FOMC statement, March 15, 2017


  • 労働市場については失業率が低めからわずかな変化に変更されそろそろ下限に近づいていることを示唆
  • 家計消費については変化なし
  • 設備投資については「ソフト」から「しっかり」に上方修正
  • インフレについては上昇を匂わすだけでなく2%目標を意識した表現に変わり,エネルギー価格や輸入価格以外はインフレ上昇程度は少なめと追加
  • 第二パラグラフはインフレが2%目標に「上がるだろう」から「その程度で安定する」に微妙に変更されたので,かえってあと2回の利上げを織り込ませたか
  • 第三パラグラフは政策金利は(0.75%)[1.00%まで幅はある]に利上げした上で,2%目標の「堅持」を示唆
  • 第四パラグラフは2%目標に達していない程度の記述を削除し,逆に2%目標に達したら「対称的」にコントロールすることを期待
  • 第五パラグラフは変更なし
  • ニール・カシュカリ・ミネアポリス連銀総裁がただ1人利上げに反対した

For release at 2:00 p.m. EDT

Information received since the Federal Open Market Committee met in DecemberFebruary indicates that the labor market has continued to strengthen and that economic activity has continued to expand at a moderate pace. Job gains remained solid and the unemployment rate stayed near itswas little changed in recent lowmonths. Household spending has continued to rise moderately while business fixed investment has remained soft. Measures of consumer and business sentiment have improved of lappears to have firmed somewhate. Inflation has increased in recent quarters but is still below, moving close to the Committee's 2 percent longer-run objective; excluding energy and food prices, inflation was little changed and continued to run somewhat below 2 percent. Market-based measures of inflation compensation remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace, labor market conditions will strengthen somewhat further, and inflation will rise tostabilize around 2 percent over the medium term. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.

In view of realized and expected labor market conditions and inflation, the Committee decided to mraintainse the target range for the federal funds rate at 1/2to 3/4 to 3/41 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.

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, tThe Committee will carefully monitor actual and expected progress toward itsinflation developments relative to its symmetric 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.

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.

Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action was Neel Kashkari, who preferred at this meeting to maintain the existing target range for the federal funds rate.





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    「獺祭」社長 生出演で悲痛激白


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    堀江氏 タクシー乗車拒否に怒り





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