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FOMC statement, August 10, 2010

FOMC statement


1.景気回復も労働市場も下方修正された。先回は"the economic recovery is proceeding and that the labor market is improving gradually"で"has slowed"などと停滞を表す表現は出てこない。(※1下線)
2.設備投資とソフトウェアに関しては,先回の"has risen significantly"が"is rising"に少し下方修正された。(※2下線)
4.先回と基調は同じものの,先回の"is likely to be moderate for a time"が"is likely to be more modest in the near term"で緩やかの度合いが増した。(このへんのFRB文学は日銀文学のように細かい)(※4下線)
6.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。今回も"warrant exceptionally"と"for an extended period"はどちらも残った。(※6下線)
8.いつものようにホーニグ総裁が"an extended period"の表現に反対票を投じたが,今回は新たな緩和策であるFRBのバランスシートの維持にも異議を唱えた。(※8下線)

For immediate release
Information received since the Federal Open Market Committee met in June indicates that ※1the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. ※2Business spending on equipment and software is rising; however, investment in nonresidential structures continues to be weak and employers remain reluctant to add to payrolls. Housing starts remain at a depressed level. ※3 Bank lending has continued to contract. Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although ※4the pace of economic recovery is likely to be more modest in the near term than had been anticipated.

※5Measures of underlying inflation have trended lower in recent quarters and, with substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.

The 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 ※6warrant exceptionally low levels of the federal funds rate ※6for an extended period.

※7To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities. The Committee will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh.

Voting against the policy was Thomas M. Hoenig, who judges that the economy is recovering modestly, as projected. Accordingly, he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and limits the Committee's ability to adjust policy when needed. In addition, given economic and financial conditions, ※8Mr. Hoenig did not believe that keeping constant the size of the Federal Reserve's holdings of longer-term securities at their current level was required to support a return to the Committee's policy objectives.

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