Full text reveals the fed December FOMC what
Eastern time on Wednesday afternoon at 2 o 'clock,The federal
reserveDecember FOMC meeting statement, announcedIncreases in interest rates25 basis points, in line with market expectations.It has been nearly 10 years since the fed to raise interest rates for the first time in December FOMC statement natural particularly conspicuous.Compared with the previous 12 months the FOMC statement specific what are the changes?Knowledge, Wall Street will be December FOMC statement translation, and compares the statement in October.
The following information for the Wall Street to the fed's December FOMC statement of full text translation, brackets for October compared with the statement:
Since the October meeting,The United StatesThe federal open market committee (FOMC), according to the information economic activity has moderate expansion.Domestic consumer spending and business fixed investment in recent months to stabilize the pace of growth, to further improve housing;However, net exports remain weak.A series of recent Labour market indicators, including employment increase and decline in the unemployment rate, show further improved, and proved insufficient labor force resources use the since the start of the year has decreased significantly (October, employment growth is slowing, the unemployment rate remained stable. However, in general, the Labour market indicators suggest that the status of the labor resources there has been a slowdown since the beginning of the year).Inflation remains 2% below the fed's long-term target level (October, continue below the fed's long-term inflation target), partly reflects the energy prices and energy import prices fell.Based on market remain low inflation index (October: the original market-based inflation index is slightly lower), based on the investigation of the longer-term inflation expectations slightly downward (October, based on the investigation of the longer-term inflation expectations remain stable).
Consistent with the statutory duties, the committee committee to promote maximum employment and price stability.Commission now expects, along with the gradual adjustment of monetary policy, economic activity will continue to moderate expansion, the Labour market indicators will continue to strengthen (October: the original commission is expected, under appropriate loose monetary policy, the economic activities will moderate expansion, the Labour market indicators continue to move in the federal reserve that is consistent with its dual mandate level).In general, considering the development of the domestic and international situation, the committee believe that the economic activities and the Labour market riskTo theScale (October: the original committee still believe that economic activity in the foreground and the Labour market risk is close to balance, but is concerned about the development of global economy and financial markets).(delete October: the original commission predicts that inflation will in the short term to maintain the recent low.)As energy and temporary factors such as the import prices receded, and
further strengthen the labor market, the level of the medium-term inflation is expected to rise to 2% (in October, with the improvement of the labor market, as well as energy and temporary factors such as the import prices receded, the medium-term inflation is expected to gradually rise to the level of 2%).Commission continue to pay close attention to the development of the inflation.
The committee believes that this year's labor market conditions have been improved significantly, and there is reason to believe that the medium-term inflation will rise to the 2% goal.In view of the economic outlook, and realize the policy actions needed to affect the future economic prospects, the committee decided to the federal funds rate target range of up to 0.25% - 0.5%.After the increase, the stance of monetary policy is still stay loose, to support the improvement of labor market conditions, as well as the return of 2% inflation.(October: the original committee reiterated to support maximum employment and price stability, maintain the federal funds rate at 0-0.25% is still appropriate.)
In determining the future of the federal funds rate target range adjustment time and scale, the committee will assess the actual and expected economic conditions relative to the maximum employment and inflation target of 2%.(October, improve the target to see whether suitable for the next meeting, the committee will assess the actual and expected progress, look to whether move forward in the direction of maximum employment and 2% of the inflation target.)Commission in the process of assessment, considering all kinds of information, including the Labour market situation, the inflation and inflation pressureThe futuresStandard, the development of the financial sector and the international market, etc.In view of the gap with the rate 2%, the committee will closely monitor, actual and expected inflation.Commission is expected, the economy will be in place to ensure that the federal funds rate gradual improve the way of development, the federal funds rate may be for a period of time to maintain at the levels of less than expected, in the long run will be more than expected.However, the actual path of the federal funds rate will depend on the futuredataAccording to the economic outlook.(October, the committee expected, when there is some further improvement in the labor market, and there is reason to believe that the medium-term inflation will return 2% of the target, will be the appropriate time to raise interest rates range.)
The committee will maintain the fed held agency debt and agency
mortgage-backed securities (MBS) and after the auction due to the investment of the principal scroll investment policy.Committee expects, will maintain the policy until smooth progress was made in the federal funds rate level of normalization (October is not in the original sentence).Under the policy, the committee will hold a large number of long-term securities, help maintain accommodative financial market environment.
(delete in October, when the committee decided to remove loose policy, will take 2% of maximum employment and inflation consistent long-term goal of balancing solutions. At present, the commission is expected, even if the employment and inflation close to target level, the economy is still likely to make the fed will
target for the federal funds rate stay low for a period of time, below commission considered normal levels for a long time.)
Vote for the FOMC monetary policy activities include: the chairmanyellen(Janet l. Yellen, Chairman);Vice President William Dudley (William c. Dudley, Vice Chairman);Lael Brainard.Charles l. Evans.Stanley Fischer.Jeffrey m. Mr Lacker (October Jeffrey m. vote Mr Lacker, think should raise interest rates by 25 basis points in October meeting);Dennis p. Lockhart;Jerome h. Powell.Daniel k. Tarullo;And John c. Williams.