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Information received since the Federal Open Market Committee met in April suggests that the pace of economic contraction is slowing. Conditions in financial markets have generally improved in recent months. Household spending has shown further signs of stabilizing but remains constrained by ongoing job losses, lower housing wealth, and tight credit. Businesses are cutting back on fixed investment and staffing but appear to be making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.

The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.

In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. 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 are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve will buy up to $300 billion of Treasury securities by autumn. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Donald L. Kohn; Jeffrey M. Lacker; Dennis P. Lockhart; Daniel K. Tarullo; Kevin M. Warsh; and Janet L. Yellen.

 

自FOMC於4月會議後所接獲的訊息顯示,經濟緊縮的速度已減緩。近幾個月,金融市場情況已普遍改善。家庭支出顯示了進一步回穩跡象,但因失業持續,家庭財富減少,及信用緊縮,該支出仍受到限制。

企業削減固定投資,並進行裁員,但似乎已更能讓庫存配合銷售。雖然經濟活動可能仍將疲弱一段時間,但委員會持續預期,穩定金融市場與機構的政策行動,財政與貨幣振興方案及市場力量,將有助逐漸恢復持續性的經濟成長,並維持物價穩定。

近來能源與其他商品價格均已上漲。然而,非常寬鬆的資源可望降低成本壓力,委員會預期通貨膨脹仍將處於偏低水準一段時間。

在這些情況下,聯邦準備理事會(Fed)將運用所有可行的工具,促進經濟復甦,並維持物價穩定。

委員會將維持聯邦基金利率目標區間於0%至0.25%,且持續預期經濟情況可望確保聯邦基金利率的格外偏低水準能持續一段時間。

一如上次宣布一般,為了支持抵押貸款與房屋市場,也為了改善私人信用市場的整體情況,年底前,Fed將購買抵押貸款擔保證券達1.25兆美元,及達2000億美元的公司債。此外,秋季前,Fed亦將買進公債達3000億美元。

委員會將根據演變的經濟展望與金融市場情況,持續評估購買各種有價證券的時機與總金額。Fed正密切注意資產負債表的金額與內容,並據以調整信用與流動性計劃。

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