FRB Press Release--Federal Reserve issues FOMC statement--October 24, 2012

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

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee remains concerned that, without sufficient policy accommodation, economic growth might not be strong enough to generate sustained improvement in labor market conditions. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee also anticipates that inflation over the medium term likely would run at or below its 2 percent objective.

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. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of Treasury securities, 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. These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.

The Committee will closely monitor incoming information on economic and financial developments in coming months. If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.

To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the economic recovery strengthens. In particular, the Committee also decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who opposed additional asset purchases and disagreed with the description of the time period over which a highly accommodative stance of monetary policy will remain appropriate and exceptionally low levels for the federal funds rate are likely to be warranted.


 9月のFOMC会合以降に入手した情報は、経済活動が最近数カ月間緩やかなペースで拡大を続けた(continued to expand at a moderate pace)ことを示唆している。雇用の伸びは緩慢で、失業率は依然として高止まりしている。家計支出はやや速いペースで拡大(advanced a bit more quickly)したが、企業による固定投資の伸びは鈍化した。住宅セクターは、落ち込んだ水準からではあるものの、一段の改善の兆しがいくらか見られる。インフレは最近、エネルギー価格の上昇を反映し幾分加速した(picked up somewhat)。長期インフレ期待は引き続き安定している。

 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。十分な政策緩和がなければ、経済成長が労働市場の持続的な改善を実現するために十分な強さとならない可能性があることをFOMCは引き続き懸念している(remains concerned)。さらに国際金融市場の緊張は、引き続き経済見通しに対する著しい下方リスク(significant downside risks)となっている。またインフレは中期的に、FOMCの目標である2%かそれを下回る水準で推移する公算が大きいと予想している。



 FOMCは今後数カ月間に入手する経済・金融動向の情報を注視する。労働市場の見通しが著しく改善しない(does not improve substantially)場合、物価安定の下でそうした改善を実現できるまで、FOMCはエージェンシー発行MBSの購入を継続し、追加の資産購入を実施するとともに、その他の政策手段を適宜活用する。資産購入の規模、ペース、構成を決定するに当たっては、想定される効果とコストを適切に考慮する。

 雇用最大化と物価安定に向けた継続的な進展を支えるため、FOMCは、景気回復が強まった後もかなりの間(considerable time after the economic recovery strengthens)、非常に緩和的なスタンス(highly accommodative stance)が引き続き適切になると予想している。具体的には、FOMCは本日、フェデラルファンド(FF)金利誘導目標水準をゼロ─0.25%に据え置くことを決定した。少なくとも2015年半ばまで、FF金利を異例の低水準(exceptionally low levels)とすることが正当化される可能性が高いと現時点で予想している。



米FOMC、金融政策据え置き 家計支出の拡大指摘