美联储维持联邦基金利率不变

美联储在2016年1月的会议中决定维持汇率不变。

联邦公开市场委员会自12月会议以来获得的信息显示，虽然去年年底经济增长放缓，但劳动力市场环境仍在进一步改善。近几个月中，家庭开支和商业固定资产投资皆出现稳步增长，房地产行业也有进一步改善，但净出口逐渐疲软，库存投资也有所减慢。近来的劳动市场指标都表明，劳力资源浪费的情况正在逐渐减少。通胀率低于委员会2%的长期目标，在一定程度上反映出能源价格的下降和进口非能源产品价格的下降。基于市场的通胀补偿指标进一步下滑，一些调查显示近几个月较长期的通胀预期变动不大。 

委员会将依照法定的目标，促进就业最大化并维持物价稳定。委员会目前预计，随着货币政策立场的逐步调整，经济活动将继续温和扩张，就业市场指标将继续增强。通胀率在短期之内仍将保持在较低水平，能源价格进一步下滑是原因之一。随着能源和进口价格下挫的暂时性影响以及就业市场的进一步增强，通胀率预计在中期升至2%。委员会将继续密切关注全球经济和金融市场发展，并评估他们对就业市场和通胀的影响，以及经济前景风险的平衡性。

考虑到经济前景，委员会决定维持联邦基金利率在0.25-0.5%的目标区间内。货币政策立场将保持宽松，有助于就业市场状况的进一步改善，并推动通胀率回升至2%。 

在决定调整联邦基金利率目标区间的时机和规模时，委员会将对就业最大化以及2%的通胀目标的现实经济条件和预期条件进行评估。该评估需要将多方因素考虑在内，其中包括就业市场状况数据、通胀压力和通胀预期指标，以及金融发展和国际发展状况等。鉴于目前通胀率仍未达到2%，委员会将密切监控通胀率的实际进展和预期进展。委员会预计，经济条件的改善只能保证联邦基金利率的逐步增加，而联邦基金利率可能在很长时间内维持在预期水平以下。但决定联邦基金利率的是真实的数据和未来的经济前景。 

委员会在努力维持现行政策，将机构债券、机构抵押证券和到期拍卖的国债进行再投资，在联邦基金利率恢复正常水平之前，他们会一直这样做。委员会可以通过这一政策持有庞大的长期证券仓位，这有助于维持宽松的金融市场状况。 

Text of Federal Reserve decision to leave interest rates unchanged

The Federal Reserve left interest rates unchanged at its January 2016 meeting. Here’s what the Fed said in its public statement.

 “Information received since the Federal Open Market Committee met in December suggests that labor market conditions improved further even as economic growth slowed late last year. Household spending and business fixed investment have been increasing at moderate rates in recent months, and the housing sector has improved further; however, net exports have been soft and inventory investment slowed. A range of recent labor market indicators, including strong job gains, points to some additional decline in underutilization of labor resources. Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation declined further; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.

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 continue to strengthen. Inflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook. 

Given the economic outlook, 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. 

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. 

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; James Bullard; Stanley Fischer; Esther L. George; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo.” 

本文翻译由兄弟财经提供

文章来源：http://www.marketwatch.com/story/text-of-federal-reserve-decision-to-leave-interest-rates-unchanged-2016-01-27