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1、 美联储公开市场委员会会议申明美联储公开市场委员会会议申明 2011-1-26 自联邦公开市场委员会 12 月份会议召开以来，收到的信息确认了经济正在持续复苏， 尽管复苏的速度还不足以显著改善劳动力市场状况。房屋支出增长在去年晚些时候有上升， 但仍受制于高失业、温和的收入增长、较低的房产财富和较紧的信贷状况。设备和软件上的 业务支出在增长，但非住宅建筑投资仍然疲软。雇主仍然不愿意增加雇用计划。房屋部门继 续保持低迷。尽管商品价格有所上升，但是长期的通胀预期保持稳定，核心通胀指标维持向 下的趋势。 根据法定职责， 联邦公开市场委员会旨在保持充分就业和物价稳定。 当前， 失业率高企， 核心通胀指标
2、从更长期的双重目标角度来衡量，仍处于低位。在价格稳定的背景下，尽管委 员会预计资源的利用水平将会逐步提升，但进展相当缓慢。 为推动经济加快复苏， 同时保证通胀维持在一个合意的水平， 今天委员会决定继续执行 其在去年 11 月份宣布的扩大证券持有计划。特别地，委员会正在持续地将其持有的证券实 施本金再投资政策， 并将在 2011 年二季度末之前购买 6000 亿美元长期国债。 委员会将根据 新信息定期评估证券购买的步伐和资产购买的总体规模， 视充分就业和物价稳定两大目标的 需要及时调整计划。 委员会将联邦基金目标利率维持在 0-0.25%，并预计根据当前的经济条件，包括较低的 资源利用率、 温和
3、的通胀趋势和稳定的通胀预期等， 可能需要在较长一段时期内把联邦基金 利率继续维持在一个很低的水平。 委员会将继续监控经济前景和金融发展， 如有必要将采取各种措施支持经济复苏， 以及 确保通胀维持在一个合意的水平。 参与投票的联邦公开市场委员会成员：Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Rask
4、in; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen. （研究所 周世成译） For immediate release Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improv
5、ement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is
6、 still weak. Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward. Consistent with its statutory man
7、date, 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 Com
8、mittee anticipates a 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, over time, is at levels consistent with its m
9、andate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and intends to purchase $600 billion of longer-term Treasury s
10、ecurities by the end of the second quarter of 2011. 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
11、. 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
12、 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, over time, is at levels consistent with its mandate. Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.
