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 FUTUREPATH TRADING LLC期貨分析師和經(jīng)紀(jì)FRANK LESH指出，聲明內(nèi)容變化不大，沒有很多意外。很多內(nèi)容在預(yù)料之中。

 

截至北京時(shí)間周四05:26，美元指數(shù)報(bào)79.89。

 

發(fā)布日期(美國時(shí)間)

2012/12/12

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，F(xiàn)OMC預(yù)期2015年中期前不會(huì)觸及所設(shè)的失業(yè)率門檻，委員會(huì)相信將需要在達(dá)到全面就業(yè)前撤走高度寬松政策立場，但達(dá)到門檻之前不會(huì)自動(dòng)觸發(fā)寬松政策的減少。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)今年10月政策會(huì)議后獲得的信息，美國經(jīng)濟(jì)活動(dòng)和就業(yè)在近幾個(gè)月持續(xù)以溫和的速度擴(kuò)張，盡管受到惡劣天氣狀況的影響。盡管夏季以來，失業(yè)率錄得部分下滑，但仍處于較高水平。家庭支出繼續(xù)處于擴(kuò)張勢(shì)頭，房產(chǎn)市場繼續(xù)顯示改善跡象。但商業(yè)固定投資增長放緩。

 

通貨膨脹：通脹一直在略低于委員會(huì)較長期目標(biāo)水準(zhǔn)之下，除了臨時(shí)受到主要是反映能源價(jià)格波動(dòng)的變數(shù)影響。較長期通脹預(yù)期保持穩(wěn)定。

 

推出QE4：委員會(huì)將繼續(xù)透過按每月400億美元的進(jìn)度購買機(jī)構(gòu)抵押支持債券(MBS)。委員會(huì)還將在延長所持證券平均年期計(jì)劃年底完成后，購買較長期國債，初步進(jìn)度為每月450億美元。委員會(huì)維持把所持機(jī)構(gòu)債和機(jī)構(gòu)MBS回籠本金再投資到機(jī)構(gòu)MBS的現(xiàn)有政策，且在1月將通過標(biāo)購繼續(xù)延長所持國債久期。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in October suggests that economic activity and employment have continued to expand at a moderate pace in recent months, apart from weather-related disruptions.  Although the unemployment rate has declined somewhat since the summer, it remains elevated. Household spending has continued to advance, and the housing sector has shown further signs of improvement, but growth in business fixed investment has slowed.

 

Inflation: Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-term inflation expectations have remained stable.

 

Announcing QE4:  To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee will continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克反對(duì)進(jìn)一步購買資產(chǎn)和延長低利率承諾。

發(fā)布日期(美國時(shí)間)

2012/10/24

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2015年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)在近幾個(gè)月持續(xù)以溫和的速度擴(kuò)張，就業(yè)增長近幾個(gè)月放緩，失業(yè)率仍然高企。家庭支出繼續(xù)處于擴(kuò)張勢(shì)頭，且擴(kuò)張速度略有提高，但設(shè)備和軟件的商業(yè)投資出現(xiàn)放緩。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：近幾個(gè)月通脹有所上升，主要?dú)w因于能源價(jià)格的走高，較長期通脹預(yù)期則保持穩(wěn)定。

 

繼續(xù)推行無限量QE3：委員會(huì)將繼續(xù)以每月400億美元的進(jìn)度進(jìn)一步購買抵押貸款支持證券(MBS)。委員會(huì)將繼續(xù)采取適宜政策行動(dòng)，直至就業(yè)市場及整體經(jīng)濟(jì)形勢(shì)改善。委員會(huì)還決定維持目前的將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。美聯(lián)儲(chǔ)還將例行檢討所持證券倉位規(guī)模和組成，準(zhǔn)備在適當(dāng)?shù)那闆r下作出調(diào)整。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in September suggests that economic activity has continued to expand at a moderate pace in recent months. Growth in employment has been slow, and the unemployment rate remains elevated. Household spending has advanced a bit more quickly, but growth in business fixed investment has slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level.

 

Inflation: Inflation recently picked up somewhat, reflecting higher energy prices. Longer-term inflation expectations have remained stable.

 

Purchasing additional MBS:  To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克反對(duì)進(jìn)一步購買資產(chǎn)和延長低利率承諾。

發(fā)布日期(美國時(shí)間)

2012/9/13

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2015年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)在近幾個(gè)月持續(xù)以溫和的速度擴(kuò)張，就業(yè)增長近幾個(gè)月放緩，失業(yè)率仍然高企。家庭支出繼續(xù)處于擴(kuò)張勢(shì)頭，但設(shè)備和軟件的商業(yè)投資出現(xiàn)放緩。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：此外，近幾個(gè)月通脹有所下滑，盡管商品價(jià)格有所上揚(yáng)，同時(shí)較長期通脹預(yù)期則保持穩(wěn)定。

 

推出無限量QE3：委員會(huì)決定以每月400億美元的進(jìn)度進(jìn)一步購買抵押貸款支持證券(MBS)。委員會(huì)將繼續(xù)采取適宜政策行動(dòng)，直至就業(yè)市場及整體經(jīng)濟(jì)形勢(shì)改善。委員會(huì)還決定維持目前的將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。美聯(lián)儲(chǔ)還將例行檢討所持證券倉位規(guī)模和組成，準(zhǔn)備在適當(dāng)?shù)那闆r下作出調(diào)整。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in August suggests that economic activity has continued to expand at a moderate pace in recent months.  Growth in employment has been slow, and the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment appears to have slowed. The housing sector has shown some further signs of improvement, albeit from a depressed level.

 

Inflation: Inflation has been subdued, although the prices of some key commodities have increased recently. Longer-term inflation expectations have remained stable.

 

Purchasing additional MBS:  To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克反對(duì)進(jìn)一步購買資產(chǎn)和延長低利率承諾。

發(fā)布日期(美國時(shí)間)

2012/8/1

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2014年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)復(fù)蘇在今年上半年逐漸失去動(dòng)能，就業(yè)增長近幾個(gè)月放緩，失業(yè)率仍然高企。家庭支出的擴(kuò)張步伐較今年早些時(shí)候有所放緩，而設(shè)備和軟件的商業(yè)投資繼續(xù)實(shí)現(xiàn)擴(kuò)張。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：近幾個(gè)月通脹有所下滑，主要原因是原油和汽油價(jià)格回落，同時(shí)較長期通脹預(yù)期則保持穩(wěn)定。

 

延長賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持目前的“賣短債買長債”的扭轉(zhuǎn)操作，至2012年末進(jìn)一步購買約2,670億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in June suggests that economic activity decelerated somewhat over the first half of this year. Growth in employment has been slow in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending has been rising at a somewhat slower pace than earlier in the year. Despite some further signs of improvement, the housing sector remains depressed.

 

Inflation: Inflation has declined, mainly reflecting lower prices of crude oil and gasoline, and longer-term inflation expectations have remained stable.

 

Continue expanding the average maturity of the holdings of securities:  The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克傾向于去掉維持異常低利率的時(shí)間期限。

發(fā)布日期(美國時(shí)間)

2012/6/20

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2014年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)繼續(xù)呈現(xiàn)出穩(wěn)步擴(kuò)張之勢(shì)，但經(jīng)濟(jì)數(shù)據(jù)顯示就業(yè)增長近幾個(gè)月放緩，失業(yè)率仍然高企。家庭支出的擴(kuò)張步伐較今年早些時(shí)候有所放緩，而設(shè)備和軟件的商業(yè)投資繼續(xù)實(shí)現(xiàn)擴(kuò)張。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：近幾個(gè)月通脹有所下滑，主要原因是原油和汽油價(jià)格回落，同時(shí)較長期通脹預(yù)期則保持穩(wěn)定。

 

延長賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定延長目前推行的“賣短債買長債”的扭轉(zhuǎn)操作，至2012年末進(jìn)一步購買約2,670億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in April suggests that the economy has been expanding moderately this year. However, growth in employment has slowed in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending appears to be rising at a somewhat slower pace than earlier in the year. Despite some signs of improvement, the housing sector remains depressed.

 

Inflation: Inflation has declined, mainly reflecting lower prices of crude oil and gasoline, and longer-term inflation expectations have remained stable.

 

Continue expanding the average maturity of the holdings of securities:  The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities. Specifically, the Committee intends to purchase Treasury securities with remaining maturities of 6 years to 30 years at the current pace and to sell or redeem an equal amount of Treasury securities with remaining maturities of approximately 3 years or less.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克反對(duì)延長當(dāng)前的扭轉(zhuǎn)操作。

發(fā)布日期(美國時(shí)間)

2012/4/25

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2014年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：近幾個(gè)月的經(jīng)濟(jì)數(shù)據(jù)顯示出美國勞工市場總體狀況有所改善，失業(yè)率出現(xiàn)了明顯下滑但總體而言依然處于高位。近幾個(gè)月來家庭支出、設(shè)備和軟件的商業(yè)投資繼續(xù)實(shí)現(xiàn)擴(kuò)張。與此同時(shí)，盡管出現(xiàn)改善，但房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：近幾個(gè)月通脹有所上升，主要原因是原因和汽油價(jià)格上漲，但較長期通脹預(yù)期則保持穩(wěn)定。

 

維持賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持在2012年6月底前購買4,000億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in March suggests that the economy has been expanding moderately. Labor market conditions have improved in recent months; the unemployment rate has declined but remains elevated. Household spending and business fixed investment have continued to advance. Despite some signs of improvement, the housing sector remains depressed.

 

Inflation: Inflation has picked up somewhat, mainly reflecting higher prices of crude oil and gasoline. However, longer-term inflation expectations have remained stable.

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is

maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克認(rèn)為經(jīng)濟(jì)狀況可能無法為維持異常低利率直至2014年底提供依據(jù)。

發(fā)布日期(美國時(shí)間)

2012/3/13

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2014年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)繼續(xù)呈現(xiàn)出穩(wěn)步擴(kuò)張之勢(shì)。近期的經(jīng)濟(jì)數(shù)據(jù)顯示出美國勞工市場總體狀況有所改善，失業(yè)率出現(xiàn)了明顯下滑但總體而言依然處于高位。近幾個(gè)月來家庭支出、設(shè)備和軟件的商業(yè)投資繼續(xù)實(shí)現(xiàn)擴(kuò)張。與此同時(shí)，房產(chǎn)市場依然疲憊不堪。

 

通貨膨脹：通脹形勢(shì)近幾個(gè)月繼續(xù)緩和，盡管國際原油及國內(nèi)汽油價(jià)格走高，較長期通脹預(yù)期則保持穩(wěn)定。

 

維持賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持在2012年6月底前購買4,000億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in January suggests that the economy has been expanding moderately. Labor market conditions have improved further;  the unemployment rate has declined notably in recent months but remains elevated. Household spending and business fixed investment have continued to advance. The housing sector remains depressed.

 

Inflation: Inflation has been subdued in recent months, although prices of crude oil and gasoline have increased lately. Longer-term inflation expectations have remained stable.

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is

maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克認(rèn)為不需要維持異常低利率直至2014年末。

發(fā)布日期(美國時(shí)間)

2012/1/25

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2014年末維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)繼續(xù)呈現(xiàn)出穩(wěn)步擴(kuò)張之勢(shì)，盡管同期全球經(jīng)濟(jì)增長明顯放緩。近期的經(jīng)濟(jì)數(shù)據(jù)顯示出美國整體勞動(dòng)力總體狀況有所改善，但失業(yè)率仍居高不下。近幾個(gè)月來家庭支出以相對(duì)較快的速度持續(xù)增長，而設(shè)備和軟件的商業(yè)投資繼續(xù)的擴(kuò)張速度稍有放緩。此外，通脹形勢(shì)自年內(nèi)早些時(shí)候已經(jīng)緩和，較長期通脹預(yù)期則保持穩(wěn)定。

 

通貨膨脹：通脹形勢(shì)已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落，較長期通脹預(yù)期則保持穩(wěn)定。

 

維持賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持在2012年6月底前購買4,000億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in December suggests that the economy has been expanding moderately, notwithstanding some slowing in global growth. While indicators point to some further improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but growth in business fixed investment has slowed, and the housing sector remains depressed.

 

Inflation: Inflation has been subdued in recent months, and longer-term inflation expectations have remained stable.

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is

maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.

備注提示

里奇蒙德聯(lián)儲(chǔ)主席萊克傾向于忽略維持近零利率政策的時(shí)間框架。

發(fā)布日期(美國時(shí)間)

2011/12/13

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2013年中維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)繼續(xù)呈現(xiàn)出穩(wěn)步擴(kuò)張之勢(shì)，盡管同期全球經(jīng)濟(jì)增長明顯放緩。近期的經(jīng)濟(jì)數(shù)據(jù)顯示出美國整體勞動(dòng)力總體狀況有所改善，但失業(yè)率仍居高不下。近幾個(gè)月來家庭支出以相對(duì)較快的速度持續(xù)增長，而設(shè)備和軟件的商業(yè)投資繼續(xù)的擴(kuò)張速度稍有放緩。此外，通脹形勢(shì)自年內(nèi)早些時(shí)候已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落，較長期通脹預(yù)期則保持穩(wěn)定。

 

通貨膨脹：通脹形勢(shì)已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落，較長期通脹預(yù)期則保持穩(wěn)定。

 

維持賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持在2012年6月底前購買4,000億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in November suggests that the economy has been expanding moderately, notwithstanding some apparent slowing in global growth. While indicators point to some improvement in overall labor market conditions, the unemployment rate remains elevated. Household spending has continued to advance, but business fixed investment appears to be increasing less rapidly and the housing sector remains depressed.

 

Inflation: Inflation appears to have moderated since earlier in the year as prices of energy and some commodities have declined from their peaks. Longer-term inflation expectations have remained stable.

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is

maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.

備注提示

芝加哥聯(lián)儲(chǔ)主席埃文斯支持目前進(jìn)一步實(shí)施寬松貨幣政策。

發(fā)布日期(美國時(shí)間)

2011/11/02

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2013年中維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)復(fù)蘇步伐在第三季度有所加快，顯示出之前對(duì)美國經(jīng)濟(jì)構(gòu)成打壓的一些暫時(shí)性因素的影響開始消退甚至逆轉(zhuǎn)。不過，近期的經(jīng)濟(jì)數(shù)據(jù)顯示出美國整體勞動(dòng)力市場保持疲弱態(tài)勢(shì)，失業(yè)率則依舊居高不下。近幾個(gè)月來家庭支出以相對(duì)較快的速度增長，設(shè)備和軟件的商業(yè)投資繼續(xù)有所擴(kuò)張。但與此同時(shí)，非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場則繼續(xù)承壓。

 

通貨膨脹：通脹形勢(shì)已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落，較長期通脹預(yù)期則保持穩(wěn)定。

 

維持賣短債、買長債的扭轉(zhuǎn)操作：委員會(huì)決定維持在2012年6月底前購買4,000億美元6年期至30期國債，并在同期出售相同規(guī)模的三年期或更短期國債的計(jì)劃，同時(shí)維持將抵押貸款支持債券到期本金再投資到MBS，以及到期國債回籠資金再投資的現(xiàn)有政策。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in September indicates that economic growth strengthened somewhat in the third quarter, reflecting in part a reversal of the temporary factors that had weighed on growth earlier in the year. Nonetheless, recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated. Household spending has increased at a somewhat faster pace in recent month. Business investment in equipment and software has continued to expand, but investment in nonresidential structures is still weak, and the housing sector remains depressed..

 

Inflation: Inflation appears to have moderated since earlier in the year as prices of energy and some commodities have declined from their peaks. Longer-term inflation expectations have remained stable.

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is

maintaining its existing policies of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction.

備注提示

芝加哥聯(lián)儲(chǔ)主席埃文斯支持目前進(jìn)一步實(shí)施寬松貨幣政策。

發(fā)布日期(美國時(shí)間)

2011/09/21

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2013年中維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)8月會(huì)議后獲得的信息，美國經(jīng)濟(jì)復(fù)蘇形勢(shì)繼續(xù)保持緩慢步幅。近期的經(jīng)濟(jì)數(shù)據(jù)顯示出美國整體勞動(dòng)力市場保持疲弱態(tài)勢(shì)，失業(yè)率則依舊居高不下。近幾個(gè)月來家庭支出僅以溫和的速度增長，盡管汽車銷售在供應(yīng)鏈中斷的壓力緩解后有所回升。與此同時(shí)，非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場則繼續(xù)承壓。但是，設(shè)備和軟件的商業(yè)投資有所擴(kuò)張。

 

通貨膨脹：通脹在今年稍早回升，主要反映出部分進(jìn)口商品價(jià)格上漲以及供應(yīng)鏈?zhǔn)軘_。最近一段時(shí)間，通脹已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落。此外，較長期通脹預(yù)期保持穩(wěn)定。

 

推出賣短債、買長債的扭轉(zhuǎn)操作：為促進(jìn)經(jīng)濟(jì)更強(qiáng)勁復(fù)蘇，并幫助確保通脹隨著時(shí)間的進(jìn)展達(dá)至符合目標(biāo)水準(zhǔn)，委員會(huì)決定將在2012年6月底前購買4,000億美元6年期至30期國債，并將在同期出售相同規(guī)模的三年期或更短期的國債。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in August indicates that economic growth remains slow. Recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated.  Household spending has been increasing at only a modest pace in recent months despite some recovery in sales of motor vehicles as supply-chain disruptions eased. Investment in nonresidential structures is still weak, and the housing sector remains depressed.  However, business investment in equipment and software continues to expand.

 

Inflation: Inflation appears to have moderated since earlier in the year as prices of energy and some commodities have declined from their peaks. Longer-term inflation expectations have remained stable..

 

Continue expanding the holdings of securities:  To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to extend the average maturity of its holdings of securities. The Committee intends to purchase by the end of June 2012, $400 billion of Treasury securities with remaining maturities of three years or less.

備注提示

費(fèi)舍爾、柯薛拉柯塔、普羅索表示不支持采取更多寬松貨幣政策

發(fā)布日期(美國時(shí)間)

2011/08/09

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，聯(lián)邦基金利率將在至少至2013年中維持于近零水準(zhǔn)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)6月會(huì)議后獲得的信息，美國經(jīng)濟(jì)復(fù)蘇較之前委員會(huì)預(yù)期的顯著放慢。與此同時(shí)，整體就業(yè)市場的表現(xiàn)也不及預(yù)期。經(jīng)濟(jì)指標(biāo)暗示就業(yè)市場復(fù)蘇近幾個(gè)月出現(xiàn)停滯，失業(yè)率也有所上揚(yáng)。家庭支出非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場繼續(xù)承壓。

 

通貨膨脹：通脹在今年稍早回升，主要反映出部分進(jìn)口商品價(jià)格上漲以及供應(yīng)鏈?zhǔn)軘_。最近一段時(shí)間，通脹已經(jīng)緩和，因能源和部分商品價(jià)格已經(jīng)從稍早的高位回落。此外，較長期通脹預(yù)期保持穩(wěn)定。

 

維持到期證券回籠資金再投資的政策：委員會(huì)將維持現(xiàn)有的對(duì)到期證券回籠資金再投資的政策。委員會(huì)將定期檢討所持證券的規(guī)模和組成，準(zhǔn)備在適當(dāng)?shù)臅r(shí)候作出調(diào)整。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in June indicates that economic growth so far this year has been considerably slower than the Committee had expected.  Also, recent labor market indicators have been weaker than anticipated.  Indicators suggest a deterioration overall in labor market conditions in recent months, and the unemployment rate has moved up. Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed.

 

Inflation: Inflation picked up earlier in the year, mainly reflecting higher prices for some commodities of imported goods, as well as the supply chain disruptions. More recently, inflation has moderated as prices of energy and some commodities have declined from their earlier peaks. Longer-term inflation expectations have remained stable.

 

Maintain reinvesting principal payments from securities:  The Committee also will maintain its existing policy of reinvesting principal payments from its securities holdings. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate.

備注提示

費(fèi)舍爾、柯薛拉柯塔、普羅索傾向于保留“一段長時(shí)間”措辭。

發(fā)布日期(美國時(shí)間)

2011/06/22

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，并將維持在2011年第二季度前進(jìn)一步購買6000億美元較長期美國國債的計(jì)劃。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)4月會(huì)議后獲得的信息，美國經(jīng)濟(jì)復(fù)蘇正以溫和的步伐前行，盡管步伐略小于委員會(huì)預(yù)期。與此同時(shí)，整體就業(yè)市場的表現(xiàn)也不及預(yù)期。不過，隨著日本災(zāi)變事件對(duì)供應(yīng)鏈的沖擊以及食品及能源價(jià)格強(qiáng)勢(shì)上揚(yáng)對(duì)消費(fèi)者購買力和支出造成的影響逐漸消退，委員會(huì)預(yù)計(jì)整體復(fù)蘇步伐的遲滯現(xiàn)象將是暫時(shí)的。家庭支出以及設(shè)備和軟件的商業(yè)投資繼續(xù)增長。然而，非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場繼續(xù)承壓。

 

通貨膨脹：盡管通脹近期有所上升，但委員會(huì)預(yù)計(jì)隨著能源和其他商品價(jià)格升勢(shì)消退，通脹將放緩至符合或低於委員會(huì)的雙目標(biāo)水準(zhǔn)。委員會(huì)將密切關(guān)注通脹和通脹預(yù)期的發(fā)展。

 

維持增加證券持倉規(guī)模的計(jì)劃：為促進(jìn)經(jīng)濟(jì)更強(qiáng)勁復(fù)蘇，并幫助確保通脹隨著時(shí)間的進(jìn)展達(dá)至符合目標(biāo)水準(zhǔn)，委員會(huì)在本次會(huì)議中決定維持現(xiàn)有的對(duì)到期證券回籠資金再投資的政策，以及將在2011年第二季結(jié)束前完成購買6,000億美元較長期美國國債。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.  Household spending and business investment in equipment and software continue to expand.  However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed.

 

Inflation: Inflation has moved up recently, but the Committee anticipates that inflation will subside to levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.

 

Continue expanding the holdings of securities:  To promote the ongoing economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent.

備注提示

美聯(lián)儲(chǔ)公開市場委員會(huì)委員以全票通過本次利率決議

發(fā)布日期(美國時(shí)間)

2011/04/27

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，并將維持在2011年第二季度前進(jìn)一步購買6000億美元較長期美國國債的計(jì)劃。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)3月會(huì)議后獲得的信息，美國經(jīng)濟(jì)復(fù)蘇正以溫和的步伐進(jìn)展，總體就業(yè)市場正在逐步改善。家庭支出以及設(shè)備和軟件的商業(yè)投資繼續(xù)增長。然而，非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場繼續(xù)承壓。

 

通貨膨脹：自夏季以來，商品價(jià)格已經(jīng)大幅增長。與此同時(shí)，市場對(duì)全球原油供應(yīng)的擔(dān)憂導(dǎo)致3月會(huì)議后油價(jià)進(jìn)一步走強(qiáng)，但較長期通脹預(yù)期已保持穩(wěn)定，基本通脹遲滯。

 

維持增加證券持倉規(guī)模的計(jì)劃：為促進(jìn)經(jīng)濟(jì)更強(qiáng)勁復(fù)蘇，并幫助確保通脹隨著時(shí)間的進(jìn)展達(dá)致符合目標(biāo)水準(zhǔn)，委員會(huì)在本次會(huì)議中決定一如11月聲明中宣布的繼續(xù)增持證券倉位。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually. Household spending and business investment in equipment and software continue to expand.

 

Inflation: Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March. Inflation has picked up in recent months, but longer-term inflation expectations have remained stable, and measures of underlying inflation are still subdued. .

 

Continue expanding the holdings of securities:  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.

備注提示

美聯(lián)儲(chǔ)公開市場委員會(huì)委員以全票通過本次利率決議

發(fā)布日期(美國時(shí)間)

2011/03/15

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，并將維持在2011年第二季度前進(jìn)一步購買6000億美元較長期美國國債的計(jì)劃。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)美聯(lián)儲(chǔ)公開市場委員會(huì)1月會(huì)議后獲得的信息，經(jīng)濟(jì)復(fù)蘇的根基更為穩(wěn)固，總體勞動(dòng)力市場正逐步改善。家庭支出以及設(shè)備和軟件的商業(yè)投資繼續(xù)增長。然而，非住宅類建筑的投資仍舊疲軟，房產(chǎn)市場繼續(xù)承壓。

 

通貨膨脹：自夏季以來，商品價(jià)格已經(jīng)大幅增長，同時(shí)最近幾周，市場對(duì)于全球原油供應(yīng)的擔(dān)憂也已令油價(jià)大幅飆升。但是，長期通脹預(yù)期仍舊維持穩(wěn)定，基本通脹依然受限。

 

維持增加證券持倉規(guī)模的計(jì)劃：為促進(jìn)經(jīng)濟(jì)更為強(qiáng)勁地復(fù)蘇，并幫助確保通脹隨著時(shí)間的發(fā)展達(dá)到符合目標(biāo)的水平，委員會(huì)決定繼續(xù)實(shí)施11月宣布的計(jì)劃，即擴(kuò)大證券持倉規(guī)模。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in January suggests that the economic recovery is on a firmer footing, and overall conditions in the labor market appear to be improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed.

 

Inflation: Commodity 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 have been subdued.

 

Continue expanding the holdings of securities:  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.

備注提示

美聯(lián)儲(chǔ)公開市場委員會(huì)委員以全票通過本次利率決議

發(fā)布日期(美國時(shí)間)

2011/01/26

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，并將維持在2011年第二季度前進(jìn)一步購買6000億美元較長期美國國債的計(jì)劃。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)： 根據(jù)12月FOMC會(huì)議以后獲得的信息，美聯(lián)儲(chǔ)進(jìn)一步確認(rèn)了美國經(jīng)濟(jì)復(fù)蘇正在持續(xù)，但是經(jīng)濟(jì)增速不足以大幅改善勞動(dòng)力市場環(huán)境。去年年底家庭支出獲得了改善，但是仍舊因失業(yè)率高企、收入增長溫和、家庭財(cái)富縮水以及信貸緊縮而受到限制。設(shè)備及軟件的商業(yè)支出正在增加，但是非住宅建筑的投資仍舊疲軟。同時(shí)雇主仍舊不愿意增加雇員。房產(chǎn)市場繼續(xù)低迷。

 

通貨膨脹：盡管商品價(jià)格已經(jīng)走高，較長期的通脹預(yù)期仍舊維穩(wěn)，基本通脹水平已經(jīng)趨于下行。

 

維持增加證券持倉規(guī)模的計(jì)劃：為了促進(jìn)經(jīng)濟(jì)以更為強(qiáng)勁的步伐復(fù)蘇，并幫助通脹隨著時(shí)間的推移達(dá)到符合目標(biāo)的水平，委員會(huì)決定將繼續(xù)實(shí)施去年11月宣布的擴(kuò)大持有證券規(guī)模的計(jì)劃。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed.

 

Inflation: Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.

 

Continue expanding the holdings of securities: 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.

備注提示

美聯(lián)儲(chǔ)公開市場委員會(huì)委員以全票通過本次利率決議

發(fā)布日期(美國時(shí)間)

2010/12/14

利率動(dòng)向

維持聯(lián)邦基金基準(zhǔn)利率在0-0.25%不變，并將維持在2011年第二季度前進(jìn)一步購買6000億美元較長期美國國債的計(jì)劃。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：11月會(huì)議后FOMC獲得的信息確認(rèn)了經(jīng)濟(jì)復(fù)蘇正在持續(xù)的觀點(diǎn)，但是復(fù)蘇步伐尚不足以降低失業(yè)率。居民支出正在以溫和的步伐增長，但是仍舊受到高失業(yè)率、收入增長溫和、家庭財(cái)富減少以及信貸收緊的限制。設(shè)備及軟件的支出正在增加，但是增速較年初緩慢，非居住型建筑的投資仍舊疲軟。雇主仍不愿意增加雇員，房產(chǎn)市場繼續(xù)蕭條。

 

通貨膨脹：長期通脹預(yù)期已經(jīng)持穩(wěn)，但是基礎(chǔ)通脹繼續(xù)趨于下行。

 

維持增加證券持倉規(guī)模的計(jì)劃：為了促進(jìn)經(jīng)濟(jì)復(fù)蘇更為強(qiáng)勁并幫助確保長期通脹水平與美聯(lián)儲(chǔ)的職責(zé)目標(biāo)相一致，F(xiàn)OMC決定繼續(xù)實(shí)施11月宣布的擴(kuò)大持有債券規(guī)模的計(jì)劃，并將維持現(xiàn)有的將抵押貸款支持證券(MBS)到期后回籠資金進(jìn)行再投資的政策。在這個(gè)基礎(chǔ)上，委員會(huì)將在2011年第二季結(jié)束前進(jìn)一步購買6,000億美元較長期美國國債，每月購入約750億美元。委員會(huì)將定期檢視證券購買的進(jìn)度和購買計(jì)劃的整體規(guī)模，根據(jù)新的信息在需要時(shí)作出調(diào)整，從而最好地達(dá)到就業(yè)最大化和物價(jià)穩(wěn)定的目標(biāo)。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in November confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring down unemployment. Household spending is increasing 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.

 

Inflation: Longer-term inflation expectations have remained stable, but measures of underlying inflation have continued to trend downward.

 

Continue expanding the holdings of securities:  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. 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.

發(fā)布日期(美國時(shí)間)

2010/11/3

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%，但將在2011年第二季度前進(jìn)一步購買6000億美元的美國國債以提振經(jīng)濟(jì)。

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：自9月美聯(lián)儲(chǔ)公開市場委員會(huì)(FOMC)會(huì)議至今收到的信息進(jìn)一步證明，美國經(jīng)濟(jì)產(chǎn)出以及就業(yè)的復(fù)蘇步伐繼續(xù)緩慢，家庭支出逐步增長，但仍因失業(yè)率高企而受限，收入增長溫和，家庭財(cái)富減少，同時(shí)信貸環(huán)境趨緊。設(shè)備及軟件的商業(yè)投資正在增加，雖然增速不及今年早期，非住宅投資繼續(xù)疲軟，雇主仍舊不愿增加雇員，新屋開工持續(xù)受挫，較長期的通脹預(yù)期已經(jīng)持穩(wěn)，但最近幾個(gè)季度潛在通脹趨于走低。

 

通貨膨脹：委員會(huì)將依照法定的目標(biāo)，尋求促進(jìn)就業(yè)最大化和物價(jià)穩(wěn)定的方法。目前，失業(yè)率上升，基本通脹相對(duì)委員會(huì)認(rèn)為符合較長期目標(biāo)的水平較低。

 

增加證券持倉規(guī)模：為促進(jìn)經(jīng)濟(jì)更強(qiáng)勁復(fù)蘇，并幫助確保通脹隨著時(shí)間的進(jìn)展達(dá)到符合目標(biāo)的水準(zhǔn)，委員會(huì)決定增持證券倉位。將維持現(xiàn)有的對(duì)到期證券回籠資金再投資的政策，并在此基礎(chǔ)上在2011年第二季前進(jìn)一步購買6,000億美元的較長期美國國債，每月購買量約為750億美元。同時(shí)，委員會(huì)將例行檢視證券購買的進(jìn)度和資產(chǎn)購買計(jì)劃的整體規(guī)模，并在需要時(shí)按照新的信息作出調(diào)整，從而最大限度地達(dá)到就業(yè)最大化和物價(jià)穩(wěn)定的目標(biāo)。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. Household spending is increasing gradually, 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. Housing starts continue to be depressed.

 

Inflation: Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.  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.

Expand the holdings of securities: 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 expand its holdings of securities. The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings. In addition, the Committee intends to purchase a further $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.

備注提示

霍恩相信進(jìn)一步購買證券弊大于利，高度寬松的貨幣政策增加了未來金融市場失衡的風(fēng)險(xiǎn)，并隨著時(shí)間發(fā)展，可能導(dǎo)致長期通脹預(yù)期的上升，令經(jīng)濟(jì)不穩(wěn)。

發(fā)布日期(美國時(shí)間)

2010/9/21

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：根據(jù)8月FOMC議息會(huì)議后所得到的信息，近幾個(gè)月產(chǎn)出及就業(yè)方面的復(fù)蘇步伐開始放緩。家庭支出正在逐漸增加，但仍舊受到高失業(yè)率、居民收入增加溫和、家庭財(cái)富下降以及信貸緊縮的限制。設(shè)備以及軟件投資正在增加，但增速低于年初的水平。而對(duì)非住宅結(jié)構(gòu)的投資繼續(xù)保持疲弱。雇主仍不愿招聘員工。房屋開工仍舊受限。銀行借貸繼續(xù)萎縮，但在近幾個(gè)月有所緩和。

 

通貨膨脹：委員會(huì)預(yù)計(jì)，盡管短期內(nèi)經(jīng)濟(jì)復(fù)蘇的步伐可能較原先預(yù)期的要慢，但在物價(jià)穩(wěn)定的情況下，資源利用將逐步恢復(fù)至較高水準(zhǔn)。目前潛在通脹趨勢(shì)某種程度上略低，無法長期、最大化地促進(jìn)就業(yè)和物價(jià)穩(wěn)定。由于大量的資源閑置可能繼續(xù)限制成本壓力，且長期通脹預(yù)期穩(wěn)定，委員會(huì)預(yù)計(jì)通脹將在一段時(shí)間內(nèi)維持在較低的水平，此后將回升至其認(rèn)為的符合目標(biāo)的水準(zhǔn)。

會(huì)后聲明重點(diǎn)(英文)

Economy: Information received since the Federal Open Market Committee met in August indicates that the 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. 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. Housing starts are at a depressed level. Bank lending has continued to contract, but at a reduced rate in recent months. 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 modest in the near term. 

 

Inflation: Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandates to promote maximum employment and price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate. 

備注提示

霍恩認(rèn)為經(jīng)濟(jì)繼續(xù)溫和復(fù)蘇，因此不再需要維持極低利率更長一段時(shí)間的承諾，而這將導(dǎo)致未來經(jīng)濟(jì)進(jìn)一步失衡，并損害經(jīng)濟(jì)的長期穩(wěn)定增長。

發(fā)布日期(美國時(shí)間)

2010/8/10

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：自6月聯(lián)邦公開市場委員會(huì)(FOMC)議息會(huì)議以后，眾多信號(hào)顯示美國產(chǎn)出及就業(yè)方面的復(fù)蘇步伐有所放緩。居民消費(fèi)正逐漸上漲，但仍舊受到高失業(yè)率、經(jīng)濟(jì)增長溫和、房產(chǎn)價(jià)格下滑以及信貸收緊的限制。軟件及設(shè)備的投資額正在增長，然而，非住宅部門繼續(xù)維持疲軟，企業(yè)仍舊不愿意增加雇員。新屋開工維持在疲弱的水平。銀行借貸繼續(xù)萎縮。

 

通貨膨脹：近幾個(gè)季度通脹率趨于下行，隨著大量的閑置資源令成本價(jià)格承壓，長期通脹預(yù)期維持穩(wěn)定，通脹率可能在未來一段時(shí)間內(nèi)受限。

會(huì)后聲明重點(diǎn)(英文)

 

Economy:  Information received since the Federal Open Market Committee met in June indicates that the 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. Business 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. Bank lending has continued to contract.

 

Inflation: Measures of underlying inflation have trended lower in recent quarters, and with substantial resource slack continuing to constrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.

備注提示

霍恩認(rèn)為美國的經(jīng)濟(jì)正按計(jì)劃地溫和復(fù)蘇，因此沒有理由延長極低利率更長一段時(shí)間，這將限制調(diào)整必要政策的能力。

發(fā)布日期(美國時(shí)間)

2010/6/23

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美國經(jīng)濟(jì)復(fù)蘇在持續(xù)，就業(yè)市場逐步改善。家庭支出也在增加，但因失業(yè)率高企、收入增長不大、家庭財(cái)富下降及信貸緊縮而依然受壓。企業(yè)對(duì)設(shè)備和軟件的開支大幅增加，但對(duì)非住宅結(jié)構(gòu)的投資繼續(xù)保持疲弱，雇主仍在招聘人手上猶豫不決。房屋開工仍處于受壓水準(zhǔn)。

 

通貨膨脹：近幾個(gè)月，能源和其他商品價(jià)格已有所下滑，潛在通脹趨勢(shì)下滑。由于大量的資源閑置可能繼續(xù)打壓成本壓力，且長期通脹預(yù)期穩(wěn)定，委員會(huì)預(yù)計(jì)通脹將在一段時(shí)間內(nèi)維持在較低的水平。

會(huì)后聲明重點(diǎn)(英文)

 

Economy：Information received since the Federal Open Market Committee met in April suggests that the economic recovery is proceeding and that the labor market is improving gradually.

 

Inflation：Prices 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.

備注提示

霍恩認(rèn)為不再需要長時(shí)間維持低利率，稱這一承諾限制了美聯(lián)儲(chǔ)開始小幅升息的靈活性。

發(fā)布日期(美國時(shí)間)

2010/04/28

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

總體經(jīng)濟(jì)表現(xiàn)：美聯(lián)儲(chǔ)公開市場委員會(huì)(FOMC)自3月會(huì)議以來獲得的信息表明，美國經(jīng)濟(jì)活動(dòng)繼續(xù)增強(qiáng)，就業(yè)市場開始改善。家庭支出增長近期加快，但因失業(yè)率高企、收入增長不大、家庭財(cái)富下降及信貸緊縮而依然受壓；企業(yè)對(duì)設(shè)備和軟件的開支大幅增加，但雇主仍在招聘人手上猶豫不決，房屋開工小漲，但仍處于受壓水準(zhǔn)。

 

通貨膨脹：由于大量的資源閑置可能繼續(xù)打壓成本壓力，且長期通脹預(yù)期穩(wěn)定，預(yù)計(jì)通脹將在一段時(shí)間內(nèi)維持在較低的水平。

會(huì)后聲明重點(diǎn)(英文)

 

Economy：Information received since the Federal Open Market Committee met in March  suggests that economic activity has continued to strengthen and that the labor market is beginning to improve.

 

Inflation：With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.  

 

備注提示

霍恩認(rèn)為不再需要長時(shí)間維持低利率，稱這一承諾限制了美聯(lián)儲(chǔ)開始小幅升息的靈活性。

發(fā)布日期(美國時(shí)間)

2010/03/16

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

 

總體經(jīng)濟(jì)表現(xiàn)：美聯(lián)儲(chǔ)公開市場委員會(huì)(FOMC)自1月會(huì)議以來獲得的信息表明，美國經(jīng)濟(jì)活動(dòng)繼續(xù)強(qiáng)化，就業(yè)市場正在穩(wěn)定。家庭支出顯現(xiàn)溫和增加，但受失業(yè)率高企、收入增長不大、家庭財(cái)富下降及信貸緊縮等因素影響，家庭支出依然受壓。

 

通貨膨脹：由于資源大量剩余可能繼續(xù)打壓成本壓力，而且長期通脹預(yù)期穩(wěn)定，委員會(huì)預(yù)計(jì)通脹將在一段時(shí)間內(nèi)維持在較低水平。

會(huì)后聲明重點(diǎn)(英文)

 

Economy："Information received since the Federal Open Market Committee met in January  suggests that economic  activity has continued to strengthen and that the labor  market is stabilizing.

 

Inflation：With substantial resource slack continuing to restrain cost pressures and  longer-term inflation  expectations stable, inflation is likely to be subdued for  some time.

備注提示

霍恩認(rèn)為情況已經(jīng)改變，不再需要長時(shí)間維持低利率

發(fā)布日期(美國時(shí)間)

2010/01/27

利率動(dòng)向

維持聯(lián)邦基金利率目標(biāo)區(qū)間在0-0.25%

會(huì)后聲明重點(diǎn)

 

 

總體經(jīng)濟(jì)表現(xiàn)：美聯(lián)儲(chǔ)公開市場委員會(huì)(FOMC)自12月會(huì)議以來獲得的信息表明，美國經(jīng)濟(jì)活動(dòng)繼續(xù)強(qiáng)化，就業(yè)市場惡化程度減弱。

 

通貨膨脹：由于資源大量剩余可能繼續(xù)打壓成本壓力，而且長期通脹預(yù)期穩(wěn)定，委員會(huì)預(yù)計(jì)通脹將在一段時(shí)間內(nèi)維持在較低水平。

會(huì)后聲明重點(diǎn)(英文)

 

 

Economy：Information received since the Federal Open Market Committee met in December suggests that economic activity has continued to strengthen and that the deterioration in the labor market is abating.

 

Inflation：With substantial resource slack continuing to restrain cost pressures and with longer-term inflation expectations stable, inflation is likely to be subdued for some time.

備注提示

霍恩認(rèn)為情況已經(jīng)改變，不再需要長時(shí)間維持低利率