| 發布日期(美國時間) |
2012/12/12 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，FOMC預期2015年中期前不會觸及所設的失業率門檻，委員會相信將需要在達到全面就業前撤走高度寬松政策立場，但達到門檻之前不會自動觸發寬松政策的減少。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會今年10月政策會議后獲得的信息，美國經濟活動和就業在近幾個月持續以溫和的速度擴張，盡管受到惡劣天氣狀況的影響。盡管夏季以來，失業率錄得部分下滑，但仍處于較高水平。家庭支出繼續處于擴張勢頭，房產市場繼續顯示改善跡象。但商業固定投資增長放緩。通貨膨脹：通脹一直在略低于委員會較長期目標水準之下，除了臨時受到主要是反映能源價格波動的變數影響。較長期通脹預期保持穩定。推出QE4：委員會將繼續透過按每月 400億美元的進度購買機構抵押支持債券(MBS)。委員會還將在延長所持證券平均年期計劃年底完成后，購買較長期國債，初步進度為每月450億美元。委員會維持把所持機構債和機構MBS回籠本金再投資到機構MBS的現有政策，且在1月將通過標購繼續延長所持國債久期。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克反對進一步購買資產和延長低利率承諾。 |
| 發布日期(美國時間) |
2012/10/24 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2015年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟在近幾個月持續以溫和的速度擴張，就業增長近幾個月放緩，失業率仍然高企。家庭支出繼續處于擴張勢頭，且擴張速度略有提高，但設備和軟件的商業投資出現放緩。與此同時，盡管出現改善，但房產市場依然疲憊不堪。與此同時，盡管出現改善，但房產市場依然疲憊不堪。通貨膨脹：近幾個月通脹有所上升，主要歸因于能源價格的走高，較長期通脹預期則保持穩定。繼續推行無限量QE3：委員會將繼續以每月400億美元的進度進一步購買抵押貸款支持證券 (MBS)。委員會將繼續采取適宜政策行動，直至就業市場及整體經濟形勢改善。委員會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有政策。美聯儲還將例行檢討所持證券倉位規模和組成，準備在適當的情況下作出調整。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克反對進一步購買資產和延長低利率承諾。 |
| 發布日期(美國時間) |
2012/9/13 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2015年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟在近幾個月持續以溫和的速度擴張，就業增長近幾個月放緩，失業率仍然高企。家庭支出繼續處于擴張勢頭，但設備和軟件的商業投資出現放緩。與此同時，盡管出現改善，但房產市場依然疲憊不堪。通貨膨脹：此外，近幾個月通脹有所下滑，盡管商品價格有所上揚，同時較長期通脹預期則保持穩定。推出無限量QE3：委員會決定以每月400億美元的進度進一步購買抵押貸款支持證券(MBS)。委員會將繼續采取適宜政策行動，直至就業市場及整體經濟形勢改善。委員會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有政策。美聯儲還將例行檢討所持證券倉位規模和組成，準備在適當的情況下作出調整。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克反對進一步購買資產和延長低利率承諾。 |
| 發布日期(美國時間) |
2012/8/1 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2014年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟復蘇在今年上半年逐漸失去動能，就業增長近幾個月放緩，失業率仍然高企。家庭支出的擴張步伐較今年早些時候有所放緩，而設備和軟件的商業投資繼續實現擴張。與此同時，盡管出現改善，但房產市場依然疲憊不堪。通貨膨脹：近幾個月通脹有所下滑，主要原因是原油和汽油價格回落，同時較長期通脹預期則保持穩定。延長賣短債、買長債的扭轉操作：委員會決定維持目前的“賣短債買長債”的扭轉操作，至2012年末進一步購買約2,670億美元6年期至30期國債，并在同期出售相同規模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克傾向于去掉維持異常低利率的時間期限。 |
| 發布日期(美國時間) |
2012/6/20 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2014年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟繼續呈現出穩步擴張之勢，但經濟數據顯示就業增長近幾個月放緩，失業率仍然高企。家庭支出的擴張步伐較今年早些時候有所放緩，而設備和軟件的商業投資繼續實現擴張。與此同時，盡管出現改善，但房產市場依然疲憊不堪。通貨膨脹：近幾個月通脹有所下滑，主要原因是原油和汽油價格回落，同時較長期通脹預期則保持穩定。延長賣短債、買長債的扭轉操作：委員會決定延長目前推行的“賣短債買長債”的扭轉操作，至2012年末進一步購買約2,670 億美元6年期至30期國債，并在同期出售相同規模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克反對延長當前的扭轉操作。 |
| 發布日期(美國時間) |
2012/4/25 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2014年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：近幾個月的經濟數據顯示出美國勞工市場總體狀況有所改善，失業率出現了明顯下滑但總體而言依然處于高位。近幾個月來家庭支出、設備和軟件的商業投資繼續實現擴張。與此同時，盡管出現改善，但房產市場依然疲憊不堪。通貨膨脹：近幾個月通脹有所上升，主要原因是原因和汽油價格上漲，但較長期通脹預期則保持穩定。維持賣短債、買長債的扭轉操作：委員會決定維持在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模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克認為經濟狀況可能無法為維持異常低利率直至2014年底提供依據。 |
| 發布日期(美國時間) |
2012/3/13 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2014年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟繼續呈現出穩步擴張之勢。近期的經濟數據顯示出美國勞工市場總體狀況有所改善，失業率出現了明顯下滑但總體而言依然處于高位。近幾個月來家庭支出、設備和軟件的商業投資繼續實現擴張。與此同時，房產市場依然疲憊不堪。通貨膨脹：通脹形勢近幾個月繼續緩和，盡管國際原油及國內汽油價格走高，較長期通脹預期則保持穩定。維持賣短債、買長債的扭轉操作：委員會決定維持在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模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克認為不需要維持異常低利率直至2014年末。 |
| 發布日期(美國時間) |
2012/1/25 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2014年末維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟繼續呈現出穩步擴張之勢，盡管同期全球經濟增長明顯放緩。近期的經濟數據顯示出美國整體勞動力總體狀況有所改善，但失業率仍居高不下。近幾個月來家庭支出以相對較快的速度持續增長，而設備和軟件的商業投資繼續的擴張速度稍有放緩。此外，通脹形勢自年內早些時候已經緩和，較長期通脹預期則保持穩定。通貨膨脹：通脹形勢已經緩和，因能源和部分商品價格已經從稍早的高位回落，較長期通脹預期則保持穩定。維持賣短債、買長債的扭轉操作：委員會決定維持在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模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
里奇蒙德聯儲主席萊克傾向于忽略維持近零利率政策的時間框架。 |
| 發布日期(美國時間) |
2011/12/13 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2013年中維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟繼續呈現出穩步擴張之勢，盡管同期全球經濟增長明顯放緩。近期的經濟數據顯示出美國整體勞動力總體狀況有所改善，但失業率仍居高不下。近幾個月來家庭支出以相對較快的速度持續增長，而設備和軟件的商業投資繼續的擴張速度稍有放緩。此外，通脹形勢自年內早些時候已經緩和，因能源和部分商品價格已經從稍早的高位回落，較長期通脹預期則保持穩定。通貨膨脹：通脹形勢已經緩和，因能源和部分商品價格已經從稍早的高位回落，較長期通脹預期則保持穩定。維持賣短債、買長債的扭轉操作：委員會決定維持在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模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
芝加哥聯儲主席埃文斯支持目前進一步實施寬松貨幣政策。 |
| 發布日期(美國時間) |
2011/11/02 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2013年中維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：美國經濟復蘇步伐在第三季度有所加快，顯示出之前對美國經濟構成打壓的一些暫時性因素的影響開始消退甚至逆轉。不過，近期的經濟數據顯示出美國整體勞動力市場保持疲弱態勢，失業率則依舊居高不下。近幾個月來家庭支出以相對較快的速度增長，設備和軟件的商業投資繼續有所擴張。但與此同時，非住宅類建筑的投資仍舊疲軟，房產市場則繼續承壓。通貨膨脹：通脹形勢已經緩和，因能源和部分商品價格已經從稍早的高位回落，較長期通脹預期則保持穩定。維持賣短債、買長債的扭轉操作：委員會決定維持在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模的三年期或更短期國債的計劃，同時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有政策。 |
| 會后聲明重點(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 |
芝加哥聯儲主席埃文斯支持目前進一步實施寬松貨幣政策。 |
| 發布日期(美國時間) |
2011/09/21 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2013年中維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會8月會議后獲得的信息，美國經濟復蘇形勢繼續保持緩慢步幅。近期的經濟數據顯示出美國整體勞動力市場保持疲弱態勢，失業率則依舊居高不下。近幾個月來家庭支出僅以溫和的速度增長，盡管汽車銷售在供應鏈中斷的壓力緩解后有所回升。與此同時，非住宅類建筑的投資仍舊疲軟，房產市場則繼續承壓。但是，設備和軟件的商業投資有所擴張。通貨膨脹：通脹在今年稍早回升，主要反映出部分進口商品價格上漲以及供應鏈受擾。最近一段時間，通脹已經緩和，因能源和部分商品價格已經從稍早的高位回落。此外，較長期通脹預期保持穩定。推出賣短債、買長債的扭轉操作：為促進經濟更強勁復蘇，并幫助確保通脹隨著時間的進展達至符合目標水準，委員會決定將在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模的三年期或更短期的國債。 |
| 會后聲明重點(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 |
| 發布日期(美國時間) |
2011/08/09 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，聯邦基金利率將在至少至2013年中維持于近零水準。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會6月會議后獲得的信息，美國經濟復蘇較之前委員會預期的顯著放慢。與此同時，整體就業市場的表現也不及預期。經濟指標暗示就業市場復蘇近幾個月出現停滯，失業率也有所上揚。家庭支出非住宅類建筑的投資仍舊疲軟，房產市場繼續承壓。通貨膨脹：通脹在今年稍早回升，主要反映出部分進口商品價格上漲以及供應鏈受擾。最近一段時間，通脹已經緩和，因能源和部分商品價格已經從稍早的高位回落。此外，較長期通脹預期保持穩定。維持到期證券回籠資金再投資的政策：委員會將維持現有的對到期證券回籠資金再投資的政策。委員會將定期檢討所持證券的規模和組成，準備在適當的時候作出調整。 |
| 會后聲明重點(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 |
費舍爾、柯薛拉柯塔、普羅索傾向于保留“一段長時間”措辭。 |
| 發布日期(美國時間) |
2011/06/22 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，并將維持在2011年第二季度前進一步購買6000億美元較長期美國國債的計劃。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會4月會議后獲得的信息，美國經濟復蘇正以溫和的步伐前行，盡管步伐略小于委員會預期。與此同時，整體就業市場的表現也不及預期。不過，隨著日本災變事件對供應鏈的沖擊以及食品及能源價格強勢上揚對消費者購買力和支出造成的影響逐漸消退，委員會預計整體復蘇步伐的遲滯現象將是暫時的。家庭支出以及設備和軟件的商業投資繼續增長。然而，非住宅類建筑的投資仍舊疲軟，房產市場繼續承壓。通貨膨脹：盡管通脹近期有所上升，但委員會預計隨著能源和其他商品價格升勢消退，通脹將放緩至符合或低於委員會的雙目標水準。委員會將密切關注通脹和通脹預期的發展。維持增加證券持倉規模的計劃：為促進經濟更強勁復蘇，并幫助確保通脹隨著時間的進展達至符合目標水準，委員會在本次會議中決定維持現有的對到期證券回籠資金再投資的政策，以及將在 2011年第二季結束前完成購買6,000億美元較長期美國國債。 |
| 會后聲明重點(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 |
美聯儲公開市場委員會委員以全票通過本次利率決議 |
| 發布日期(美國時間) |
2011/04/27 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，并將維持在2011年第二季度前進一步購買6000億美元較長期美國國債的計劃。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會3月會議后獲得的信息，美國經濟復蘇正以溫和的步伐進展，總體就業市場正在逐步改善。家庭支出以及設備和軟件的商業投資繼續增長。然而，非住宅類建筑的投資仍舊疲軟，房產市場繼續承壓。通貨膨脹：自夏季以來，商品價格已經大幅增長。與此同時，市場對全球原油供應的擔憂導致3月會議后油價進一步走強，但較長期通脹預期已保持穩定，基本通脹遲滯。維持增加證券持倉規模的計劃：為促進經濟更強勁復蘇，并幫助確保通脹隨著時間的進展達致符合目標水準，委員會在本次會議中決定一如11月聲明中宣布的繼續增持證券倉位。 |
| 會后聲明重點(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 |
美聯儲公開市場委員會委員以全票通過本次利率決議 |
| 發布日期(美國時間) |
2011/03/15 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，并將維持在2011年第二季度前進一步購買6000億美元較長期美國國債的計劃。 |
| 會后聲明重點 |
總體經濟表現：根據美聯儲公開市場委員會1月會議后獲得的信息，經濟復蘇的根基更為穩固，總體勞動力市場正逐步改善。家庭支出以及設備和軟件的商業投資繼續增長。然而，非住宅類建筑的投資仍舊疲軟，房產市場繼續承壓。通貨膨脹：自夏季以來，商品價格已經大幅增長，同時最近幾周，市場對于全球原油供應的擔憂也已令油價大幅飆升。但是，長期通脹預期仍舊維持穩定，基本通脹依然受限。維持增加證券持倉規模的計劃：為促進經濟更為強勁地復蘇，并幫助確保通脹隨著時間的發展達到符合目標的水平，委員會決定繼續實施11月宣布的計劃，即擴大證券持倉規模。 |
| 會后聲明重點(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 |
美聯儲公開市場委員會委員以全票通過本次利率決議 |
| 發布日期(美國時間) |
2011/01/26 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，并將維持在2011年第二季度前進一步購買6000億美元較長期美國國債的計劃。 |
| 會后聲明重點 |
總體經濟表現： 根據12月FOMC會議以后獲得的信息，美聯儲進一步確認了美國經濟復蘇正在持續，但是經濟增速不足以大幅改善勞動力市撤境。去年年底家庭支出獲得了改善，但是仍舊因失業率高企、收入增長溫和、家庭財富縮水以及信貸緊縮而受到限制。設備及軟件的商業支出正在增加，但是非住宅建筑的投資仍舊疲軟。同時雇主仍舊不愿意增加雇員。房產市場繼續低迷。通貨膨脹：盡管商品價格已經走高，較長期的通脹預期仍舊維穩，基本通脹水平已經趨于下行。維持增加證券持倉規模的計劃：為了促進經濟以更為強勁的步伐復蘇，并幫助通脹隨著時間的推移達到符合目標的水平，委員會決定將繼續實施去年11月宣布的擴大持有證券規模的計劃。 |
| 會后聲明重點(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 |
美聯儲公開市場委員會委員以全票通過本次利率決議 |
| 發布日期(美國時間) |
2010/12/14 |
| 利率動向 |
維持聯邦基金基準利率在0-0.25%不變，并將維持在2011年第二季度前進一步購買6000億美元較長期美國國債的計劃。 |
| 會后聲明重點 |
總體經濟表現：11月會議后FOMC獲得的信息確認了經濟復蘇正在持續的觀點，但是復蘇步伐尚不足以降低失業率。居民支出正在以溫和的步伐增長，但是仍舊受到高失業率、收入增長溫和、家庭財富減少以及信貸收緊的限制。設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，房產市場繼續蕭條。通貨膨脹：長期通脹預期已經持穩，但是基礎通脹繼續趨于下行。維持增加證券持倉規模的計劃：為了促進經濟復蘇更為強勁并幫助確保長期通脹水平與美聯儲的職責目標相一致，FOMC決定繼續實施11月宣布的擴大持有債券規模的計劃，并將維持現有的將抵押貸款支持證券(MBS)到期后回籠資金進行再投資的政策。在這個基礎上，委員會將在2011年第二季結束前進一步購買6,000億美元較長期美國國債，每月購入約750億美元。委員會將定期檢視證券購買的進度和購買計劃的整體規模，根據新的信息在需要時作出調整，從而最好地達到就業最大化和物價穩定的目標。 |
| 會后聲明重點(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. |
| 發布日期(美國時間) |
2010/11/3 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25%，但將在2011年第二季度前進一步購買6000億美元的美國國債以提振經濟。 |
| 會后聲明重點 |
總體經濟表現：自9月美聯儲公開市場委員會(FOMC)會議至今收到的信息進一步證明，美國經濟產出以及就業的復蘇步伐繼續緩慢，家庭支出逐步增長，但仍因失業率高企而受限，收入增長溫和，家庭財富減少，同時信貸環境趨緊。設備及軟件的商業投資正在增加，雖然增速不及今年早期，非住宅投資繼續疲軟，雇主仍舊不愿增加雇員，新屋開工持續受挫，較長期的通脹預期已經持穩，但最近幾個季度潛在通脹趨于走低。通貨膨脹：委員會將依照法定的目標，尋求促進就業最大化和物價穩定的方法。目前，失業率上升，基本通脹相對委員會認為符合較長期目標的水平較低。 增加證券持倉規模：為促進經濟更強勁復蘇，并幫助確保通脹隨著時間的進展達到符合目標的水準，委員會決定增持證券倉位。將維持現有的對到期證券回籠資金再投資的政策，并在此基礎上在2011年第二季前進一步購買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，委員會將例行檢視證券購買的進度和資產購買計劃的整體規模，并在需要時按照新的信息作出調整，從而最大限度地達到就業最大化和物價穩定的目標。 |
| 會后聲明重點(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險，并隨著時間發展，可能導致長期通脹預期的上升，令經濟不穩。 |
| 發布日期(美國時間) |
2010/9/21 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：根據8月FOMC議息會議后所得到的信息，近幾個月產出及就業方面的復蘇步伐開始放緩。家庭支出正在逐漸增加，但仍舊受到高失業率、居民收入增加溫和、家庭財富下降以及信貸緊縮的限制。設備以及軟件投資正在增加，但增速低于年初的水平。而對非住宅結構的投資繼續保持疲弱。雇主仍不愿招聘員工。房屋開工仍舊受限。銀行借貸繼續萎縮，但在近幾個月有所緩和。通貨膨脹：委員會預計，盡管短期內經濟復蘇的步伐可能較原先預期的要慢，但在物價穩定的情況下，資源利用將逐步恢復至較高水準。目前潛在通脹趨勢某種程度上略低，無法長期、最大化地促進就業和物價穩定。由于大量的資源閑置可能繼續限制成本壓力，且長期通脹預期穩定，委員會預計通脹將在一段時間內維持在較低的水平，此后將回升至其認為的符合目標的水準。 |
| 會后聲明重點(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 |
霍恩認為經濟繼續溫和復蘇，因此不再需要維持極低利率更長一段時間的承諾，而這將導致未來經濟進一步失衡，并損害經濟的長期穩定增長。 |
| 發布日期(美國時間) |
2010/8/10 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：自6月聯邦公開市場委員會(FOMC)議息會議以后，眾多信號顯示美國產出及就業方面的復蘇步伐有所放緩。居民消費正逐漸上漲，但仍舊受到高失業率、經濟增長溫和、房產價格下滑以及信貸收緊的限制。軟件及設備的投資額正在增長，然而，非住宅部門繼續維持疲軟，企業仍舊不愿意增加雇員。新屋開工維持在疲弱的水平。銀行借貸繼續萎縮。通貨膨脹：近幾個季度通脹率趨于下行，隨著大量的閑置資源令成本價格承壓，長期通脹預期維持穩定，通脹率可能在未來一段時間內受限。 |
| 會后聲明重點(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 |
霍恩認為美國的經濟正按計劃地溫和復蘇，因此沒有理由延長極低利率更長一段時間，這將限制調整必要政策的能力。 |
| 發布日期(美國時間) |
2010/6/23 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：美國經濟復蘇在持續，就業市場逐步改善。家庭支出也在增加，但因失業率高企、收入增長不大、家庭財富下降及信貸緊縮而依然受壓。企業對設備和軟件的開支大幅增加，但對非住宅結構的投資繼續保持疲弱，雇主仍在招聘人手上猶豫不決。房屋開工仍處于受壓水準。通貨膨脹：近幾個月，能源和其他商品價格已有所下滑，潛在通脹趨勢下滑。由于大量的資源閑置可能繼續打壓成本壓力，且長期通脹預期穩定，委員會預計通脹將在一段時間內維持在較低的水平。 |
| 會后聲明重點(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 |
霍恩認為不再需要長時間維持低利率，稱這一承諾限制了美聯儲開始小幅升息的靈活性。 |
| 發布日期(美國時間) |
2010/04/28 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：美聯儲公開市場委員會(FOMC)自3月會議以來獲得的信息表明，美國經濟活動繼續增強，就業市場開始改善。家庭支出增長近期加快，但因失業率高企、收入增長不大、家庭財富下降及信貸緊縮而依然受壓；企業對設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。通貨膨脹：由于大量的資源閑置可能繼續打壓成本壓力，且長期通脹預期穩定，預計通脹將在一段時間內維持在較低的水平。 |
| 會后聲明重點(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 |
霍恩認為不再需要長時間維持低利率，稱這一承諾限制了美聯儲開始小幅升息的靈活性。 |
| 發布日期(美國時間) |
2010/03/16 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：美聯儲公開市場委員會(FOMC)自1月會議以來獲得的信息表明，美國經濟活動繼續強化，就業市場正在穩定。家庭支出顯現溫和增加，但受失業率高企、收入增長不大、家庭財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打壓成本壓力，而且長期通脹預期穩定，委員會預計通脹將在一段時間內維持在較低水平。 |
| 會后聲明重點(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 |
霍恩認為情況已經改變，不再需要長時間維持低利率 |
| 發布日期(美國時間) |
2010/01/27 |
| 利率動向 |
維持聯邦基金利率目標區間在0-0.25% |
| 會后聲明重點 |
總體經濟表現：美聯儲公開市場委員會(FOMC)自12月會議以來獲得的信息表明，美國經濟活動繼續強化，就業市場惡化程度減弱。通貨膨脹：由于資源大量剩余可能繼續打壓成本壓力，而且長期通脹預期穩定，委員會預計通脹將在一段時間內維持在較低水平。 |
| 會后聲明重點(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 |
霍恩認為情況已經改變，不再需要長時間維持低利率 |
