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, August 10, 2010

FOMC statement

2010年6月23日以来,約47日ぶりのリリースでした。引き続き政策金利は据え置きですが,FRBのバランスシートを維持するための長期米国債への再投資や国債のロールオーバーを宣言しているのが特徴です。事実上,出口戦略の「一時停止」と言えます。

1.景気回復も労働市場も下方修正された。先回は"the economic recovery is proceeding and that the labor market is improving gradually"で"has slowed"などと停滞を表す表現は出てこない。(※1下線)
2.設備投資とソフトウェアに関しては,先回の"has risen significantly"が"is rising"に少し下方修正された。(※2下線)
3.先回あった金融市場についての(実体経済への後押しの役割が減少したという)表現は緩和継続との整合性からもう一度削除された。(※3箇所)
4.先回と基調は同じものの,先回の"is likely to be moderate for a time"が"is likely to be more modest in the near term"で緩やかの度合いが増した。(このへんのFRB文学は日銀文学のように細かい)(※4下線)
5.先回と基調は同じものの,エネルギー価格と商品価格の下落に関する記述が削除された。石油価格が安定していることや小麦価格が上昇していることからそぐわなくなった。(※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.今回の目玉のパラグラフで,住宅ローン担保証券(MBS)などが償還を迎えた場合に長期米国債に再投資することや国債のロールオーバーを宣言した。(※7下線)
8.いつものようにホーニグ総裁が"an extended period"の表現に反対票を投じたが,今回は新たな緩和策であるFRBのバランスシートの維持にも異議を唱えた。(※8下線)

For immediate release
Information received since the Federal Open Market Committee met in June indicates that ※1the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. ※2Business spending on equipment and software is rising; however, investment in nonresidential structures continues to be weak and employers remain reluctant to add to payrolls. Housing starts remain at a depressed level. ※3 Bank lending has continued to contract. Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although ※4the pace of economic recovery is likely to be more modest in the near term than had been anticipated.

※5Measures of underlying inflation have trended lower in recent quarters and, 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.

※7To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities. The Committee will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.

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 was Thomas M. Hoenig, who judges that the economy is recovering modestly, as projected. Accordingly, he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and limits the Committee's ability to adjust policy when needed. In addition, given economic and financial conditions, ※8Mr. Hoenig did not believe that keeping constant the size of the Federal Reserve's holdings of longer-term securities at their current level was required to support a return to the Committee's policy objectives.

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/877-f8b7360e

« ドル円・ユーロドル・ドルスイスの展望【2010/08/09の週の展望】(雨上がりの休暇スタート)  | HOME |  米7月小売売上高は前月比プラスも予想を若干下回る »

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