美联储声明全文.doc

Full text of Fed statement

Following is the full text of the statement by the Federal Reserve on Tuesday announcing it was maintaining ultra--low interest rates at zero to 0.25 percent and pumping an additional 600 billion dollars into the economy to spur recovery：
Information received since the Federal Open Market Committee met in September confirms that the pace of recovery in output and employment continues to be slow. House--hold spending is increasing gradually , but remains constrained by high unemployment, modest income growth,lower housing wealth,and tight credit.Business spending on equipment and software is rising,though less rapidly than earlier in the year,while investment in nonresidential structure continues to be week.Employers remain reluctant to add to payrolls.Housing starts continue to be depressed.Longer--term inflation expectations have remained stable.but measures of underlying inflation have trended lower in recent quarters.
Consistent with its statutory mandate,the Committee seeks to foster maximum employment and price stability.Currently,the unemployment rate is elevated ,and measures of underlying inflation are somewhat low,relative to levels that the Committee judges to be consistent ,over the longer run,with its dual mandate.Although the Committee anticipates gradual return to higher levels of resource utilization in a context of price stability,progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation ,overtime,is at levels consistent with its mandate,the Committee decided today to expand its holdings of securities.The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings.In addition, the Committee intends to purchase a further 600 billion dollars of longer--term Treasury securities by the end of the second quarter of 2011,a pace of about 75 billion dollars per month.The Committee will regularly review the pace of its securities purchases and the overall size of the asset--purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will maintain the target range from the federal funds rate at 0 to 1/4 percent and continues ti anticipate that economic conditions , including low rates of resource utilization, subdued inflation trends,and stable inflation expectations, are likely to warrant exceptionally low levels for 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 support the economic recovery and to help ensure that inflation,overtime,is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were:
Voting against the FOMC monetary policy action was Thomas .He believed the risk of additional securities purchases out weighed the benefits.He also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, overtime,would cause an increase in longer--term inflation expectations that could destabilize the economy.

在为期两天的政策制定会议闭幕以后，美国联邦公开市场委员会(以下简称"FOMC")今天发布了利率政策声明，美国联邦储备委员会3日宣布推出第二轮定量宽松货币政策，到2011年6月底以前购买6000亿美元的美国长期国债，以进一步刺激美国经济复苏。

利率政策声明全文如下：

　　自FOMC9月份政策制定会议以来所收到的信息确认表明，产出和就业继续以缓慢的步伐复苏。家庭开支正在逐步增长，但较高的失业率、温和的个人收入增长速度、下滑中的家庭财富以及紧缩的信贷状况仍旧令家庭开支受到限制。公司在设备和软件方面的支出正在增长，但增长速度不及今年早些时候；非居住房屋方面的投资继续表现疲弱，雇主仍旧不愿聘用更多员工，新屋开工率则仍旧保持在受抑制的水平。更长期通胀预期一直都保持稳定，但最近几个季度以来，用于衡量基底通货膨胀的各项指标一直都处于下行趋势中。

　　FOMC正依据其法定使命来寻求培育最大程度上的就业和物价稳定性。目前而言，失业率正处于较高水平；与FOMC判定为在更长期内符合其双重使命的水平相比，用于衡量基底通货膨胀的各项指标在某种程度上处于较低水平。虽然FOMC预计资源利用率将在物价稳定的环境下逐步恢复较高水平，但朝着FOMC目标所发生的进展一直都令人失望地较为缓慢。

　　为了促进更加强劲的经济复苏步伐和帮助确保长期内的通胀水平符合FOMC的使命，FOMC今天决定提高其债券持有量。FOMC将维持现有的一项政策，即将来自于所持债券的本金付款进行再投资。此外，FOMC计划在2011年第二季度以前进一步收购6000亿美元的较长期美国国债，也就是每个月收购大约750亿美元。FOMC将根据未来获得的信息对其债券收购活动的步速和资产收购计划的整体规模进行定期回顾，并将在必要时候对这项计划作出调整，目的是最好地培育最大程度上的就业和物价稳定性。

　　FOMC将把联邦基金利率维持0到0.25%的目标区间不变，并继续预计处于较低水平的资源利用率、受抑制的通胀趋势以及稳定的通胀预期等经济状况很可能将使FOMC有理由在更长时期内将联邦基金利率维持在极低水平。
　　FOMC将继续监控经济前景和金融市场状况的进展，并将利用必要的政策工具来为经济复苏进程提供支持，以及帮助确保长期通胀率处于与其使命相一致的水平。

　　在此次政策制定会议上投票支持FOMC货币政策行动的委员有：主席本-伯南克(Ben S. Bernanke)、副主席威廉-达德利(William C. Dudley)、詹姆斯-布拉德(James Bullard)、伊丽莎白-杜克(Elizabeth A. Duke)、桑德拉-皮亚纳托(Sandra Pianalto)、萨拉-布鲁姆-拉斯金(Sarah Bloom Raskin)、埃里克-罗森格林(Eric S. Rosengren)、丹尼尔-塔鲁洛(Daniel K. Tarullo)、凯文-瓦尔许(Kevin M. Warsh)和珍妮特-耶伦(Janet L. Yellen)。

　　托马斯-霍利格(Thomas M. Hoenig)投票反对FOMC货币政策行动。霍利格认为，收购更多债券的风险高于利益。霍利格还担心，这种继续处于较高水平的货币融通性提高了未来金融不平衡性的风险，将在长期内导致长期通胀预期上升，从而令经济产生动摇。

附：美联储议息声明(摘要及全文)

　　·美联储决定，将联邦基金利率维持在0至0.25不变。
　　·美联储决定，维持当前贴现利率在0.75不变。
　　·美联储以10比1的票数通过了当前利率决议，HOENIG投反对票。
　　·美联储决定购买美国国债，以继续刺激当前疲软的经济增长。
　　·美联储决定，截至2011二季度之前，再购买6000亿美元以上的资产。
　　·美联储本次资产购买计划约合每月750亿美元。
　　·美联储将视具体情况调整资产购买计划。
　　·美联储将会把到期的抵押贷款支持证券所得再投资，用于购买美国国债。
　　·美联储计划，截至2011二季度之前，用于再投资的押贷款支持证券规模为2500亿至3000亿美元。
　　·美联储将购买期限为从1.5年至30年的各种美国国债。
　　·美联储预计，其所购买的美国国债平均期长为5-6年。
　　·美联储决定，临时放宽其35%持有上限的规定。
　　·美联储预计，利率将会在未来较长一段时间内维持在极低水平。
　　·美联储认为，经济复苏在产出、就业方面的速度仍较为缓慢。
　　·美联储认为，核心通胀水平在最近几个月内趋于下降。
　　·美联储认为，目前核心通胀率低于目标水平。