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The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. Available economic data show that the U.S. economy came into this challenging period on a strong footing. Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending rose at a moderate pace, business fixed investment and exports remained weak. More recently, the energy sector has come under stress. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective.

The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. 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.

The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. To support the smooth functioning of markets for Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, over coming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion. The Committee will also reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. In addition, the Open Market Desk has recently expanded its overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions and is prepared to adjust its plans as appropriate.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; and Randal K. Quarles. Voting against this action was Loretta J. Mester, who was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting.

In a related set of actions to support the credit needs of households and businesses, the Federal Reserve announced measures related to the discount window, intraday credit, bank capital and liquidity buffers, reserve requirements, and—in coordination with other central banks—the U.S. dollar liquidity swap line arrangements. More information can be found on the Federal Reserve Board's website.

ＦＲＢは15日、日本時間の16日朝開いた臨時の会合で、政策金利を一気に１％引き下げて０％から0.25％の範囲とする、事実上のゼロ金利政策に踏み切りました。

また、今後数か月で、国債などを7000億ドル、日本円で74兆円規模で買い入れて市場に大量の資金を供給する量的緩和の再開も決めました。

ゼロ金利政策と量的緩和を行う大規模な金融緩和策は、2008年に起きたリーマンショックへの危機対応でも実施されたもので、企業などが資金繰りに行き詰まらないようにするねらいがあります。

これについてトランプ大統領は会見で、「とてもいいニュースで、アメリカにとってよいことだ。ＦＲＢにおめでとうと言いたい」と述べこれまで批判してきたＦＲＢを高く評価しました。

しかし、投資家の間では、新型コロナウイルスの感染拡大によって、アメリカでも実体経済の悪化が予想以上に深刻になるという不安心理が強まっていて、大規模な金融緩和策によって市場の動揺を抑えられるかは不透明です。

ＦＲＢのパウエル議長は15日、事実上のゼロ金利政策の導入を決めたあとの電話会見で「家計や企業を支援するため、あらゆる手段を用いる」と述べ、今後も状況をみながら必要な措置を打ち出す姿勢を強調しました。

ただ、日銀やヨーロッパ中央銀行が導入している、金利を０％よりも下げるマイナス金利を検討するかどうかについて「アメリカではマイナス金利が適切な対応になるとは思えない」と述べて慎重な姿勢を示し、今後、政策余地が限定されるという見方も出そうです。

#FOMC#FRB
#金融政策

新型コロナウイルスの感染拡大を受けてアメリカでは先週、株価が歴史的な下落を記録したほか、航空需要の減少を受けアメリカの大手航空会社が国際便の大幅な削減を発表するなど経済への影響が広がっています。

アメリカのムニューシン財務長官は15日、ＡＢＣテレビのインタビューに対し「大統領はあらゆる対策をとる考えで、われわれは超党派で議会と協力する」と述べ、航空会社やホテル、クルーズ船などの企業に対する支援強化を目指し、野党・民主党と協議を続ける考えを示しました。

また「アメリカは景気後退に向かっているのか」との質問に対し、ムニューシン長官は「そうは思わない」と否定したうえで「われわれがこのウイルスに立ち向かうことで、ことしの後半には経済活動は好転する」と強調しました。

トランプ大統領は今月13日に国家非常事態を宣言し、最大で５兆4000億円に上る連邦政府の予算を感染拡大の防止に活用する方針を打ち出すなど対策を強化しています。しかし、世界的に感染の終息が見通せないなか、社会や経済の動揺が続いています。