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FOMC statement, November 4, 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 activity) has picked up"は"has continued to pick up"になり,景気回復傾向の継続を示唆している。(※1下線)
2.金融市場については,先回の"(Conditions in financial markets) have improved further"は"were roughly unchanged, on balance"に変更され,CITの破綻なども織り込みながら改善の程度が停滞気味であると示唆している。(※2下線)
3.住宅市場については,先回の"(housing sector) has increased"に"over recent months"が加えられ,改善継続を強調する表現になった。(※3下線)
4.家計支出についても,先回の"seems to be stabilizing"という表現は"appears to be expanding"に変更され,増加拡大が示唆される表現に変更された。(※4下線)

For immediate release
Information received since the Federal Open Market Committee met in September suggests that economic activity ※1has continued to pick up. ※2Conditions in financial markets were roughly unchanged, on balance, over the intermeeting period. Activity in the housing sector has increased ※3over recent months. Household spending ※4appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing, though at a slower pace; they continue to make progress in bringing inventory stocks into better alignment with sales. 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 support 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.

In these circumstances, the Federal Reserve will continue to employ a wide range of 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, ※6including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. 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 $1.25 trillion of agency mortgage-backed securities and ※7about $175 billion of agency debt. The amount of agency debt purchases, while somewhat less than the previously announced maximum of $200 billion, is consistent with the recent path of purchases and reflects the limited availability of agency debt. In order to promote a smooth transition in markets, the Committee will gradually slow the pace of its purchases of both agency debt and agency mortgage-backed securities and 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. 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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管理人のニックネームEURO SELLERの由来は,2005年6月の欧州憲法の否決の際にユーロを売りまくったことからきています。もう一つのシステムトレードのブログはこちらです。

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