沒有好球不出棒

FOMC利率決策聲明

Information received since the Federal Open Market Committee met in September indicates that economic growth strengthened somewhat in the third quarter, reflecting in part a reversal of the temporary factors that had weighed on growth earlier in the year. Nonetheless, recent indicators point to continuing weakness in overall labor market conditions, and the unemployment rate remains elevated. Household spending has increased at a somewhat faster pace in recent months. Business investment in equipment and software has continued to expand, but investment in nonresidential structures is still weak, and the housing sector remains depressed. Inflation appears to have moderated since earlier in the year as prices of energy and some commodities have declined from their peaks. Longer-term inflation expectations have remained stable.

自聯邦公開市場委員會(FOMC)9月會議以來接獲的訊息顯示，第三季經濟成長有所強化，反應今年稍早壓抑經濟成長的暫時性因素出現了反轉。然而，近來的指標顯示整體勞工市場情況持續疲弱，失業率仍居高不下。家庭支出以較近幾個月為快的速度增加。企業在設備與軟體的投資持續擴張，但非住宅結構投資仍然疲弱，住宅營建業仍受到壓抑。自今年初以來，由於能源與部份商品價格自高點下滑，通貨膨脹似乎轉為溫和。長期通貨膨脹預期仍然穩定。

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee continues to expect a moderate pace of economic growth over coming quarters and consequently anticipates that the unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate. Moreover, there are significant downside risks to the economic outlook, including strains in global financial markets. The Committee also anticipates that inflation will settle, over coming quarters, at levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate further. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.

為符合法定任務，委員會尋求促成最大的就業及物價穩定。委員會持續預期未來幾季，經濟成長速度溫和，亦預期失業率將僅緩慢下降，朝向委員會認定符合雙重法定任務的水平接近。此外，經濟展望仍有重大的下降風險，包括全球金融市場緊縮。委員會還預期未來幾季，由於過去能源與其他商品價格上漲的影響進一步消退，通貨膨脹將落至或低於符合委員會的雙重任務水平。然而，委員會將密切注意通貨膨脹與通貨膨脹預期的發展。

To support a stronger economic recovery and to help ensure that inflation, over time, is at levels consistent with the dual mandate, the Committee decided today to continue its program to extend the average maturity of its holdings of securities as announced in September. The Committee is maintaining its existing policies 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. The Committee will regularly review the size and composition of its securities holdings and is prepared to adjust those holdings as appropriate.

為支持較強勁的經濟復甦，並協助確保通貨膨脹於一段時期後，處於符合雙重法定任務水平，委員會今日決議持續9月宣布的延長持有公債平均到期期間的計劃。委員會並維持現行機構債券及抵押貸款擔保證券到期的本金再投資政策，亦維持在公債標售中，將到期公債轉換並延期的政策。委員會將定期檢視持有證券的規模及性質，並準備適當修正持有的部位。

The Committee also decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.

委員會並決議維持聯邦基金利率目標範圍於0%至0.25%，目前預期經濟情況--包括低資源使用率及偏低的中期通貨膨脹展望--可望確保聯邦基金利率處於超低水平至少到2013年年中。

The Committee will continue to assess the economic outlook in light of incoming information and is prepared to employ its tools to promote a stronger economic recovery in a context of price stability.

委員會將持續根據獲得的訊息，評估經濟展望，並準備使用工具，在物價穩定情況下，促進較強勁的經濟復甦。

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Charles L. Evans, who supported additional policy accommodation at this time.

投票贊成美聯儲貨幣政策決議的FOMC委員包括：美聯儲主席伯南克，副主席杜德利、理事杜克、達拉斯聯儲主席費舍爾、明尼亞波利斯聯儲主席柯薛拉柯塔、費城聯儲主席普羅索、理事拉斯金、理事塔魯洛、副主席葉倫，投票反對的委員包括：芝加哥聯儲主席埃文斯，他支持目前采取更多寬鬆貨幣政策。

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