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FOMC statement, August 12, 2009

FOMC statement


1.引き続き,レートを最初に持ってこないで前回のFOMCからの概況を先に持ってきた。先回の"(economic contraction) is slowing"は"leveling out"になり,景気悪化の下げ止まりをいっそう明確にしている。(※1下線)
2.最近の金融市場の改善について,"generally improved"から"improved further"に変更され,改善程度はより増した表現になった。(※2下線)
4.ビジネス状況は,"appear to be making progress"から"are making progress"に変えられ,改善が継続していることを示した。(※4下線)
6.国債を買い始めたので,"will buy"は"is in the process of buying"になった。(※6下線)
7.先月から挿入されたこの一文は,国債の買取りのペースが徐々に鈍化する("gradually slow the pace of these transactions")ように行われること,(買取り終了)の「出口」も前回の前文にあった"by autumn"が削除されて"by the end of October"とより明確に規定された。(※7下線)

Release Date: August 12, 2009
For immediate release

Information received since the Federal Open Market Committee met in June suggests that economic activity is ※1leveling out. Conditions in financial markets have ※2improved further in recent weeks. Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, ※3sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing but ※4are making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. ※5The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve ※6is in the process of buying $300 billion of Treasury securities. ※7To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

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