FOMC-Erklärung vom 17. Dezember 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. Dezember 2014 veröffentlicht. Im Vergleich mit der vorherigen planmäßigen Erklärung vom 29. Oktober 2014: 7 Sätze wurden geändert, 6 kamen hinzu, 8 wurden entfernt und 10 blieben gleich. In Wörtern: 271 hinzugefügt, 248 entfernt. Abstimmung über diese Erklärung: 3 Mitglieder stimmten dagegen: Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser. Über die Erklärung vom 29. Oktober 2014: 1 Mitglied stimmte dagegen: Narayana Kocherlakota.
FOMC-Erklärung · 17. Dezember 2014
Geänderte Sätze gegenüber der vorherigen planmäßigen Erklärung (29. Oktober 2014)
10 unverändert · 7 geändert · 6 neu · 8 entfernt · Wörter +271 / −248
- 29. Oktober 2014
- 1 Mitglied stimmte dagegen: Narayana Kocherlakota.
- 17. Dezember 2014
- 3 Mitglieder stimmten dagegen: Richard W. Fisher, Narayana Kocherlakota, Charles I. Plosser.
Information received since the Federal Open Market Committee met in September October suggests that economic activity is expanding at a moderate pace.
Labor market conditions improved somewhat further, with solid job gains and a lower unemployment rate.
On balance, a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing continues to diminish.
Inflation has continued to run below the Committee's longer-run objective, partly reflecting declines in energy prices.
Market-based measures of inflation compensation have declined somewhat further; survey-based measures of longer-term inflation expectations have remained stable.
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.
Although inflation in the near term will likely be held down by lower energy prices and other factors, the Committee judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year.
The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program.
Moreover, the Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability.
Accordingly, the Committee decided to conclude its asset purchase program this month.
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.
This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.
The Committee expects inflation to rise gradually toward 2 percent as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate.
The Committee continues to monitor inflation developments closely.
Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.
The Committee anticipates, based on sees this guidance as consistent with its current assessment, previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month in October, 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.
Voting against the action was Narayana Kocherlakota, who believed that, in light of continued sluggishness in the inflation outlook and the recent slide in market-based measures of longer-term inflation expectations, the Committee should commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 percent and should continue the asset purchase program at its current level.
Statement Regarding Purchases of Treasury Securities and Agency Mortgage-Backed Securities
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.
This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.
Voting against the action were Richard W. Fisher, who believed that, while the Committee should be patient in beginning to normalize monetary policy, improvement in the U.S. economic performance since October has moved forward, further than the majority of the Committee envisions, the date when it will likely be appropriate to increase the federal funds rate; Narayana Kocherlakota, who believed that the Committee's decision, in the context of ongoing low inflation and falling market-based measures of longer-term inflation expectations, created undue downside risk to the credibility of the 2 percent inflation target; and Charles I. Plosser, who believed that the statement should not stress the importance of the passage of time as a key element of its forward guidance and, given the improvement in economic conditions, should not emphasize the consistency of the current forward guidance with previous statements.
Die 10 unveränderten Sätze zeigen
Household spending is rising moderately and business fixed investment is advancing, while the recovery in the housing sector remains slow.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced.
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.
In determining how long to maintain this target range, 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.
However, if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated.
Conversely, if progress proves slower than expected, then increases in the target range are likely to occur later than currently anticipated.
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.
Quelle: Board of Governors of the Federal Reserve System — die Erklärung auf federalreserve.gov · 29. Oktober 2014
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