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FOMC statement, April 28, 2010

FOMC statement


1.労働市場は,先回の"the labor market is stabilizing"が"the labor market is beginning to improve"に連続して上方修正された。(※1下線)
2.家計支出は,先回の"Household spending is expanding at a moderate rate"が"Growth in household spending has picked up recently"に変更されたが増加という意味では同じ。(※2下線)
3.住宅市場は,先回の"housing starts have been flat at a depressed level"が"Housing starts have edged up but remain at a depressed level."に改善の兆しを表現している。(※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。当然ながら終了したMBSに関する文言は後続にはない。(※4下線)
5.流動性供給対策は,"has been closing the special liquidity facilities"から"has closed all but one of the special liquidity facilities"になってほとんど終了したことを示した。(※5下線)
6.ホーニグ総裁が前回同様に"an extended period"の表現に反対票を投じたが,今回は明確な理由として"while limiting the Committee’s flexibility to begin raising rates modestly"と「将来利上げの幅を徐々に上げるのが難しくなる」ことを付け加えた。(※6下線)

For immediate release
Information received since the Federal Open Market Committee met in March suggests that economic activity has continued to strengthen and that ※1the labor market is beginning to improve. ※2Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures is declining and employers remain reluctant to add to payrolls. ※3Housing starts have edged up but remain at a depressed level. 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. 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 ※5has closed all but one of the special liquidity facilities that it created to support markets during the crisis. The 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; it closed 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. Voting 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 a build-up of future imbalances and increase risks to longer run macroeconomic and financial stability, ※6while limiting the Committee’s flexibility to begin raising rates modestly.





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