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发帖数: 807 | 1 Release Date: August 9, 2011
For immediate release
Information received since the Federal Open Market Committee met in June
indicates that economic growth so far this year has been considerably slower
than the Committee had expected. Indicators suggest a deterioration in
overall labor market conditions in recent months, and the unemployment rate
has moved up. Household spending has flattened out, investment in
nonresidential structures is still weak, and the housing sector remains
depressed. However, business investment in equipment and software continues
to expand. Temporary factors, including the damping effect of higher food
and energy prices on consumer purchasing power and spending as well as
supply chain disruptions associated with the tragic events in Japan, appear
to account for only some of the recent weakness in economic activity.
Inflation picked up earlier in the year, mainly reflecting higher prices for
some commodities and imported goods, as well as the supply chain
disruptions. More recently, inflation has moderated as prices of energy and
some commodities have declined from their earlier peaks. Longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee now expects a somewhat
slower pace of recovery over coming quarters than it did at the time of the
previous meeting and anticipates that the unemployment rate will decline
only gradually toward levels that the Committee judges to be consistent with
its dual mandate. Moreover, downside risks to the economic outlook have
increased. The Committee also anticipates that inflation will settle, over
coming quarters, at levels at or below those consistent with the Committee's
dual mandate as the effects of past energy and other commodity price
increases dissipate further. However, the Committee will continue to pay
close attention to the evolution of inflation and inflation expectations.
To promote the ongoing economic recovery and to help ensure that inflation,
over time, is at levels consistent with its mandate, the Committee decided
today to keep the target range for the federal funds rate at 0 to 1/4
percent. The Committee currently anticipates that economic conditions--
including low rates of resource utilization and a subdued outlook for
inflation over the medium run--are likely to warrant exceptionally low
levels for the federal funds rate at least through mid-2013. The Committee
also will maintain its existing policy of reinvesting principal payments
from its securities holdings. The Committee will regularly review the size
and composition of its securities holdings and is prepared to adjust those
holdings as appropriate.
The Committee discussed the range of policy tools available to promote a
stronger economic recovery in a context of price stability. It will
continue to assess the economic outlook in light of incoming information and
is prepared to employ these tools as appropriate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Sarah
Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen.
Voting against the action were: Richard W. Fisher, Narayana Kocherlakota,
and Charles I. Plosser, who would have preferred to continue to describe
economic conditions as likely to warrant exceptionally low levels for the
federal funds rate for an extended period.
2011 Monetary Policy Releases |
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