■ - d1021の日記

For immediate release

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. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending 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 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 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; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

米ＦＯＭＣ声明全文

　１２月のＦＯＭＣ会合以降に入手した情報は、労働市場の状況を大幅に改善させるには不十分であるものの（insufficient to bring about a significant improvement in labor market conditions）、景気回復が継続していることを示している。

　家計支出伸びは昨年末には勢いを増した（Growth in household spending picked up late last year）ものの、高水準の失業、緩やかな所得の伸び、住宅資産の減少、信用のひっ迫によって引き続き抑制されている。企業の設備とソフトウェアへの支出は増加しているが、非住宅用構造物への投資は依然として弱い（still weak）。雇用主は雇用拡大に消極的なままだ。住宅部門は依然として落ち込んでいる。商品価格は上昇したものの（commodity prices have risen）、長期インフレ期待は引き続き安定しており、基調インフレを示す指標は低下傾向が続いている。
　
　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（at levels consistent with its mandate）を確実にするために、１１月に発表した通り、本日、証券保有の拡大を続けることをを決定した。特に、ＦＯＭＣは保有証券の元本償還資金を再投資する既存の政策を維持し、２０１１年第２・四半期末までに期間が長めの国債を６０００億ドル買い入れる。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）。
　
　今回の決定に賛成票を投じたのは、バーナンキ委員長、ダドリー副委員長、
デューク、エバンズ、フィッシャー、コチャラコタ、プロッサー、ラスキン、タルーロ、ウォーシュ、イエレンの各委員。