FRB: Press Release--Federal Reserve issues FOMC statement--April 27, 2016

Information received since the Federal Open Market Committee met in March indicates that labor market conditions have improved further even as growth in economic activity appears to have slowed. Growth in household spending has moderated, although households' real income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the year, the housing sector has improved further but business fixed investment and net exports have been soft. A range of recent indicators, including strong job gains, points to additional strengthening of the labor market. Inflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling prices of non-energy imports. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen. Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

Against this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.

In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.

The Committee 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 and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo. Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.

米FOMC声明全文 | ロイター

3月の連邦公開市場委員会(FOMC)以降に入手した情報は、経済活動は成長が減速したように見える(economic activity appears to have slowed)中でも、労働市場の状況は一段と改善したことを示している。家計の実質所得は堅調な割合で増え(has risen at a solid rate)、消費者心理も前向きな状態を保っている(remains high)が、家計支出の伸びは緩やかになった(has moderated)。

今年初め以来、住宅部門は一段と改善したが、企業の設備投資と純輸出は軟調だった。力強い就業者数の増加を含め、最近の広範な指標は、労働市場が一段と力強さを増したことを示している。インフレ率は、それまでのエネルギー価格の下落とエネルギー以外の輸入物価の低下を部分的に反映して、委員会の長期的な目標である2%を下回り続けた。将来のインフレを示す市場ベースの指標は低いままで (remain low)、調査に基づいた長期的なインフレ期待の指標はここ数カ月、総じてあまり変わっていない(are little changed, on balance, in recent months)。

委員会は法律上与えられた責務に従って、雇用最大化と物価安定の促進を目指す。委員会は現在、金融政策の運営姿勢の緩やかな調整(gradual adjustments in the stance of monetary policy)により、経済活動が緩やかなペースで拡大し、労働市場の指標は引き続き力強さを増すと予測している。エネルギー価格のそれまでの下落(earlier declines)を部分的な原因として、インフレ率は短期的に低いままで推移すると見込まれる(inflation is expected to remain low in the near term)が、エネルギーや輸入価格の下落による一時的な影響が消え、労働市場がさらに力強さを増せば、中期的に2%に向かって上昇すると予想される。委員会は、物価指標と世界の経済や金融の動向(inflation indicators and global economic and financial developments)を引き続き注意深く監視(closely monitor)する。





米FRB、利上げ見送り 引き締め急がない姿勢示す | ロイター



FRBはFOMC声明で、このところの景気鈍化にもかかわらず労働市場は一段と改善したとの認識を表明。「委員会はインフレ指標、世界経済、および金融動向を引き続き注意深く監視する」とした。ただ「リスクをもたらす(pose risks)」との文言は今回の声明から削除された。

経済に対するリスクの均衡に関する言及は今回の声明にもなかったが、家計支出の伸びは緩やかになったものの家計の実質所得は「底堅く増加(solid rate)」したと指摘。消費者心理は引き続き堅調に推移しているとの認識を示した。

物価動向については、「エネルギー価格のそれまでの下落を部分的な原因としてインフレ率は短期的に低いままで推移すると見込まれる(inflation is expected to remain low in the near term)」としながらも、中期的にはFRBが目標とする2%に向け上昇していくと引き続き確信しているとした。