EURO SELLERの為替・投資戦略ブログ

2005年6月の欧州憲法否決の際にユーロを売りまくった管理人の【新】為替・投資日記ブログです。くれぐれも投資行動は自己責任でお願いします。

FOMC statement, January 27, 2010

FOMC statement

2009年12月16日以来,約40日ぶりのリリースとなります。引き続き政策金利は据え置きです。全般的に大きな変更はないですが,今回はホーニグ総裁が文言に反対票を投じました。

(今回の概要)
1.経済活動は,先回の"has continued to pick up"が"has continued to strengthen"に上方修正された。(※1下線)
2.停滞気味の住宅市場の改善の文言がすっかり落ちている代わりに,設備とソフトウェアへのビジネス支出を追加した。(※2下線)
3.工場在庫については,先回の"continue to make progress in bringing inventory stocks"は"have brought inventory stocks"に変更され,一時ほど在庫の出荷が順調ではないことを示した。(※3下線)
4.経済の改善のペースについては,先回の"to remain weak"が"to be moderate"に上方修正された。(※4下線)
5.金融市場と金融機関を安定させるためのFEDの政策についての説明が下線の文からすっかり落ちている。ここ最近の議会での金融機関救済に関するバッシングに配慮してなくしたのかもしれない。(※5下線)
6.コスト上昇圧力について,先回の"to dampen cost pressures"は"to restrain cost pressures"に変更され,ずっと低下のままではなく抑制されていることを示唆した。(※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。今回も"warrant exceptionally"と"for an extended period"はどちらも残った。(※7下線)
8.債券買取りは徐々に終了するので,先回の"to evaluate the timing and overall amounts of its purchases of securities"から"to evaluate its purchases of securities"に簡略化され,もはや購入額とそのタイミングについて評価はなくなった。(※8下線)
9.流動性供給のための各種ツールに関しては,第4パラグラフの文の構造はそれなりに変わったが内容は先回とほとんど変えられていない。終了間際に行う流動性供給の規模と期限についての詳細が明記された。(※9下線)
10.ホーニグ総裁がいつまでも時間軸効果を持たせる"an extended period"の表現に反対票を投じた。(※10下線)

For immediate release
Information received since the Federal Open Market Committee met in December suggests that economic activity ※1has continued to strengthen and that the deterioration in the labor market is abating. Household spending is expanding at a moderate rate but remains constrained by a weak labor market, modest income growth, lower housing wealth, and tight credit. ※2Business spending on equipment and software appears to be picking up, but investment in structures is still contracting and employers remain reluctant to add to payrolls. ※3Firms have brought inventory stocks into better alignment with sales. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely ※4to be moderate for a time, ※5the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

With substantial resource slack continuing ※6to restrain cost pressures and with 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 ※7to warrant exceptionally low levels of the federal funds rate ※7for 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. The Committee will continue ※8to evaluate its purchases of securities in light of the evolving economic outlook and conditions in financial markets.

In light of improved functioning of financial markets, the Federal Reserve will be closing 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 on February 1, as previously announced. In addition, the temporary liquidity swap arrangements between the Federal Reserve and other central banks will expire on February 1. The Federal Reserve is in the process of winding down ※9its Term Auction Facility: $50 billion in 28-day credit will be offered on February 8 and $25 billion in 28-day credit wil be offered at the final auction on March 8. The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30 for loans backed by new-issue commercial mortgage-backed securities and March 31 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; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh. ※10Voting against the policy action was Thomas M. Hoenig, who believed that economic and financial conditions had changed sufficiently that the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted.

コメント

コメントの投稿

管理者にだけ表示を許可する

トラックバック

http://eurofunda.dtiblog.com/tb.php/798-d627d05b

« 2009年12月YTDヘッジファンド成績  | HOME |  ドル円・ユーロドル・ドルスイスの展望【2010/02/01の週の展望】 »

PAGE TOP ▲

Appendix

EURO SELLER

EURO SELLER

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。

DTIブログポータルへ
このブログを通報
Report Abuse

Search

Calender

« | 2017-10 | »
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 - - - -

Forex Rates

This site's QR Code