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, March 16, 2010

FOMC statement

2010年1月27日以来,約50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。1,2の上方修正と3の下方修正が目立つ程度であり,5,6については時間が経過しただけの記述の違いなので先回より文言の変更は少ないと言えます。今回もホーニグ総裁が文言に反対票を投じました。言い換えると,景気の緩やかな上昇とともに非伝統的金融政策の「出口」には確実に近づいていると考えられます。

(今回の概要)
1.労働市場は,先回の"the deterioration in the labor market is abating"が"the labor market is stabilizing"に上方修正された。(※1下線)
2.設備とソフトウェアへのビジネス支出は,先回の"appears to be picking up"が"has risen significantly"に上方修正された。(※2下線)
3.建設投資については,今回は商業物件についての投資について"investment in nonresidential structures is declining"と下方修正した。(※3下線)
4.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。(※4下線)
5.MBSについては,先回の"is in the process of purchasing"が"has been purchasing"に時制が変わり,経過措置に関する記述は削除されて3月での買取り終了をいっそう明確にした。(※5下線)
6.数々の流動性供給対策を終了させることを先回とは異なり一括記述した後に,"Term Asset-Backed Securities Loan Facility"だけは期限が6月末なので特別に分けて記述している。(※6下線)
7.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。(※7下線)

For immediate release
Information received since the Federal Open Market Committee met in January suggests that economic activity has continued to strengthen and that ※1the labor market is stabilizing. Household spending is expanding at a moderate rate but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software ※2has risen significantly. However, ※3investment in nonresidential structures is declining, housing starts have been flat at a depressed level, and employers remain reluctant to add to payrolls. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability.

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 ※4warrant exceptionally low levels of the federal funds rate ※4for an extended period. To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve ※5has been purchasing $1.25 trillion of agency mortgage-backed securities and about $175 billion of agency debt; those purchases are nearing completion, and the remaining transactions will be executed by the end of this month. 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.

In light of improved functioning of financial markets, the Federal Reserve has been closing the special liquidity facilities that it created to support markets during the crisis. ※6The only remaining such program, the Term Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for loans backed by new-issue commercial mortgage-backed securities and on March 31 for loans backed by all other types of collateral.

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. ※7Voting against the policy action was Thomas M. Hoenig, who believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.

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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。

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