Comunicado del FOMC del 3 de noviembre de 2010
Este comunicado del Federal Open Market Committee, comparado frase por frase con el comunicado programado anterior: qué cambió en el texto y cómo votó el Comité.
En pocas palabras
El Federal Open Market Committee publicó este comunicado el 3 de noviembre de 2010. Frente al comunicado programado anterior, del 21 de septiembre de 2010: 5 frases cambiaron, 10 se añadieron, 6 se eliminaron y 4 se mantuvieron iguales. En palabras: 270 añadidas, 210 eliminadas. La votación de este comunicado: 1 miembro votó en contra: Thomas M. Hoenig. La del comunicado del 21 de septiembre de 2010: 1 miembro votó en contra: Thomas M. Hoenig.
Comunicado del FOMC · 3 de noviembre de 2010
Frases cambiadas frente al comunicado programado anterior (21 de septiembre de 2010)
4 sin cambios · 5 cambiadas · 10 añadidas · 6 eliminadas · palabras +270 / −210
- 21 de septiembre de 2010
- 1 miembro votó en contra: Thomas M. Hoenig.
- 3 de noviembre de 2010
- 1 miembro votó en contra: Thomas M. Hoenig.
Information received since the Federal Open Market Committee met in August indicates September confirms that the pace of recovery in output and employment has slowed in recent months continues to be slow.
Housing starts are at a continue to be depressed level.
Bank lending has continued to contract, but at a reduced rate in recent months.
The Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be modest in the near term.
Longer-term inflation expectations have remained stable, but measures of underlying inflation have trended lower in recent quarters.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.
Currently, the unemployment rate is elevated, and measures of underlying inflation are currently at somewhat low, relative to levels somewhat below those that the Committee judges most to be consistent, over the longer run, with its dual mandate to promote maximum employment and price stability.
With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to remain subdued for some time before rising to levels the Committee considers consistent with its mandate.
The Committee also will maintain its existing policy of reinvesting principal payments from its securities holdings.
Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to expand its holdings of securities.
The Committee will maintain its existing policy of reinvesting principal payments from its securities holdings.
In addition, the Committee intends to purchase a further $600 billion of longer-term Treasury securities by the end of the second quarter of 2011, a pace of about $75 billion per month.
The Committee will regularly review the pace of its securities purchases and the overall size of the asset-purchase program in light of incoming information and will adjust the program as needed to best foster maximum employment and price stability.
The Committee will continue to monitor the economic outlook and financial developments and is prepared to provide additional accommodation if needed will employ its policy tools as necessary to support the economic recovery and to return help ensure that inflation, over time, to is at levels consistent with its mandate.
Voting against the policy was Thomas M. Hoenig, who judged that the economy continues to recover at a moderate pace.
Accordingly, he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and will lead to future imbalances that undermine stable long-run growth.
In addition, given economic and financial conditions, Mr. Hoenig did not believe that continuing to reinvest principal payments from its securities holdings was required to support the Committee's policy objectives.
Mr. Hoenig believed the risks of additional securities purchases outweighed the benefits.
Mr. Hoenig also was concerned that this continued high level of monetary accommodation increased the risks of future financial imbalances and, over time, would cause an increase in long-term inflation expectations that could destabilize the economy.
Statement from Federal Reserve Bank of New York
Mostrar las 4 frases sin cambios
Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit.
Business spending on equipment and software is rising, though less rapidly than earlier in the year, while investment in nonresidential structures continues to be weak.
Employers remain reluctant to add to payrolls.
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, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
Fuente: Board of Governors of the Federal Reserve System — el comunicado en federalreserve.gov · 21 de septiembre de 2010
Cómo leer esta página
La página pone este comunicado del Federal Open Market Committee junto al programado anterior, frase por frase. Las frases de la Fed se muestran tal como se publicaron, en inglés.
En una frase cambiada, las palabras que salieron aparecen tachadas y las nuevas, subrayadas. Una frase que solo está en el comunicado posterior se marca como añadida; una que solo está en el anterior, como eliminada. Las frases sin cambios aparecen plegadas.
Las cifras dicen cuántas frases caen en cada uno de esos grupos y cuántas palabras se añadieron y se eliminaron. Cuentan cambios; no los ponderan.
Las líneas de votación muestran cómo votó el Comité cada comunicado y quién votó en contra, tal como lo indica el propio comunicado.
La comparación sigue una regla fija, no un modelo, y no interpreta el texto.
El texto de la Fed se muestra en su inglés original y no se traduce. Esta página solo muestra qué cambió en el texto; no es una lectura de dirección, tono ni riesgo, y no forma parte de la puntuación MVIE. MVIE Pro es investigación independiente y no está vinculado a la Reserva Federal.