For immediate release 

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. 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. 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 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.

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 warrant exceptionally low levels for the federal funds rate for 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. Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits. Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.



 法令で定められた責務に即しFOMCは雇用最大化と物価安定の促進を目指している。現時点で失業率は高水準にあり(is elevated)、基調インフレを示す指標は、FOMCが長期にわたり2つの責務に整合的であるとみなす水準と比べて、幾分低い水準(somewhat low)にある。物価安定に関連して資源の利用が徐々に高水準に戻ると予想しているが、目標に向けた進展は失望するほど遅い(disappointingly slow)。 

 より強いペースでの景気回復を促進し、インフレが時間の経過と共にFOMCの責務と整合的な水準に一致すること(inflation, over time, is at levels consistent with its mandate)を確実にするために、本日、証券の保有拡大を決定した。FOMCは保有証券の元本償還資金を再投資する政策を維持する。 

 さらに2011年第2・四半期末までに期間が長めの国債を追加的に6000億ドル買い入れる。1カ月あたりの買い入れペースは約750億ドルとなる。証券を買い入れるペース、および資産買い入れプログラムの全体的な規模を、入ってくる情報に照らし合わせて定期的に見直し、雇用最大化と物価安定に最善となるよう必要に応じて調整する(adjust the program as needed to best foster maximum employment and price stability)。 

 フェデラルファンド(FF)金利誘導目標水準をゼロ─0.25%に据え置き、低水準の資源利用、抑制されたインフレ基調、安定的なインフレ期待といった経済状況により、FF金利を長期間(for an extended period)異例に低水準(exceptionally low levels)とすることが正当化される可能性が高いと引き続き予想する。 

 経済見通しと金融市場の状況を引き続き注視し、景気回復を支援し、インフレが時間の経過と共にFOMCの責務に整合する水準(at levels consistent with its mandate)と一致することを確実にするために、必要に応じて政策手段を用いる(will employ its policy tools as necessary)。