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FOMC statement, December 14, 2010

FOMC statement, December 14, 2010

FOMC statement


1.雇用回復のペースについては,先回の"employment continues to be slow."から今回の"at a rate that(economic recovery) has been insufficient to bring down unemployment."と経済回復の遅さに焦点を当てた書き方に変更。(※1下線)
2.家計消費は,先回の"increasing gradually"が"increasing at a moderate pace"に若干変化。(※2下線)
3.目先のインフレ状況については,先回の"have trended lower in recent quarters."が"have continued to trend downward."に変化してディスインフレーションの拡大を強調(※3下線)
5.追加緩和については,先回の"to expand its holdings of securities."から"to continue expanding its holdings of securities as announced in November."の継続表現になった部分以外は一部形容詞以外は同じ表現。(※4下線)
6.第4パラグラフは先回と全く同じ表現。言うまでもなくレートは今回も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。(※5下線)
8.いつも反対のホーニグ総裁の主張も先回と同じ表現だが,"In light of the improving economy"という表現の追加は,彼が米経済の回復ぶりを他のメンバーより楽観的に見ていることの証左だろう。(※6下線)

For immediate release
Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though ※1at a rate that has been insufficient to bring down unemployment. Household spending is ※2increasing at a moderate pace, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Longer-term inflation expectations have remained stable, but measures of underlying inflation ※3have continued to trend downward.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today ※4to continue expanding its holdings of securities as announced in November. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month. The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.

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 ※5warrant exceptionally low levels for the federal funds rate ※5for an extended period.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Sandra Pianalto; Sarah Bloom Raskin; Eric S. Rosengren; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

Voting against the policy was Thomas M. Hoenig. ※6In light of the improving economy, Mr. Hoenig was concerned that a continued high level of monetary accommodation would increase the risks of future economic and financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.





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