策が経済成長への足かせになっていることを直接的に表現。(※3下線)
4.インフレ要因については,前回の"Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices."から今回の"Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective"に変化し,引き続きインフレ目標水準より低めであることと,エネルギーコスト上昇の影響を明示せず。(※4下線)
5.景気の展望については,前回の"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"から全く変化していない。失業率の低下がゆっくりであることを強調。(※5下線)
6.景気の後退リスクについては,前回の"The Committee continues to see downside risks"から今回の"The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall"に変化し,米国経済だけでなく労働市場のダウンサイド・リスクについても言及。(※6下線)
7.インフレ見通しについては,前回の"inflation over the medium term likely would run at or below its 2 percent objective"から変化なく,明示的にインフレ・ターゲット値を表現。(※7下線)
8.第3パラグラフは前回と全く同じなので,従来からの緩和策は変化なく継続中。(※8下線)
9.緩和政策の継続性についても前回と同じ表現。(※9下線)
10.将来の緩和政策については,前回の"as well as the extent of progress toward its economic objectives"の節から変化しておらず,機動的な緩和政策について記述。結果として第4パラグラフは前回と同じ。(※10下線)
11.レートは今回も0.25%で据え置きで,"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"という前回と同じ表現で,6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※11下線)
12.上記の失業率ターゲット政策には,"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"というインフレ期待が2.5%以内であるという前回と同じ条件がついている。(※12下線)
13.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。結果として第5パラグラフは前回と同じ。(※13下線)
14.前回と同じく,カンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に(タカ派として)不同意を表明しただけでなく,セントルイス連銀のブラード総裁が現行の緩和政策だけではインフレ目標を達成するという強いシグナルになっていないと(準タカ派としては異例の)不同意を表明。(※14下線)

For immediate release
Information received since the Federal Open Market Committee met in May suggests that ※1economic activity has been expanding at a moderate pace. ※2Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but ※3fiscal policy is restraining economic growth. ※4Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee ※5expects 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. ※6The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall. The Committee also anticipates that ※7inflation 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, ※8the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※8longer-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 ※8of 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. ※9The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. ※9The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases ※10as well as the extent of progress toward its economic objectives.

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 ※11the federal funds rate at 0 to 1/4 percent and currently anticipates that ※11this 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 ※12no 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. ※13In 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; 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 ※14James Bullard, who believed that the Committee should signal more strongly its willingness to defend its inflation goal in light of recent low inflation readings, and 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.

通貨ペアの曜日アノマリー



通貨の曜日ごとのアノマリーを2013年1月から6月6日までの分で調べてみました。
2-6はそれぞれ月曜日から金曜日まで,UとDはそれぞれ陽線回数と陰線回数,U%とD%はそれぞれ陽線回数と陰線回数の期間全体に対する割合です。

■ 今年のドル円は水曜日と金曜日にドル高で月曜日に円高
■ 円の月曜日の強さはGBP/JPY・EUR/JPY・USD/JPYではっきりしている
■ 円の金曜日の弱さもEUR/JPY・USD/JPYでははっきりしている
■ ユーロドルはダイナミックに動き,曜日アノマリーは全く感じない(システムトレード向き)

※「なんだ,金曜日にドル円を売って月曜日に買い戻せばいいじゃないか。」というほど簡単ではありませんが,アノマリーを調べておくと色々仕掛けに使えますよ。

FOMC statement, May 1, 2013

FOMC statement

2013年3月20日以来,約42日ぶりのリリースでした。言うまでもなく今回も政策金利は据え置きでしたが,直前のISM製造業景気指数の雇用指数が良くなかった割りにはFOMC上は雇用について余り心配している気配がないのが不思議でした。休暇の関係でこのエントリも金曜日の雇用統計後に書いているのですがNFPの良い結果を見据えたようなリリース文でした。第1パラグラフの若干の修正を除くと,第4パラグラフの%9下線で挿入された国債買取額の増減についての初めての言及が目新しいところです。黒田日銀とは異なり,FRBがそろそろ出口戦略に言及しはじめたことは,債券市場と株式市場に何らかの影響を与えそうですが,今秋までまだ時間的余裕が有る間は米国株式市場の上値追いは可能でしょう。

1.景気回復については,前回の"a return to moderate economic growth following a pause late last year"から今回の"economic activity has been expanding at a moderate pace"に変化し,前回の景気の戻りが継続してゆっくりとした景気回復につながっていることを示唆。(※1下線)
2.雇用情勢については,前回の"Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated"から今回の"Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated"に変化し,多少ではあるが「改善のしるし」から「ある程度の改善」に上方修正された記述。(※2下線)
3.家計消費と設備投資と住宅セクターについては,前回と表現が同じであるものの,財政政策についての表現が前回の"fiscal policy has become somewhat more restrictive"から今回の"fiscal policy is restraining economic growth"に変化し,財政政策が経済成長への足かせになっていることをもっと直接的に表現。(※3下線)
4.インフレ要因については,前回の"Inflation has been running somewhat below the Committee’s longer-run objective"から全く変化していない。長期目標水準より低めであることと,エネルギーコスト上昇が一時的であることを強調。(※4下線)
5.景気の展望については,前回の"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"から全く変化していない。失業率の低下がゆっくりであることを強調。(※5下線)
6.景気の後退リスクについては,前回の"The Committee continues to see downside risks"から全く変化していない。金融市場とリンクしていないので米国経済単独のダウンサイド・リスクに読み取れる。(※6下線)
7.インフレ見通しについては,前回の"inflation over the medium term likely would run at or below its 2 percent objective"から変化なく,明示的にインフレ・ターゲット値を表現。結果として第2パラグラフは前回と同じ。(※7下線)
8.第3パラグラフは前回と全く同じなので,従来からの緩和策は変化なく継続中。(※8下線)
9.緩和政策の継続性については,前段の部分は前回と全く同じだが,今回は"The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes"という一文が挿入されて,多少は出口戦略に向かって考慮中なことも示唆。(※9下線)
10.将来の緩和政策については,前回の"as well as the extent of progress toward its economic objectives"の節から変化しておらず,機動的な緩和政策について記述。(※10下線)
11.レートは今回も0.25%で据え置きで,"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"という前回と同じ表現で,6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※11下線)
12.上記の失業率ターゲット政策には,"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"というインフレ期待が2.5%以内であるという前回と同じ条件がついている。(※12下線)
13.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。結果として第5パラグラフは前回と同じ。(※13下線)
14.前回と同じく,カンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に不同意を表明。(※14下線)

For immediate release
Information received since the Federal Open Market Committee met in March suggests that ※1economic activity has been expanding at a moderate pace. ※2Labor market conditions have shown some improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but ※3fiscal policy is restraining economic growth. ※4Inflation 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 ※5expects 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. ※6The Committee continues to see downside risks to the economic outlook. The Committee also anticipates that ※7inflation 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, ※8the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※8longer-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 ※8of 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. ※9The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. ※9The Committee is prepared to increase or reduce the pace of its purchases to maintain appropriate policy accommodation as the outlook for the labor market or inflation changes. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases ※10as well as the extent of progress toward its economic objectives.

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 ※11the federal funds rate at 0 to 1/4 percent and currently anticipates that ※11this 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 ※12no 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. ※13In 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 ※14Esther 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.

US上場企業決算日告知

アルコアの決算発表を皮切りに,2013年第1四半期の決算発表月が始まります。US上場企業決算日自動取得マクロの表に4・5・6月の列を追加して,あらたに今月分と来月分をマクロに取得させました。(まだ埋まっていないTickerは省略してあります。15日の週と22日の週に集中していますね。)

Date Company Name (As of 8-Apr-13) TICKER
2013/4/8 Alcoa Inc(AA)
2013/4/12 JPMorgan Chase & Co(JPM)
2013/4/15 Citigroup Inc(C)
2013/4/16 Goldman Sachs Group Inc(GS)
2013/4/16 Intel Corp(INTC)
2013/4/16 Johnson & Johnson(JNJ)
2013/4/16 The Coca-Cola Co(KO)
2013/4/16 U.S. Bancorp(USB)
2013/4/16 Yahoo! Inc(YHOO)
2013/4/17 Bank of America Corp(BAC)
2013/4/17 Bank of New York Mellon Corp(BK)
2013/4/17 eBay Inc(EBAY)
2013/4/18 Advanced Micro Devices Inc(AMD)
2013/4/18 E*TRADE Financial Corp(ETFC)
2013/4/18 Google Inc(GOOG)
2013/4/18 International Business Machines Corp(IBM)
2013/4/18 Microsoft Corp(MSFT)
2013/4/18 PepsiCo Inc(PEP)
2013/4/18 Verizon Communications Inc(VZ)
2013/4/19 General Electric Co(GE)
2013/4/22 Caterpillar Inc(CAT)
2013/4/22 Gilead Sciences Inc(GILD)
2013/4/22 Texas Instruments Inc(TXN)
2013/4/23 Apple Inc(AAPL)
2013/4/23 Broadcom Corp(BRCM)
2013/4/23 Xerox Corp(XRX)
2013/4/24 Boeing Co(BA)
2013/4/24 EMC Corp(EMC)
2013/4/24 GlaxoSmithKline PLC(GSK.L)
2013/4/24 Waste Management Inc(WM)
2013/4/25 3M Co(MMM)
2013/4/25 Starbucks Corp(SBUX)
2013/4/30 Deutsche Bank AG(DBK.DE)
2013/4/30 Pfizer Inc(PFE)
2013/4/30 UBS AG(UBSN.VX)
2013/5/1 Merck & Co Inc(MRK)
2013/5/3 BNP Paribas SA(BNP.PA)
2013/5/6 NVIDIA Corp(NVDA)
2013/5/8 MBIA Inc(MBI)

FOMC statement, March 20, 2013

FOMC statement

キプロス問題でニヤニヤしている間にFOMCが開かれていましたけど…。2013年1月30日以来,約49日ぶりのリリースでした。言うまでもなく今回も政策金利は据え置きでしたが,これといったトピックもなくあっさりしたFOMCでした。欧州方面が恒例の春のイベント祭りで大変な一方で,比較的堅調に推移する米国経済なので本来で言えばもっと強気でも良いのですが,失業率ターゲティングのおかげで迂闊に緩和政策を切りにくくなっています。国債購入額の縮小などが今秋以降検討されている様子です。完全に出口戦略を実施する前にバーナンキ議長も退任になり,彼の評価も後の世代に委ねることになるでしょう。

1.景気回復については,前回の"paused in recent months, in large part because of weather-related disruptions and other transitory factors"から今回の"a return to moderate economic growth following a pause late last year"に変化し,昨年末の景気の停滞気味から戻ってきたよという上方修正の記述に変更。(※1下線)
2.雇用情勢については,前回の"Employment has continued to expand at a moderate pace but the unemployment rate remains elevated"から今回の"Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated"に変化したが,後段は同じで前段も言い換えたのみという工夫の乏しい記述。(※2下線)
3.家計消費については,前回の"advanced, and the housing sector has shown further improvement"から今回の"advanced, and the housing sector has strengthened further, but fiscal policy has become somewhat more restrictive"に変化し,設備投資と共に前回と同じ表現だが,住宅市場の方は改善から強さを表す表現に上方修正。また,政府の財政政策に制限が多くなっていることに初めて言及。(※3下線)
4.インフレ要因については,前回の"Inflation has been running somewhat below the Committee’s longer-run objective"から全く変化していない。長期目標水準より低めであることと,エネルギーコスト上昇が一時的であることを強調。(※4下線)
5.景気の展望については,前回の"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"から全く変化していない。失業率の低下がゆっくりであることを強調。(※5下線)
6.金融市場の後退リスクは,前回の"strains in global financial markets have eased somewhat, the Committee continues to see downside risks"から今回の"The Committee continues to see downside risks"に変化して前段部分が削除され,キプロス問題については触れないままダウンサイド・リスクを継続中。(※6下線)
7.インフレ見通しについては,前回の"inflation over the medium term likely would run at or below its 2 percent objective"から変化なく,明示的にインフレ・ターゲット値を表現。(※7下線)
8.第3パラグラフは前回と全く同じなので,従来からの緩和策は変化なく継続中。(※8下線)
9.緩和政策の継続性については,前回の"If the outlook for the labor market does not improve substantially"の条件が削除されて,労働市場の順調な改善は織り込んだままで後段だけ残った。(※9下線)
10.将来の緩和政策については,今回新たに"as well as the extent of progress toward its economic objectives"の節が追加されたが,一層の緩和政策への歯止めなのかどうかははっきりしない。(※10下線)
11.レートは今回も0.25%で据え置きで,"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"という前回と同じ表現で,6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※11下線)
12.上記の失業率ターゲット政策には,"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"というインフレ期待が2.5%以内であるという前回と同じ条件がついている。(※12下線)
13.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。結果として第5パラグラフは前回と同じ。(※13下線)
14.カンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に不同意を表明。(※14下線)

For immediate release
Information received since the Federal Open Market Committee met in January suggests ※1a return to moderate economic growth following a pause late last year. ※2Labor market conditions have shown signs of improvement in recent months but the unemployment rate remains elevated. Household spending and business fixed investment ※3advanced, and the housing sector has strengthened further, but fiscal policy has become somewhat more restrictive. ※4Inflation 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 ※5expects 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. ※6The Committee continues to see downside risks to the economic outlook. The Committee also anticipates that ※7inflation 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, ※8the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※8longer-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 ※8of 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. ※9The Committee will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will continue to take appropriate account of the likely efficacy and costs of such purchases ※10as well as the extent of progress toward its economic objectives.

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 ※11the federal funds rate at 0 to 1/4 percent and currently anticipates that ※11this 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 ※12no 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. ※13In 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 ※14Esther 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.

FOMC statement, January 30, 2013

FOMC statement

今回も出張が重なってまたまとめるのが遅くなりました。2012年12月12日以来,約42日ぶりのリリースでしたが,今回も政策金利は据え置きでしたが,米国債を毎月450億ドル購入する計画とそれ以前から続いているMBSを毎月400億ドル購入する計画は継続されています。また,失業率ターゲット政策に基づく現在の政策金利の継続なども同様です。

1.景気回復については,前回の"have continued to expand at a moderate pace in recent months, apart from weather-related disruptions"から今回の"paused in recent months, in large part because of weather-related disruptions and other transitory factors"に変化し,若干下方修正の記述に変更。(※1下線)
2.雇用情勢については,前回の"Although the unemployment rate has declined somewhat since the summer, it remains elevated"から今回の"Employment has continued to expand at a moderate pace but the unemployment rate remains elevated"に変化し,雇用の拡大をより示唆するも失業率の高止まりを強調。(※2下線)
3.家計消費については,前回の"has continued to advance, and the housing sector has shown further signs of improvement"から今回の"advanced, and the housing sector has shown further improvement"に変化し,前回よりややあっさりとした記述になっているが,設備投資のほうも同じ主語で述べられているので,こちらは前回の"growth in business fixed investment has slowed"から大きく改善。(※3下線)
4.インフレ要因については,前回の"Inflation has been running somewhat below the Committee’s longer-run objective"から全く変化していない。長期目標水準より低めであることと,エネルギーコスト上昇が一時的であることを強調。(※4下線)
5.景気の展望については,前回の"remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions"から今回の"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"に変化し,十分な緩和が必要だという政策面の強調から失業率の低下がゆっくりであることの強調に変化。(※5下線)
6.金融市場の後退リスクは,前回の"strains in global financial markets continue to pose significant downside risks"から今回の"strains in global financial markets have eased somewhat, the Committee continues to see downside risks"に変化し,ややこの面での改善を示唆。(※6下線)
7.インフレ見通しについては,前回の"inflation over the medium term likely would run at or below its 2 percent objective"から変化なく,明示的にインフレ・ターゲット値を表現。(※7下線)
8.従来の緩和政策としては,前回の"the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month"から変化なく継続中。(※8下線)
9.前回からの緩和政策としては,今回は"longer-term Treasury securities at a pace of $45 billion per month"と長期国債の買い入れとそのロールオーバーについては簡潔に記述。(※9下線以降)
10.第4パラグラフは前回と全く同じなので将来の緩和政策に含みを持たせている。(※10下線)
11.レートは今回も0.25%で据え置きで,"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"という前回と同じ表現で,6.5%以上の失業率の間は現在の政策金利の継続を宣言。(※11下線)
12.上記の失業率ターゲット政策には,"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"というインフレ期待が2.5%以内であるという前回と同じ条件がついている。(※12下線)
13.前回と同じく,労働市場の追加的測定値やインフレ圧力とインフレ期待の指標,金融情勢のその他の情報などの別の指標も緩和政策判断に使う可能性を記述。(※13下線)
14.幾人かのFOMCメンバーの退任と新任があり,ラッカー総裁も退任するがカンザスシティ連銀のジョージ総裁が将来の経済・金融のインバランスに影響を与えるとして現行の緩和政策に不同意を表明。(※14下線)

※FOMCメンバーの新任・退任メンバー(括弧内は連銀名)
新任4名:ローゼングレン総裁(ボストン),エバンズ総裁(シカゴ),ブラード総裁(セントルイス),ジョージ総裁(カンザスシティ)
退任4名:ラッカー総裁(リッチモンド),ロックハート総裁(アトランタ),ピアナルト総裁(クリーブランド),ウィリアムズ総裁(サンフランシスコ)


For immediate release
Information received since the Federal Open Market Committee met in December suggests that ※1growth in economic activity paused in recent months, in large part because of weather-related disruptions and other transitory factors. ※2Employment has continued to expand at a moderate pace but the unemployment rate remains elevated. Household spending and business fixed investment ※3advanced, and the housing sector has shown further improvement. ※4Inflation 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 ※5expects 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 ※6strains in global financial markets have eased somewhat, the Committee continues to see downside risks to the economic outlook. The Committee also anticipates that ※7inflation 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, ※8the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and ※9longer-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 ※9of 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. ※10If 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 ※11the federal funds rate at 0 to 1/4 percent and currently anticipates that ※11this 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 ※12no 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. ※13In 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; ※14James Bullard; Elizabeth A. Duke; ※14Charles L. Evans; Jerome H. Powell; Sarah Bloom Raskin; ※14Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was ※14Esther 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.

US上場企業決算日告知

アルコアの決算発表を皮切りに,2012年第4四半期の決算発表月が始まります。US上場企業決算日自動取得マクロの表に1・2・3月の列を追加して,あらたに今月分と来月分をマクロに取得させました。(まだ埋まっていないTickerは省略してあります。14日の週と21日の週に集中していますね。)

Date Company Name (As of 8-Jan-13) TICKER
2013/1/8 Alcoa Inc (AA)
2013/1/11 Wells Fargo & Co (WFC)
2013/1/16 U.S. Bancorp (USB)
2013/1/16 eBay Inc (EBAY)
2013/1/16 Bank of New York Mellon Corp (BK)
2013/1/16 JPMorgan Chase & Co (JPM)
2013/1/16 Goldman Sachs Group Inc (GS)
2013/1/17 Intel Corp (INTC)
2013/1/17 Citigroup Inc (C)
2013/1/17 Bank of America Corp (BAC)
2013/1/18 General Electric Co (GE)
2013/1/22 Johnson & Johnson (JNJ)
2013/1/22 Advanced Micro Devices Inc (AMD)
2013/1/22 Google Inc (GOOG)
2013/1/22 Texas Instruments Inc (TXN)
2013/1/22 E*TRADE Financial Corp (ETFC)
2013/1/22 Verizon Communications Inc (VZ)
2013/1/22 International Business Machines Corp (IBM)
2013/1/23 Apple Inc (AAPL)
2013/1/24 Microsoft Corp (MSFT)
2013/1/24 3M Co (MMM)
2013/1/24 Xerox Corp (XRX)
2013/1/24 Starbucks Corp (SBUX)
2013/1/28 Gilead Sciences Inc (GILD)
2013/1/28 Caterpillar Inc (CAT)
2013/1/28 Yahoo! Inc (YHOO)
2013/1/29 EMC Corp (EMC)
2013/1/29 Pfizer Inc (PFE)
2013/1/30 Boeing Co (BA)
2013/1/31 Broadcom Corp (BRCM)
2013/1/31 Amazon.Com Inc (AMZN)
2013/1/31 Deutsche Bank AG (DBK.DE)
2013/2/1 Merck & Co Inc (MRK)
2013/2/5 UBS AG (UBSN.VX)
2013/2/6 GlaxoSmithKline PLC (GSK.L)
2013/2/11 Waste Management Inc (WM)
2013/2/12 The Coca-Cola Co (KO)
2013/2/12 Barclays PLC (BARC.L)
2013/2/14 PepsiCo Inc (PEP)
2013/2/14 BNP Paribas SA (BNP.PA)
2013/2/14 NVIDIA Corp (NVDA)
2013/2/18 MBIA Inc (MBI)
2013/3/4 HSBC Holdings PLC (HSBA.L)

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