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, June 23, 2010

FOMC statement

2010年4月28日以来,約55日ぶりという間隔の開いたリリースでした。引き続き政策金利は据え置きですし,目立った政策の変更はありません。WC中にドイツとガーナの試合を見ながら注目されないFOMCのエントリを書くのはだるいというしかありません。

1.経済全般としてはやや下方修正かな。先回の"economic activity has continued to strengthen"が"economic recovery is proceeding"に変更された。(※1下線)
2.労働市場は,先回の"the labor market is beginning to improve."が"the labor market is improving gradually."にさらに上方修正された。(※2下線)
3.商業用不動産市場は,先回の"is declining"が"continues to be weak"で底打ちの表現になったのか。(※3下線)
4.金融市場については(実体経済の自立および資金供給の手段の縮小により)実体経済への後押しの役割が減少していることを表現した。(※4下線)
5.この文は先回にはなくそっくり追加されたもので,商品市場の価格低下とインフレ率の低下をあえて明言した。(※5下線)
6.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。(※6下線)
7.ホーニグ総裁が"an extended period"の表現に反対票を投じたが,理由の表記もあわせて先回と変更はない。(※7下線)

For immediate release
Information received since the Federal Open Market Committee met in April suggests that the ※1economic recovery is proceeding and that ※2the labor market is improving gradually. Household spending is increasing 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 ※3continues to be weak and employers remain reluctant to add to payrolls. Housing starts remain at a depressed level. ※4Financial conditions have become less supportive of economic growth on balance, largely reflecting developments abroad. Bank lending has continued to contract in recent months. Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be moderate for a time.

※5Prices of energy and other commodities have declined somewhat in recent months, and underlying inflation has trended lower. 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 ※6warrant exceptionally low levels of the federal funds rate ※6for 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.

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 ※7because it could lead to a build-up of future imbalances and increase risks to longer-run macroeconomic and financial stability, while limiting the Committee’s flexibility to begin raising rates modestly.

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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。

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