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FOMC statement, December 16, 2009

FOMC statement


1.引き続き,レートを最初に持ってこないで先回のFOMCからの概況を先に持ってきた。"the deterioration in the labor market is abating"で労働市場での改善を追加した。(※1下線)
2.金融市場についての言及がこの部分から消え,先回の"Activity in the housing sector has increased over recent months"は"The housing sector has shown some signs of improvement over recent months"に変更され,住宅市場の改善をより明確に表現した。(※2下線)
3.家計支出については,先回の"appears to be expanding"に"at a moderate rate"が加えられ,拡大傾向が緩やかになったことを強調する表現になった。(※3下線)
4.家計支出の阻害要因では,先回の"ongoing job losses, sluggish income growth, lower housing wealth, and tight credit"という表現は"a weak labor market, modest income growth, lower housing wealth, and tight credit"に変更され,労働市場の底打ちを暗に示唆した。(※4下線)
5.ビジネスの改善が直ちに労働市場に反映されない傾向を"(Businesses) remain reluctant to add to payrolls"で表現した。(※5下線)
6.金融市場についての言及は後段になったが,先回の"Conditions in financial markets were roughly unchanged"が"Financial market conditions have become more supportive of economic growth"に変更され,実体経済に悪影響を与えるイメージを完全に払拭した。(※6下線)
7.レートは今回も0.25%で据え置きで,FOMC文内の優先順位は低い。また,前段の"continue to employ a wide range of tools to promote economic recovery"が消えた。(※7下線)
8.今回も"warrant exceptionally"と"for an extended period"はどちらも残った。(※8下線)

For immediate release
Information received since the Federal Open Market Committee met in November suggests that economic activity has continued to pick up ※1and that the deterioration in the labor market is abating. ※2The housing sector has shown some signs of improvement over recent months. ※3Household spending appears to be expanding at a moderate rate, though it remains constrained by ※4a weak labor market, modest income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment, though at a slower pace, and ※5remain reluctant to add to payrolls; they continue to make progress in bringing inventory stocks into better alignment with sales. ※6Financial market conditions have become more supportive of economic growth. Although economic activity is likely to remain weak for a time, the Committee anticipates that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a strengthening of economic growth and a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack likely to continue to dampen cost pressures and with longer-term inflation expectations stable, the Committee expects that inflation will remain subdued for some time.

※7The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to ※8warrant exceptionally low levels of the federal funds rate ※8for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve is in the process of purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt. In order to promote a smooth transition in markets, the Committee is gradually slowing the pace of these purchases, and it anticipates that these transactions will be executed by the end of the first quarter of 2010. 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.

※9In light of ongoing improvements in the functioning of financial markets, the Committee and the Board of Governors anticipate that most of the Federal Reserve’s special liquidity facilities will expire on February 1, 2010, consistent with the Federal Reserve’s announcement of June 25, 2009. ※10These facilities include the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility. The Federal Reserve will also be working with its central bank counterparties to close its temporary liquidity swap arrangements by February 1. ※11The Federal Reserve expects that amounts provided under the Term Auction Facility will continue to be scaled back in early 2010. The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30, 2010, for loans backed by new-issue commercial mortgage-backed securities and March 31, 2010, for loans backed by all other types of collateral. The Federal Reserve is prepared to modify these plans if necessary to support financial stability and economic growth.

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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