美國聯邦公開市場委員會2009.3.18決定擴大量化操作

 

Press Release

新聞稿

 

Release Date: March 18, 2009  

發布日期:2009318

 

For immediate release

立即發布

 

 

Information received since the Federal Open Market Committee met in January indicates that the economy continues to contract. Job losses, declining equity and housing wealth, and tight credit conditions have weighed on consumer sentiment and spending. Weaker sales prospects and difficulties in obtaining credit have led businesses to cut back on inventories and fixed investment. U.S. exports have slumped as a number of major trading partners have also fallen into recession. Although the near-term economic outlook is weak, the Committee anticipates that policy actions to stabilize financial markets and institutions, together with fiscal and monetary stimulus, will contribute to a gradual resumption of sustainable economic growth.

自聯邦公開市場委員會1月會議以來收到的資訊,顯示經濟繼續萎縮。失業、股票和房地產價值下滑,以及緊俏的授信情況,已經影響到消費者情緒和支出。營收前景走弱,加上難以取得授信,導致企業調降存貨水準和固定投資。由於許多主要貿易伙伴也陷入衰退,美國出口驟降。雖然近期經濟展望疲弱,但是委員會預期,穩定金融市場和金融機構的政策行動,連同財政和貨幣刺激措施,將有助於逐漸恢復可支撐的經濟成長。

 

In light of increasing economic slack here and abroad, the Committee expects that inflation will remain subdued. Moreover, the Committee sees some risk that inflation could persist for a time below rates that best foster economic growth and price stability in the longer term.

於國、內外經濟趨緩,委員會預期物價仍會受到抑制。此外,委員會看到一些風險,顯示物價上漲率低於在長期間有助於經濟成長和物價穩定的最佳水準的狀況,可能會持續一段時間。

 

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 anticipates that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.

在這類環境下,聯邦準備體系將運用所有可運用的工具,促進經濟復甦和保持物價穩定。委員會將繼續維持聯邦資金利率目標區於01/4%之間,且預期經濟狀況很可能有理由讓聯邦資金利率超低水準延續一段時間。  

 

To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion.

為提供房貸和住屋市場比較大的支持,委員會今天決定進一步增加聯邦準備體系的資產負債表規模,最多增加購買7,500億美元的政府贊助機構房貸證券化證券,讓今年這類證券的購買總額最多可達1.25兆美元。並且,今年最多增加購買政府贊助機構債券1,000億美元,總數最多可達2,000億美元。

 

Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months. The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses and anticipates that the range of eligible collateral for this facility is likely to be expanded to include other financial assets. The Committee will continue to carefully monitor the size and composition of the Federal Reserve's balance sheet in light of evolving financial and economic developments.

此外,為協助改善民間授信市場狀況,委員會決定在未來6個月最多購買3,000億美元的長期政府債券。聯邦準備體系已經啟動「中長期資產證券化證券融資服務」,協助對家計部門和小企業的授信,且預期這項融資服務的合格擔保品範圍很可能會擴大,以包含其他的金融資產。委員會將會根據經濟金融情況的演變,繼續密切監控聯邦準備體系資產負債表的規模和結構。

 

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.  

投票贊成聯邦公開市場委員會的貨幣政策措施者為:主席Ben S. Bernanke 副主席William C. Dudley 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.