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FOMC statement, January 26, 2011

FOMC statement, January 26, 2011

FOMC statement


1.雇用回復のペースについては,先回の"insufficient to bring down unemployment"から今回の"insufficient to bring about a significant improvement in labor market conditions."と多少プラス方向の表現に変更。(※1下線)
2.家計消費は,先回の"increasing at a moderate pace"から成長が"picked up late last year"に若干変化。(※2下線)
3.ビジネス消費は,先回の"though less rapidly than earlier in the year"という但し書きが消えたので堅調で,非居住用建築物への投資のみ"still weak"と強調。(※3下線)
4.インフレ状況については,"Although commodity prices have risen"と商品相場の高騰に言及したが概況としては変化なし。(※4下線)
7.第4パラグラフは先回と全く同じ表現。言うまでもなくレートは今回も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。(※5下線)
9.退任4名:James Bullard, Sandra Pianalto, Eric S. Rosengren, Thomas M. Hoenig,新任4名:Charles L. Evans, Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser(※6下線)

For immediate release
Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been ※1insufficient to bring about a significant improvement in labor market conditions. Growth in household spending ※2picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, ※3while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. ※4Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.

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 ※5warrant exceptionally low levels for the federal funds rate ※5for an extended period.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.

Voting for the FOMC monetary policy action were: ※6Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

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