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The Federal Reserve is committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time. The coronavirus pandemic is causing tremendous hardship across the United States and around the world. Our nation's first priority is to care for those afflicted and to limit the further spread of the virus. While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.

The Federal Reserve's role is guided by its mandate from Congress to promote maximum employment and stable prices, along with its responsibilities to promote the stability of the financial system. In support of these goals, the Federal Reserve is using its full range of authorities to provide powerful support for the flow of credit to American families and businesses. These actions include:

Support for critical market functioning. The Federal Open Market Committee (FOMC) will purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy. The FOMC had previously announced it would purchase at least $500 billion of Treasury securities and at least $200 billion of mortgage-backed securities. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.
Supporting the flow of credit to employers, consumers, and businesses by establishing new programs that, taken together, will provide up to $300 billion in new financing. The Department of the Treasury, using the Exchange Stabilization Fund (ESF), will provide $30 billion in equity to these facilities.
Establishment of two facilities to support credit to large employers – the Primary Market Corporate Credit Facility (PMCCF) for new bond and loan issuance and the Secondary Market Corporate Credit Facility (SMCCF) to provide liquidity for outstanding corporate bonds.
Establishment of a third facility, the Term Asset-Backed Securities Loan Facility (TALF), to support the flow of credit to consumers and businesses. The TALF will enable the issuance of asset-backed securities (ABS) backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration (SBA), and certain other assets.
Facilitating the flow of credit to municipalities by expanding the Money Market Mutual Fund Liquidity Facility (MMLF) to include a wider range of securities, including municipal variable rate demand notes (VRDNs) and bank certificates of deposit.
Facilitating the flow of credit to municipalities by expanding the Commercial Paper Funding Facility (CPFF) to include high-quality, tax-exempt commercial paper as eligible securities. In addition, the pricing of the facility has been reduced.
In addition to the steps above, the Federal Reserve expects to announce soon the establishment of a Main Street Business Lending Program to support lending to eligible small-and-medium sized businesses, complementing efforts by the SBA.

The PMCCF will allow companies access to credit so that they are better able to maintain business operations and capacity during the period of dislocations related to the pandemic. This facility is open to investment grade companies and will provide bridge financing of four years. Borrowers may elect to defer interest and principal payments during the first six months of the loan, extendable at the Federal Reserve's discretion, in order to have additional cash on hand that can be used to pay employees and suppliers. The Federal Reserve will finance a special purpose vehicle (SPV) to make loans from the PMCCF to companies. The Treasury, using the ESF, will make an equity investment in the SPV.

The SMCCF will purchase in the secondary market corporate bonds issued by investment grade U.S. companies and U.S.-listed exchange-traded funds whose investment objective is to provide broad exposure to the market for U.S. investment grade corporate bonds. Treasury, using the ESF, will make an equity investment in the SPV established by the Federal Reserve for this facility.

Under the TALF, the Federal Reserve will lend on a non-recourse basis to holders of certain AAA-rated ABS backed by newly and recently originated consumer and small business loans. The Federal Reserve will lend an amount equal to the market value of the ABS less a haircut and will be secured at all times by the ABS. Treasury, using the ESF, will also make an equity investment in the SPV established by the Federal Reserve for this facility. The TALF, PMCCF and SMCCF are established by the Federal Reserve under the authority of Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary.

These actions augment the measures taken by the Federal Reserve over the past week to support the flow of credit to households and businesses. These include:

The establishment of the CPFF, the MMLF, and the Primary Dealer Credit Facility;
The expansion of central bank liquidity swap lines;
Steps to enhance the availability and ease terms for borrowing at the discount window;
The elimination of reserve requirements;
Guidance encouraging banks to be flexible with customers experiencing financial challenges related to the coronavirus and to utilize their liquidity and capital buffers in doing so;
Statements encouraging the use of daylight credit at the Federal Reserve.
Taken together, these actions will provide support to a wide range of markets and institutions, thereby supporting the flow of credit in the economy.

The Federal Reserve will continue 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.

The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.

The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities. The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions. The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases. In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings.

Voting (by notation) 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; Loretta J. Mester; and Randal K. Quarles.

In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses. More information can be found on the Federal Reserve Board's website.

In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

"Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent. The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS. The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.

The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets. In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.

The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities. Small deviations from these amounts for operational reasons are acceptable.

The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."

More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website

ＦＲＢは23日、日本時間の23日夜、今月３回目となる臨時の会合を開きました。

発表された声明によりますと、今月15日に導入を決めた、国債などを7000億ドル分買い取って市場に大量の資金を供給する量的緩和策について「金融の機能を支援するため必要な額を購入する」として、買い取りの規模を定めず制限なく行う方針を決定しました。

ＦＲＢは今月、量的緩和策に併せて事実上のゼロ金利政策の導入も決定しましたが、新型コロナウイルスの感染拡大が深刻になる中、金融機関の間でドル資金を手元に置こうとする動きが増え、金融市場の動揺が続いています。

ＦＲＢとしては、2008年のリーマンショックの際のように金融機能が収縮して企業の活動や個人の住宅ローンなどの返済に深刻な影響が広がらないよう、やつぎばやに異例の金融政策を打ち出しています。

ＦＲＢは23日に開いた臨時の会合で、今月再開した、国債などを7000億ドル分買い取って市場に大量の資金を供給する量的緩和策について「金融の機能を支援するため必要な額を購入する」として、買い取りの規模を定めず無制限に行う方針を決めました。

さらに、中小企業の借り入れや学生ローンなどを組み込んだ証券を買い入れる新たな措置も決めました。

臨時の会合はすでに今月３回目で、事実上のゼロ金利政策も導入するなどやつぎばやに異例の政策を打ち出しています。

こうした対応の背景には2008年のリーマンショックの教訓があります。

この際には金融システムが機能不全に陥り、企業の活動や個人のローンの返済が滞って実体経済に深刻な影響が広がりました。

ＦＲＢは声明で「アメリカ経済が深刻な混乱に直面することは明らかで、雇用や収入が失われないよう官民を挙げて取り組むべきだ。アメリカの家計や企業に資金が行き届くように、あらゆる権限を行使する」と強調しています。

ただ、アメリカでは新型コロナウイルスの感染者が３万人を超えて、金融市場の動揺が続く中、異例の政策によって金融危機に陥るのを防ぐことができるか不透明な状況です。

#FRB#FOMC#金融政策

アメリカでは新型コロナウイルスの感染拡大により、サービス業や製造業まで幅広い業種で企業活動が停止していて、経済成長率の記録的な落ち込みが予想されています。

このうちアメリカの大手金融グループ、ゴールドマン・サックスは、ＧＤＰ＝国内総生産の年率に換算した成長率が、
▽１月から３月がマイナス６％、
▽４月から６月はマイナス24％、と記録的な落ち込みになり景気後退に陥ると見込んでいます。

またこれに伴って現在3.5％の失業率が９％にまで上昇する可能性があるとしています。

このほか４月から６月のＧＤＰの成長率について、
▽バンク・オブ・アメリカはマイナス12％、
▽ＪＰモルガン・チェースはマイナス14％と、大幅なマイナスを見込んでいます。

#経済統計

ニューヨーク株式市場ダウ平均株価の急落は週明けとなった先月24日に始まりました。

この日、1000ドルを超える大幅下落となりましたが、その後も連日記録的な値下がりを記録。株価の急落を抑えるための「サーキットブレーカー」と呼ばれる売買停止措置も、この間４度発動されました。

一日の下落幅は今月16日には2997ドル10セントという過去最大を記録し、これまでのところ株価下落に歯止めがかからない状態が続いています。

また23日の終値は１か月前に比べると１万400ドル安く、下落率は35.8％と、暴落と言っていい値下がりを記録したことになります。

トランプ大統領は株価の上昇をみずからの実績にしてきましたが、今月20日にはトランプ大統領が就任した2017年１月20日の終値を下回り、実績は「帳消し」となっていました。

#マーケット