FOMC-Erklärung vom 23. März 2020
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 außerplanmäßige Erklärung am 23. März 2020 veröffentlicht (March 23 (notation vote) - 2020). Im Vergleich mit der vorherigen planmäßigen Erklärung vom 29. Januar 2020: 0 Sätze wurden geändert, 19 kamen hinzu, 11 wurden entfernt und 0 blieben gleich. In Wörtern: 592 hinzugefügt, 273 entfernt. Abstimmung über diese Erklärung: Einstimmig. Über die Erklärung vom 29. Januar 2020: Einstimmig.
Eine außerplanmäßige Erklärung (Fed-Kalender: „March 23 (notation vote) - 2020“). Sie wird mit der vorherigen planmäßigen Erklärung verglichen; wegen des anderen Formats können viele Sätze geändert erscheinen. Der Vergleich mit der unmittelbar vorherigen Erklärung steht weiter unten.
FOMC-Erklärung · 23. März 2020
Geänderte Sätze gegenüber der vorherigen planmäßigen Erklärung (29. Januar 2020)
Außerplanmäßige Erklärungen, die dieser Vergleich überspringt: 3. März 2020, 15. März 2020
0 unverändert · 0 geändert · 19 neu · 11 entfernt · Wörter +592 / −273
- 29. Januar 2020
- Einstimmig.
- 23. März 2020
- Einstimmig.
Information received since the Federal Open Market Committee met in December indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Although household spending has been rising at a moderate pace, business fixed investment and exports remain weak.
On a 12‐month basis, overall inflation and inflation for items other than food and energy are running below 2 percent.
Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The Committee decided to maintain the target range for the federal funds rate at 1‐1/2 to 1-3/4 percent.
The Committee judges that the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including global developments and muted inflation pressures, as it assesses the appropriate path of the target range for the federal funds rate.
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 maximum employment objective and its symmetric 2 percent inflation objective.
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.
The Federal Reserve is committed to use its full range of tools to support the U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.
The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities.
The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions.
The Committee will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.
In addition, the Open Market Desk will continue to offer large-scale overnight and term repurchase agreement operations.
The Committee will continue to closely monitor market conditions, and will assess the appropriate pace of its securities purchases at future meetings.
Voting (by notation) for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses.
More information can be found on the Federal Reserve Board's website .
In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent.
The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS.
The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.
The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets.
In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.
The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities.
Small deviations from these amounts for operational reasons are acceptable.
The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."
More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website .
Federal Reserve announces extensive new measures to support the economy Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations
Quelle: Board of Governors of the Federal Reserve System — die Erklärung auf federalreserve.gov · 29. Januar 2020
Verglichen mit der unmittelbar vorherigen Erklärung (15. März 2020)
FOMC-Erklärung · 23. März 2020
Geänderte Sätze gegenüber der vorherigen Erklärung (15. März 2020)
1 unverändert · 4 geändert · 14 neu · 20 entfernt · Wörter +524 / −558
- 15. März 2020
- 1 Mitglied stimmte dagegen: Loretta J. Mester.
- 23. März 2020
- Einstimmig.
The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States.
Global financial conditions have also been significantly affected.
Available economic data show that the U.S. economy came into this challenging period on a strong footing.
Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate.
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Although household spending rose at a moderate pace, business fixed investment and exports remained weak.
More recently, the energy sector has come under stress.
On a 12‐month basis, overall inflation and inflation for items other than food and energy are running below 2 percent.
Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook.
In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent.
The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.
This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee's symmetric 2 percent objective.
The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy.
In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.
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.
The Federal Reserve is prepared committed to use its full range of tools to support the flow of credit to households and businesses U.S. economy in this challenging time and thereby promote its maximum employment and price stability goals.
To support the smooth functioning of markets for Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, over coming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion.
The Federal Open Market Committee is taking further actions to support the flow of credit to households and businesses by addressing strains in the markets for Treasury securities and agency mortgage-backed securities.
The Federal Reserve will continue to purchase Treasury securities and agency mortgage-backed securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions.
The Committee will also reinvest all principal payments from the Federal Reserve's holdings include purchases of agency debt and agency commercial mortgage-backed securities in its agency mortgage-backed securities security purchases.
In addition, the Open Market Desk has recently expanded its will continue to offer large-scale overnight and term repurchase agreement operations.
The Committee will continue to closely monitor market conditions, and is prepared to adjust will assess the appropriate pace of its plans as appropriate securities purchases at future meetings.
Voting against this action was Loretta J. Mester, who was fully supportive of all of the actions taken to promote the smooth functioning of markets and the flow of credit to households and businesses but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting.
In a related set of actions to support the credit needs of households and businesses, the Federal Reserve announced measures related to the discount window, intraday credit, bank capital and liquidity buffers, reserve requirements, and-in coordination with other central banks-the U.S. dollar liquidity swap line arrangements.
Voting (by notation) for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Robert S. Kaplan; Neel Kashkari; Loretta J. Mester; and Randal K. Quarles.
In a related set of actions, the Federal Reserve announced additional measures to support the flow of credit to households and businesses.
In connection with these plans, the Committee voted unanimously to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive: "Effective March 23, 2020, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 0 to 1/4 percent.
The Committee directs the Desk to increase the System Open Market Account holdings of Treasury securities and agency mortgage-backed securities (MBS) in the amounts needed to support the smooth functioning of markets for Treasury securities and agency MBS.
The Committee also directs the Desk to include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases.
The Committee also directs the Desk to continue conducting term and overnight repurchase agreement operations to ensure that the supply of reserves remains ample and to support the smooth functioning of short-term U.S. dollar funding markets.
In addition, the Committee directs the Desk to conduct overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 0.00 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counterparty limit of $30 billion per day.
The Committee directs the Desk to continue rolling over at auction all principal payments from the Federal Reserve's holdings of Treasury securities and to reinvest all principal payments from the Federal Reserve's holdings of agency debt and agency mortgage-backed securities received during each calendar month in agency mortgage-backed securities.
Small deviations from these amounts for operational reasons are acceptable.
The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."
More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website .
Federal Reserve announces extensive new measures to support the economy Statement Regarding Treasury Securities and Agency Mortgage-Backed Securities Operations
Den unveränderten Satz zeigen
More information can be found on the Federal Reserve Board's website .
Quelle: Board of Governors of the Federal Reserve System — die Erklärung auf federalreserve.gov · 15. März 2020
So liest man diese Seite
Die Seite stellt diese Erklärung des Federal Open Market Committee Satz für Satz neben die planmäßige Erklärung davor. Die Sätze der Fed erscheinen wie veröffentlicht, auf Englisch.
In einem geänderten Satz sind gestrichene Wörter durchgestrichen und neue Wörter unterstrichen. Ein Satz, der nur in der neueren Erklärung steht, ist als neu markiert; einer, der nur in der älteren steht, als entfernt. Unveränderte Sätze sind eingeklappt.
Die Zahlen sagen, wie viele Sätze in jede dieser Gruppen fallen und wie viele Wörter hinzugefügt und entfernt wurden. Sie zählen Änderungen; sie gewichten sie nicht.
Die Abstimmungszeilen zeigen, wie der Ausschuss über jede Erklärung abgestimmt hat und wer dagegen stimmte, so wie die Erklärung selbst es angibt.
Der Vergleich folgt einer festen Regel, nicht einem Modell, und liest nichts in den Text hinein.
Der Text der Fed wird im englischen Original gezeigt und nicht übersetzt. Diese Seite zeigt nur, was sich im Text geändert hat; sie ist keine Lesart von Richtung, Ton oder Risiko und fließt nicht in den MVIE-Score ein. MVIE Pro ist unabhängige Forschung und steht in keiner Verbindung zur Federal Reserve.