https://d1021.hatenadiary.com
http://d1021.hatenablog.com

■

経済 英語 経済 英語


It is both humbling and a great privilege to be standing here today.1 I am particularly honored by the trust and faith that the President has placed in me and by the Senate's quick action in confirming me. There is no greater honor than public service, as Randy, Lael and all of our colleagues here at the Fed would agree.


The Congress has assigned the Federal Reserve the goals of stable prices and maximum employment. Price stability means that businesses and households can make important decisions without concern for high or volatile inflation. Maximum employment means that those who want a job either have one or can find one reasonably quickly. We also have important responsibilities for the stability of the financial system and for the regulation and supervision of financial institutions, including our largest banks. Through regulation that is both effective and efficient, we seek to ensure that credit, which is vital for a healthy economy, will be available to families and businesses throughout the business cycle, so they can invest in a brighter future.


These are awesome responsibilities, and the Congress has wisely entrusted us with an important degree of independence so that we can pursue our monetary policy goals without concern for short-term political pressures. As a public institution, we must be transparent about our actions so that the public, through its elected representatives, can hold us accountable. Over the past 25 years, the Fed has been a leader among central banks in improving transparency. Today, we are open and accountable. We strive to explain our actions in a way that enhances the public's understanding of our goals and methods. We will continue to pursue ways to improve transparency both in monetary policy and in regulation.


When I joined the Board of Governors in 2012, unemployment was 8.2 percent. Many millions of Americans were still suffering from the ravages of the crisis. Since then, monetary policy has continued to support a full recovery in labor markets and a return to our inflation target; we have made great progress in moving much closer to those statutory objectives. In addition, the financial system is incomparably stronger and safer, with much higher capital and liquidity, better risk management, and other improvements.


Much credit for these results should go to Chairman Bernanke and Chair Yellen. I am grateful for their leadership and for their example and advice as colleagues. But there is more to the story than successful leadership. The success of our institution is really the result of the way all of us carry out our responsibilities. We approach every issue through a rigorous evaluation of the facts, theory, empirical analysis and relevant research. We consider a range of external and internal views; our unique institutional structure, with a Board of Governors in Washington and 12 Reserve Banks around the country, ensures that we will have a diversity of perspectives at all times. We explain our actions to the public. We listen to feedback and give serious consideration to the possibility that we might be getting something wrong. There is great value in having thoughtful, well-informed critics.


While the challenges we face are always evolving, the Fed's approach will remain the same. Today, the global economy is recovering strongly for the first time in a decade. We are in the process of gradually normalizing both interest rate policy and our balance sheet with a view to extending the recovery and sustaining the pursuit of our objectives. We will also preserve the essential gains in financial regulation while seeking to ensure that our policies are as efficient as possible. We will remain alert to any developing risks to financial stability.


I am deeply grateful for the opportunity to lead the Fed as we face these evolving challenges. I believe that the way we approach our work, the strong values we hold, and the dedication to public service I see throughout the Federal Reserve have been the keys to our success. As Chairman, I will uphold these values and do my very best to further our pursuit of something we all seek--an economy that works for all Americans.


米連邦準備制度理事会（ＦＲＢ）のパウエル長は13日、最近の株価急落の後を受け、金融システムへの脅威に対する警戒を怠らないとしつつも、緩やかな利上げを継続する方針を表明した。


　　パウエル議長はワシントンで開かれた就任式典での講演テキストで、「われわれは金利政策と当局のバランスシートの双方を緩やかに正常化するプロセスにある」と述べるとともに、「金融安定性へのいかなるリスクの高まりにも引き続き警戒する」と語った。


　　パウエル議長の今回の発言は、賃金の伸び加速がインフレ高進や金融当局による利上げペース加速を招くのではないかとの懸念が一因となり、金融市場が過去数年で最も深刻な動揺に見舞われて以降、公の場では初めて。


　　パウエル議長は株価急落に具体的に言及しなかったものの、他の米金融当局者はそれが経済や金融システムに大きな影響をもたらす可能性に否定的な考えを示している。


　　ニューヨーク連銀のダドリー総裁は先週、株安は「大したことではない」と指摘。クリーブランド連銀のメスター総裁は13日、市場の動揺によって自身の経済見通しや将来の利上げを支持する姿勢に影響はないと発言した。


　　メスター総裁はオハイオ州デイトンでの講演で、「経済が予想通り進展したなら、今年と来年についても、昨年と同様のペースで金利をさらに引き上げる必要があるだろう」との見解を表明した。　


　　米金融当局者は昨年12月の連邦公開市場委員会（ＦＯＭＣ）後に公表した経済予測のうち、金利予測分布図（ドット・プロット）で今年は３回の利上げを見込んでいることを予想中央値として示した。今年１月30、31両日に開いたＦＯＭＣ後の声明でも、「フェデラルファンド（ＦＦ）金利のさらなる漸進的な引き上げ」を予想するとして、こうした見通しを実質的に繰り返した。


　　ＪＰモルガン・チェースの米国担当チーフエコノミスト、マイケル・フェロリ氏は13日のパウエル議長のコメントについて、当局の１月の「メッセージと一貫したものだ。利上げのプロセスにあり、最終ゴールには近づいていない」と分析した。


原題：Powell Suggests Fed to Go Ahead With Rate Hikes After Share Rout（抜粋）

#FRB