Fed決議維持利率不變 聲明全文 - 投資

Ref. http://tinyurl.com/289kauh

Fed決議維持利率不變 聲明全文

鉅亨網編譯郭照青 綜合外電 2010-04-29 03:07:48

自聯邦公開市場委員會（FOMC）3月會議以來所接獲的訊息顯示，經濟活動持續走強，勞工
市場正開始改善。家庭支出成長近來加速，但仍受制於高失業率，溫和的收入成長，房子
財富降低，及緊縮的信用。

企業的設備與軟體支出大幅上升，然而，非住宅建物的投資下降，僱主仍不願增加徵。新
屋開工上升，但仍偏低。雖然銀行貸款持續緊縮，但金融市場情況仍有助支撐經濟成長。

雖然經濟復甦速度可能持續溫和一段時間，但委員會預期，在物價穩定情況下，資源使用
將逐漸上升。

由於大量資源閒置，持續抑制成本壓力，且長期通貨膨脹預期穩定，通貨膨脹可能守於低
檔一段時間。

委員會將維持聯邦基金利率目標於0至0.25%，並持續預期經濟情況--包括低資源使用率，
偏低的通貨膨脹趨勢，及穩定的通貨膨脹預期--可能確保聯邦基金利率守於格外低檔一段
更長期間。

委員會將持續觀察經濟展望，及金融發展，若有需要，將運用政策工具，促進經濟成長及
物價穩定。

在金融市場運作改善的情況下，聯邦準備理事會（Fed）已結束了在危機時期，為支撐市場
所創造的各種特殊流動性機制，僅留用一種。唯一仍使用的機制，即定期資產擔保證券貸
款機制，將於6月30日結束以新發行商業抵押貸款擔保證券擔保的貸款，該機制已於3月31
日結束了以其他型態擔保品擔保的貸款。

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以下附上原文。

Ref. http://www.federalreserve.gov/newsevents/press/monetary/20100428a.htm

Press Release

Release Date: April 28, 2010

For immediate release

Information received since the Federal Open Market Committee met in March
suggests that economic activity has continued to strengthen and that the
labor market is beginning to improve. Growth in household spending has picked
up recently but remains constrained by high unemployment, modest income
growth, lower housing wealth, and tight credit. Business spending on
equipment and software has risen significantly; however, investment in
nonresidential structures is declining and employers remain reluctant to add
to payrolls. Housing starts have edged up but remain at a depressed level.
While bank lending continues to contract, financial market conditions remain
supportive of economic growth. Although the pace of economic recovery is
likely to be moderate for a time, the Committee anticipates a gradual return
to higher levels of resource utilization in a context of price stability.

With substantial resource slack continuing to restrain cost pressures and
longer-term inflation expectations stable, inflation is likely to be subdued
for some time.

The Committee will maintain the target range for the federal funds rate at 0
to 1/4 percent and continues to anticipate that economic conditions,
including low rates of resource utilization, subdued inflation trends, and
stable inflation expectations, are likely to warrant exceptionally low levels
of the federal funds rate for an extended period. The Committee will continue
to monitor the economic outlook and financial developments and will employ
its policy tools as necessary to promote economic recovery and price
stability.

In light of improved functioning of financial markets, the Federal Reserve
has closed all but one of the special liquidity facilities that it created to
support markets during the crisis. The only remaining such program, the Term
Asset-Backed Securities Loan Facility, is scheduled to close on June 30 for
loans backed by new-issue commercial mortgage-backed securities; it closed on
March 31 for loans backed by all other types of collateral.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L.
Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M.
Warsh. Voting against the policy action was Thomas M. Hoenig, who believed
that continuing to express the expectation of exceptionally low levels of the
federal funds rate for an extended period was no longer warranted because it
could lead to a build-up of future imbalances and increase risks to longer
run macroeconomic and financial stability, while limiting the Committee’s
flexibility to begin raising rates modestly.

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