美联储7月FOMC货币政策会议声明全文,曼谷房产微信公众号文章

以下是美联储周三(7月27日)在华盛顿发布的7月货币政策声明全文：

自联邦公开市场委员会(FOMC)6月份会议以来收到的信息显示，劳动力市场走强，且经济活动一直温和扩张。在5月份疲软之后，6月份就业增长强劲。总体而言，就业人数和其它劳动力市场指标显示劳动力利用率在最近数月有所提升。居民开支一直强劲增长，但企业固定资产投资一直偏软。通胀率继续低于委员会2%的长期目标，部分体现了早前能源价格和非能源进口价格的下跌。基于市场的通胀补偿指标依然偏低；多数基于调查的较长期通胀预期指标最近数月总体而言基本持平。

Information received since the Federal Open Market Committee met in June indicates that the labor market strengthened and that economic activity has been expanding at a moderate rate. Job gains were strong in June following weak growth in May. On balance, payrolls and other labor market indicators point to some increase in labor utilization in recent months. Household spending has been growing strongly but business fixed investment has been soft. Inflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

为履行其法定职责，委员会寻求促进充分就业和物价稳定。委员会目前预计，随着货币政策立场的循序渐进调整，经济活动将以温和步伐扩张，劳动力市场指标将会走强。预计通货膨胀率在近期依然保持低位，部分原因是之前的能源价格下跌；但随着能源和进口价格之前下跌的临时影响消退，以及劳动力市场进一步增强，通胀预计将在中期内升至2%。委员会继续密切关注通胀指标以及全球经济和金融形势发展。

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 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 past declines in energy and import prices dissipate and the labor market strengthens further. Near-term risks to the economic outlook have diminished. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

鉴于上述背景，委员会决定将联邦基金利率目标区间维持在0.25%-0.5%。货币政策立场继续保持宽松，以此支持劳动力市场状况进一步好转以及通胀率回归2%。

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.

在确定联邦基金利率目标区间未来的调整时机和幅度时，委员会将评估已实现的和预期的经济形势与其充分就业以及2%通胀目标的对比情况。这方面的评估将考虑广泛的一系列信息，包括衡量劳动力市场状况的指标、通胀压力与通胀预期指标，以及金融和国际动态方面的数据。鉴于当前通胀率低于2%，委员会将密切关注向通胀目标的实际和预期进展。委员会预计，经济形势的演变将决定联邦基金利率只能以循序渐进的方式上调；联邦基金利率可能在一段时间内继续低于预期中的长期水平。不过，联邦基金利率的实际路径将取决于未来数据所显示出的经济前景。

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.

委员会维持其现行政策：将所持机构债券与机构抵押贷款支持证券的到期本金再投资到机构抵押贷款支持证券，并在标售时将到期国债展期，直至联邦基金利率的正常化进程已经进行了相当长一段时间。这一政策通过将委员会所持长期证券维持在可观水平，应该会有助于保持宽松的金融状况。

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.

投票赞成美联储货币政策决议的FOMC委员包括：美联储主席叶伦、副主席杜德利、理事布雷纳德、圣路易斯联邦储备银行总裁布拉德、理事费希尔、克利夫兰联储主席梅斯特、理事鲍威尔、波士顿联储主席罗森格伦、理事塔鲁洛。投票反对的委员为堪萨斯城联储主席乔治，她倾向在此次会议上将联邦基金利率目标区间上调至0.5-0.75%。

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.