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 15, 2011

FOMC statement

2011年1月26日以来,約48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ありまた追加緩和の予定も従来通りです。先月に続き全会一致であり,目立った点はインフレに対する警戒感が増したことです。

1.景気回復については,先回の"is continuing"から今回の"is on a firmer footing"と多少力強さを感じる表現に変更。(※1下線)
2.雇用回復のペースについては,先回の"insufficient to bring about a significant improvement in labor market conditions."から今回の"overall conditions in the labor market appear to be improving gradually."と十分改善がない状態から徐々に改善とよりプラス方向の表現に変更。(※2下線)
3.家計消費は,先回の"picked up late last year"から今回の"continue to expand"に力強く改善。(※3下線)
4.ビジネス消費も同様に,先回の"is rising"から今回の"continue to expand"に力強く改善。(※3下線)
5.商品価格については,先回の"Although commodity prices have risen"から今回の"Commodity prices have risen significantly since the summer"に変化し後段で原油相場に懸念。(※4下線)
6.第1パラグラフでのインフレ状況については,先回の"have been trending downward"から今回の"have been subdued"に変化し若干デフレイメージは後退。(※5下線)
7.第2パラグラフでのインフレ状況については,先回の"are somewhat low"から今回の"continue to be somewhat low"に変化したがニュアンスの変化とまでは言えない。(※6下線)
8.エネルギーおよび商品価格の最近の上昇について再び言及されて,「FOMCはインフレの進展及びその期待の変化について特に注視する」との一文が追加。(※7下線)
9.第3パラグラフは先回と全く同じ表現。
10.第4パラグラフも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。(※8下線)
11.第5パラグラフも先回と全く同じ表現。
12.退任1名:Kevin M. Warsh

For immediate release
Information received since the Federal Open Market Committee met in January suggests that the economic recovery ※1is on a firmer footing, and ※2overall conditions in the labor market appear to be improving gradually. Household spending and business investment in equipment and software ※3continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. ※4Commodity prices have risen significantly since the summer, and concerns about global supplies of crude oil have contributed to a sharp run-up in oil prices in recent weeks. Nonetheless, longer-term inflation expectations have remained stable, and measures of underlying inflation ※5have been subdued.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate remains elevated, and measures of underlying inflation ※6continue to be somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. ※7The recent increases in the prices of energy and other commodities are currently putting upward pressure on inflation. The Committee expects these effects to be transitory, but it will pay close attention to the evolution of inflation and inflation expectations. The Committee continues to anticipate a gradual return to higher levels of resource utilization in a context of price stability.

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 to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury securities by the end of the second quarter of 2011. 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 ※8warrant exceptionally low levels for the federal funds rate ※8for 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; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen.

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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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