FOMC-Erklärung vom 17. September 2014
Diese Erklärung des Federal Open Market Committee, Satz für Satz mit der planmäßigen Erklärung davor verglichen: was sich im Text geändert hat und wie der Ausschuss abgestimmt hat.
Kurz gesagt
Das Federal Open Market Committee hat diese Erklärung am 17. September 2014 veröffentlicht. Im Vergleich mit der vorherigen planmäßigen Erklärung vom 30. Juli 2014: 7 Sätze wurden geändert, 2 kamen hinzu, 1 wurde entfernt und 18 blieben gleich. In Wörtern: 101 hinzugefügt, 44 entfernt. Abstimmung über diese Erklärung: 2 Mitglieder stimmten dagegen: Richard W. Fisher, Charles I. Plosser. Über die Erklärung vom 30. Juli 2014: 1 Mitglied stimmte dagegen: Charles I. Plosser.
FOMC-Erklärung · 17. September 2014
Geänderte Sätze gegenüber der vorherigen planmäßigen Erklärung (30. Juli 2014)
18 unverändert · 7 geändert · 2 neu · 1 entfernt · Wörter +101 / −44
- 30. Juli 2014
- 1 Mitglied stimmte dagegen: Charles I. Plosser.
- 17. September 2014
- 2 Mitglieder stimmten dagegen: Richard W. Fisher, Charles I. Plosser.
Information received since the Federal Open Market Committee met in June indicates July suggests that growth in economic activity rebounded in the second quarter is expanding at a moderate pace.
Labor market conditions improved, with the unemployment rate declining further.
On balance, labor market conditions improved somewhat further; however, the unemployment rate is little changed and a range of labor market indicators suggests that there remains significant underutilization of labor resources.
Inflation has moved somewhat closer to been running below the Committee's longer-run objective.
The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year.
Beginning in August October, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $10 5 billion per month rather than $15 10 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $15 10 billion per month rather than $20 15 billion per month.
If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will likely reduce the pace end its current program of asset purchases in further measured steps at future meetings its next meeting.
Voting against the action were Richard W. Fisher and Charles I. Plosser.
President Fisher believed that the continued strengthening of the real economy, improved outlook for labor utilization and for general price stability, and continued signs of financial market excess, will likely warrant an earlier reduction in monetary accommodation than is suggested by the Committee's stated forward guidance.
Voting against was Charles I. President Plosser who objected to the guidance indicating that it likely will be appropriate to maintain the current target range for the federal funds rate for "a considerable time after the asset purchase program ends," because such language is time dependent and does not reflect the considerable economic progress that has been made toward the Committee's goals.
Die 18 unveränderten Sätze zeigen
Household spending appears to be rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow.
Fiscal policy is restraining economic growth, although the extent of restraint is diminishing.
Longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate.
The Committee currently judges that there is sufficient underlying strength in the broader economy to support ongoing improvement in labor market conditions.
In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions since the inception of the current asset purchase program, the Committee decided to make a further measured reduction in the pace of its asset purchases.
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.
The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative, which in turn should promote a stronger economic recovery and help to ensure that inflation, over time, is at the rate most consistent with the Committee's dual mandate.
The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.
However, asset purchases are not on a preset course, and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate.
In determining how long to maintain the current 0 to 1/4 percent target range for the federal funds rate, the Committee will assess progress--both realized and expected--toward 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 developments.
The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.
The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.
Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities
Quelle: Board of Governors of the Federal Reserve System — die Erklärung auf federalreserve.gov · 30. Juli 2014
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