美联储维持较长时间内维持低利率的承诺

发布日期(美国时间)

2010/03/16

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现：美联储公开市场委员会(FOMC)自1月会议以来获得的信息表明，美国经济活动继续强化，就业市场正在稳定。家庭支出显现温和增加，但受失业率高企、收入增长不大、家庭财富下降及信贷紧缩等因素影响，家庭支出依然受压。

通货膨胀：由于资源大量剩余可能继续打压成本压力，而且长期通胀预期稳定，委员会预计通胀将在一段时间内维持在较低水平。

会后声明重点(英文)

Economy："Informationreceivedsince the Federal Open Market Committee met in Januarysuggests thateconomic activity has continued to strengthen andthat the labormarket is stabilizing.

Inflation：Withsubstantialresource slack continuing to restrain cost pressuresand longer-terminflation expectations stable, inflation is likelyto be subdued forsome time.

备注提示

霍恩认为情况已经改变，不再需要长时间维持低利率

发布日期(美国时间)

2010/01/27

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现：美联储公开市场委员会(FOMC)自12月会议以来获得的信息表明，美国经济活动继续强化，就业市场恶化程度减弱。

通货膨胀：由于资源大量剩余可能继续打压成本压力，而且长期通胀预期稳定，委员会预计通胀将在一段时间内维持在较低水平。

会后声明重点(英文)

Economy：Informationreceivedsince the Federal Open Market Committee met in Decrsuggests thateconomic activity has continued to strengthen andthat thedeterioration in the labor market is abating.

Inflation：Withsubstantialresource slack continuing to restrain cost pressuresand withlonger-term inflation expectations stable, inflation islikely to besubdued for some time.

备注提示

霍恩认为情况已经改变，不再需要长时间维持低利率

发布日期(美国时间)

2009/12/15

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现：美联储公开市场委员会(FOMC)自11月会议以来获得的信息表明，美国经济活动继续回升，就业市场恶化程度减弱。在过去几个月，楼市已显露一些改善迹象。家庭支出显现温和增加，但由于就业市场疲弱、收入增长不大、家庭财富下降以及信贷紧缩，家庭支出依然受压。企业仍在缩减固定投资和员工，但步伐放缓，并在增员方面犹豫不决，企业也继续在将库存拉回与销售相符的水准上取得进展。

通货膨胀：由于资源大量剩余可能继续打压成本压力，而且长期通胀预期稳定，委员会预计通胀将在一段时间内维持在较低的水平。

会后声明重点(英文)

Economy："Informationreceivedsince the Federal Open Market Committee met in Novrsuggests thateconomic activity has continued to pick up and thatthedeterioration in the labor market is abating. The housingsector hasshown some signs of

improvement over recent months. Household spending appears tobeexpanding at a moderate rate, though it remains constrained byaweak labor market, modest income growth, lower housing wealth,andtight credit. Businesses are still cutting back onfixedinvestment, though at a slower pace, and remain reluctant toadd topayrolls; they continue to make progress in bringinginventorystocks into better alignment with sales.

Inflation：Withsubstantialresource slack likely to continue to dampen costpressures and withlonger-term inflation expectations stable, theCommittee expectsthat inflation will remain subdued for sometime.

备注提示

美联储预计由短期拍卖工具(TAF)提供的资金额在明年年初将继续减少，声明措辞明显比之前几次更加积极。

发布日期(美国时间)

2009/11/04

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现：FOMC自9月会议以来获得的信息表明，美国经济活动在持续上升，此间金融市场状况大体未变，楼市活动增加。家庭支出似乎出现扩张，但受失业人数持续增加，收入增长缓慢，家庭财富减少和信贷紧张等因素影响，家庭支出仍然受压。企业仍在缩减固定投资和员工，但幅度有所放缓，并继续在将库存拉回与销售相符的水准上取得进展。

通货膨胀：由于资源充裕可能继续打压成本压力，而且长期通胀预期稳定，委员会预计，通胀将在一段时间内维持在较低的水平。

会后声明重点(英文)

Economy："Informationreceivedsince the Federal Open Market Committee met in Septrsuggests thateconomic activity has continued to pick up.Conditions in financialmarkets were

roughly unchanged, on balance, over the intermeetingperiod.Activity in the housing sector has increased over recentmonths.Household spending appears to be expanding but remainsconstrainedby ongoing job losses, sluggish income growth, lowerhousingwealth, and tight credit. Businesses are still cutting backonfixed investment and staffing, though at a slower pace;theycontinue to make progress in bringing inventory stocks intobetteralignment with sales.

Inflation：Withsubstantialresource slack likely to continue to dampen costpressures and withlonger-term inflation expectations stable, theCommittee expectsthat inflation will remain subdued for sometime.

备注提示

委员会将根据经济前景和金融市场状况的改变，继续评估购买证券的时机和整体规模。美联储将继续密切监控资产负债表的规模和组成，并会在需要时对信贷和流动性计划做出调整。

发布日期(美国时间)

2009/09/24

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现：FOMC自8月会议以来获得的信息表明，美国经济活动在大幅下滑后已有所加强，金融市场状况进一步改善，楼市活动增加。家庭支出似乎正在趋稳，但受失业人数持续增加，收入增长缓慢，家庭财富减少和信贷紧张等因素影响，家庭支出仍然受压。企业仍在缩减固定投资和员工，但幅度有所放缓，并继续在将库存拉回与销售相符的水准上取得进展。

通货膨胀：由于资源充裕可能继续打压成本压力，而且长期通胀预期稳定，委员会预计，通胀将在一段时间内维持在较低的水平。

会后声明重点(英文)

Economy：Informationreceivedsince the Federal Open Market Committee met in Augustsuggests thateconomic activity has picked up following its severedownturn.Conditions in financial markets have improved further,and activityin the housing sector has increased. Householdspending seems to bestabilizing, but remains restrained by ongoingjob losses, sluggishincome growth, lower housing wealth, and tightcredit. Businessesare still cutting back on fixed investment andstaffing, though at aslower pace; they continue to make progressin bringing inventorystocks into better alignment with sales.

Inflation：Withsubstantialresource slack likely to continue to dampen costpressures and withlonger-term inflation expectations stable, theCommittee expectsthat inflation will remain subdued for sometime.

备注提示

委员会将根据经济前景和金融市场状况的改变，继续评估购买证券的时机和整体规模。美联储将继续密切监控资产负债表的规模和组成，并会在需要时对信贷和流动性计划做出调整。

发布日期(美国时间)

2009/08/12

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现:美联储公开市场委员会(FOMC)自6月会议以来获得的信息表明，美国经济活动日趋稳定，金融市场状况已在近几周进一步改善，家庭支出继续显露趋稳迹象，但受失业人数持续增加、失业率不断攀升、收入增长迟缓、家庭财富减少和信贷紧张等因素影响，家庭支出仍然受压。

通货膨胀:能源和其他大宗商品价格近期上涨，但资源供应的充裕可能打压成本压力，委员会预计，通胀将在一段时间内维持在较低水平。

会后声明重点(英文)

Economy: Information received since theFederalOpen Market Committee met in June suggests that economicactivity isleveling out. Conditions in financial markets haveimproved furtherin recent weeks. Household spending has continuedto show signs ofstabilizing but remains constrained by ongoing joblosses, sluggishincome growth, lower housing wealth, and tightcredit. Businessesare still cutting back on fixed investment andstaffing but aremaking progress in bringing inventory stocks intobetter alignmentwith sales.

Inflation: The prices of energy andothercommodities have risen of late. However, substantial resourceslackis likely to dampen cost pressures, and the Committee expectsthatinflation will remain subdued for some time.

备注提示

委员会将根据经济前景和金融市场状况的改变，继续评估购买证券的时机和整体规模。美联储将继续密切监控资产负债表的规模和组成，并会在需要时对信贷和流动性计划做出调整。

发布日期(美国时间)

2009/06/25

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现:FOMC自4月会议以来获得的信息表明，美国经济萎缩步伐正在放缓。金融市场状况已在近几个月普遍改善，家庭支出已显露进一步趋稳的迹象，但因失业人数持续增加，失业率不断攀升，家庭财富减少和信贷紧张等仍然受压。

通货膨胀:能源和其他大宗商品价格近期上涨，但资源充裕可能打压成本压力，委员会预计，通胀将在一段时间内维持在较低水平。

会后声明重点(英文)

Economy: Information received since theFederalOpen Market Committee met in April suggests that the paceofeconomic contraction is slowing. Conditions in financialmarketshave generally improved in recent months. Household spendinghasshown further signs of stabilizing but remains constrainedbyongoing job losses, lower housing wealth, and tight credit.

Inflation: The prices of energy andothercommodities have risen of late. However, substantial resourceslackis likely to dampen cost pressures, and the Committee expectsthatinflation will remain subdued for some time.

备注提示

委员会将根据经济前景和金融市场状况的改变，继续评估购买证券的时机和整体规模。美联储将继续密切监控资产负债表的规模和组成，并会在需要时对信贷和流动性计划做出调整。

发布日期(美国时间)

2009/04/29

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现:自3月份会议结束后，美联储公开市场委员会(FOMC)获得的信息表明，美国经济在继续萎缩，但萎缩程度看来在一定程度上有所放缓。家庭支出已显露趋稳迹象，但持续不断的失业、房产价值的下降和信贷紧张等因素仍对其形成打压。疲弱的销售前景和难以获得信贷导致企业缩减库存和固定投资，并不断裁员。但经济前景自3月会议后已有所改善，这部分反映出金融市况出现一些缓和，经济活动可能将在未来一段时间保持疲弱。

通货膨胀:由于国内外经济持续低迷，委员会预计通胀将保持在低位，而且委员会还认为通胀将在一定时期内持续低于最有利于较长期经济增长和物价稳定的水准。

会后声明重点(英文)

Economy: Information received since theFederalOpen Market Committee met in March indicates that theeconomy hascontinued to contract, though the pace of contractionappears to besomewhat slower. Household spending has shown signsof stabilizingbut

remains constrained by ongoing job losses, lower housingwealth,and tight credit. Weak sales prospects and difficultiesinobtaining credit have led businesses to cut back oninventories,fixed investment, and staffing. Although the economicoutlook hasimproved modestly since the March meeting, partlyreflecting someeasing of financial market conditions, economicactivity is likelyto remain weak for a time.

Inflation: In light of increasing economicslackhere and abroad, the Committee expects that inflation willremainsubdued. Moreover, the Committee sees some risk thatinflation couldpersist for a time below rates that best fostereconomic growth andprice stability in the longerterm.

备注提示

委员会将根据经济前景和金融市场状况的变化继续评估购买证券的时机和整体规模，并将继续密切监控资产负债表的规模和组成，以顺应金融和经济发展。

发布日期(美国时间)

2009/03/19

利率动向

维持联邦基金利率目标区间在0-0.25%

会后声明重点

总体经济表现:自1月份以来，经济在进一步收缩。失业、股市下滑和信贷紧缩令消费者信心以及支出承压。尽管短期经济前景依旧疲弱，但委员会预计稳定金融市场和机构的措施以及财政和货币刺激措施将为经济的持续和稳定复苏作出贡献

通货膨胀:在国内外经济增长乏力的情况下，委员会预计通胀将持续保持在低位，而且通胀可能会持续保持在维持经济增长和长期物价稳定所需的最佳利率之下。

会后声明重点(英文)

Economy:Informationreceived since the Federal Open MarketCommittee met in Januaryindicates that the economy continues tocontract. Job losses,declining equity and housing wealth, andtight credit conditionshave weighed on consumer sentiment andspending. Although thenear-term economic outlook is weak, theCommittee anticipates thatpolicy actions to stabilize financialmarkets and institutions,together with fiscal and monetarystimulus, will contribute to agradual resumption of sustainableeconomic growth.

Inflation: In light of increasing economicslackhere and abroad, the Committee expects that inflation willremainsubdued. Moreover, the Committee sees some risk thatinflation couldpersist for a time below rates that best fostereconomic growth andprice stability in the longerterm.

备注提示

发布日期(美国时间)

2009/1/28

利率动向

维持基准利率在0-0.25%，并将继续购买机构债券和MBS。

会后声明重点

继续预测经济形势可能需要利率一段时间内保持在特别低的水平。预计今年晚些时候经济将逐步复苏，但是下行风险依然巨大。能源等商品价格最近几个月下滑，加上经济前景相当迟滞，预计未来几个季度，通胀压力保持在微弱状态。美联储将动用一切可能的工具，刺激经济可持续发展并维护物价稳定。美联储继续购买大量机构债券和抵押支持证券，为抵押贷款市场和房屋市场提供支持。如果形势需要，准备扩大此类购买的量并延长计划时限。美联储同样准备购买长期美债，如果形势演变表明，此类交易对改善私人信贷市场环境特别有效。

会后声明重点(英文

The Committee continues to anticipate that economicconditionsare likely to warrant exceptionally low levels of thefederal fundsrate for some time. The Committee anticipates that agradualrecovery in economic activity will begin later this year,but thedownside risks to that outlook are significant.In light ofthedeclines in the prices of energy and other commodities inrecentmonths and the prospects for considerable economic slack,theCommittee expects that inflation pressures will remain subduedincoming quarters.The Federal Reserve will employ all availabletoolsto promote the resumption of sustainable economic growth andtopreserve price stability.The Federal Reserve continues topurchaselarge quantities of agency debt and mortgage-backedsecurities toprovide support to the mortgage and housing markets,and it standsready to expand the quantity of such purchases and theduration ofthe purchase program as conditions warrant.The Committeealso isprepared to purchase longer-term Treasury securities ifevolvingcircumstances indicate that such transactions would beparticularlyeffective in improving conditions in privatecreditmarkets.

备注提示

利率将一段时间内保持在特别低的水平，如果形势需要，将购买长期国债。

发布日期(美国时间)

2008/12/16

利率动向

下调联邦基金利率目标区间至0-0.25%；一致同意下调贴现率75个基点，至0.5%。

会后声明重点

金融市场:金融市场仍颇为紧张，信贷状况依旧吃紧。

总体经济表现:自委员会上次会议后，就业市场状况恶化，公布的数据显示消费者支出、企业投资和工业生产下滑，整体而言，经济活动前景进一步疲弱。

通货膨胀:通胀压力明显降低，鉴于能源和其他商品价格下滑以及经济活动前景趋疲，委员会预计通胀在未来几季将进一步缓和。

会后声明重点(英文)

Financial markets: Financial marketsremainquite strained and credit conditions tight.

Economy: Since the Committee"s lastmeeting,labor market conditions have deteriorated, and theavailable dataindicate that consumer spending, business investment,andindustrial production have declined. Overall, the outlookforeconomic activity has weakened further.

Inflation: Inflationary pressureshavediminished appreciably. In light of the declines in the pricesofenergy and other commodities and the weaker prospects foreconomicactivity, the Committee expects inflation to moderatefurther incoming quarters.

备注提示

通胀已经完全成为次要因素，美联储竭尽全力保增长。

发布日期(美国时间)

2008/10/30

利率动向

投票一致通过下调联邦基金基准利率50个基点，至1.0%；同时一致投票通过下调窗口贴现率50个基点，至1.25%

会后声明重点

金融市场:金融市场动荡加剧可能对支出施加额外压力，特别是进一步降低家庭和企业获得信贷的能力。

总体经济表现:经济活动的增长步伐看来已经显著放缓，这主要是受到了消费者支出下降的拖累。企业设备支出和工业生产在近几个月日趋疲弱，许多海外经济体的经济活动放缓令美国的出口前景更为黯淡。近期的政策举措，包括今日的降息、多家央行联手降息、异常的流动性举措以及强化金融体系的官方措施等等，应该会在未来改善信贷市场状况，并帮助经济恢复温和增长。但是，经济增长的下行风险犹存

通货膨胀:鉴于能源和其他大宗商品价格下滑、以及经济活动前景的疲弱，FOMC预计通胀将在未来几个季度降至符合物价稳定的水准。

会后声明重点(英文)

Financial markets: the intensificationoffinancial market turmoil is likely to exert additional restraintonspending, partly by further reducing the ability of householdsandbusinesses to obtain credit.

Economy: The pace of economic activityappearsto have slowed markedly, owing importantly to a decline inconsumerexpenditures. Business equipment spending and industrialproductionhave weakened in recent months, and slowing economicactivity inmany foreign economies is dampening the prospects forU.S. exports.Recent policy actions, including today"s ratereduction, coordinatedinterest rate cuts by central banks,extraordinary liquiditymeasures, and official steps to strengthenfinancial systems, shouldhelp over time to improve creditconditions and promote a return tomoderate economic growth.Nevertheless, downside risks to growthremain.

Inflation: In light of the declines in thepriceof energy and other commodities and the weaker prospectsforeconomic activity, the Committee expects inflation to moderateincoming quarters to levels consistent withpricestability.

备注提示

会后声明的措辞显示，美联储认为通胀已成为次要因素，而将全力支持经济增长。

发布日期(美国时间)

2008/10/08

利率动向

美联储宣布下调联邦基金基准利率50个基点，至1.5%，同时下调窗口贴现率50个基点至1.75%

会后声明重点

近期能源和商品价格回落使得很多国家的通胀压力开始缓和，通胀预期减弱；同时，金融危机的恶化加剧了经济下行风险、也缓和了通胀压力。数据显示美国最近数月经济活动显著放缓，金融动荡加剧将进一步制约个人和企业的支出，令经济增长雪上加霜；而与此同时，能源商品价格下跌和经济放缓则将对缓和通胀压力带来帮助。

备注提示

此次为全球几大央行联合紧急降息，目的是抑制金融危机的扩散。美联储表示将继续密切关注经济和金融市场的发展态势，并为稳定经济和物价采取必要措施。

发布日期(美国时间)

2008/08/05

利率动向

10：1通过维持基准利率在2.0%的决定，费舍尔要求升息。一致通过维持窗口贴现率在2.25%的决定。

会后声明重点

金融市场:金融市场依旧承受重压。

总体经济表现:经济活动在第二季度出现扩张，这部分反映了消费支出和出口的强劲增长。不过，劳动力市场已经进一步疲软，而且金融市场仍承受着相当大的压力。信贷条件的收紧、房市紧缩的持续不断以及能源价格的高涨可能会在未来几个季度令经济增长承压。

通货膨胀:受能源以及其他大宗商品价格此前大幅上涨的推动，通胀一直处于高位，而一些通胀预期指标也已经上升。FOMC预计，通胀会在今年晚些时候和明年放缓，但通胀前景仍面临相当大的不确定性。

会后声明重点(英文)

Financial markets: Financial marketsremainunder considerable stress.

Economy: Economic activity expanded inthesecond quarter, partlyreflecting growth in consumer spendingandexports. However,labor markets have softened further andfinancialmarkets remainunder considerable stress. Tight creditconditions,the ongoinghousing contraction, and elevated energyprices arelikely to weigh on economic growth over the next fewquarters.

Inflation: Inflation has been high, spurredbyearlier increases in theprices of energy and some othercommodities,and some indicatorsof inflation expectations have beenelevated. TheCommitteeexpects inflation to moderate later thisyear and nextyear, butthe inflation outlook remainshighlyuncertain.

备注提示

美联储认为通胀面临的上行风险令人担忧，但同时也表示经济增长下行风险尤存，暗示美联储希望平衡上述两种风险。会后声明基本中性。

发布日期(美国时间)

2008/06/25

利率动向

9：1通过维持基准利率在2.0%的决定，费舍尔要求升息。一致通过维持窗口贴现率在2.25%的决定。

会后声明重点

金融市场:金融市场依旧承受重压。

总体经济表现:近期公布的经济数据表明整体经济活动在持续扩张。不过，劳动力市场已经进一步走软。信贷状况紧张、房市萎缩持续、以及能源价格高涨可能在未来几个季度拖累经济增长。

通货膨胀:通胀和通胀预期的上升风险已经增加。通胀将在今年晚些时候及明年缓和，但鉴于能源和其他一些商品价格继续上涨、以及部分通胀预期指标上扬，通胀前景的不确定性仍很高。

会后声明重点(英文)

Financial markets: Financial marketsremainunder considerable stress.

Economy: Recent information indicatesthatoverall economic activity continues to expand, However,labormarkets have softened further Tight credit conditions, theongoinghousing ontraction, and the rise in energy prices are likelytoweigh on economic growth over the next few quarters.

Inflation: Upside risks to inflationandinflation expectations have increased, Inflation to moderatelaterthis year and next year. However, in light of thecontinuedincreases in the prices of energy and some othercommodities andthe elevated state of some indicators of inflationexpectations,uncertainty about the inflation outlook remainshigh.

备注提示

尽管认为通胀上身风险已经增加，但仍表示今年晚些时候通胀将缓和，同时称经济面临的下行风险也有所降低。政策声明比较中性。

发布日期(美国时间)

2008/04/30

利率动向

8：2通过调降基准利率25个基点，至2.00%，两名成员投票维持利率不变；一致通过调降窗口贴现率25个基点，至2.25%。

会后声明重点

金融市场:继续面临巨大压力。

总体经济表现:保持疲软，信贷环境紧缩和房屋市场萎缩，将对未来几个季度经济增长带来压力。

通货膨胀:核心通胀有所上升，预计未来几个季度通胀温和，继续保持关注，必要时采取行动稳定物价和维持经济。

会后声明重点(英文)

Financial markets: Remain underconsiderablestress.

Economy: Economic activity remains weak;tightcredit conditions and the deepening housing contraction arelikelyto weigh on economic growth over the next few quarters.

Inflation: Core inflation haveimprovedsomewhat; expects inflation to moderate in comingquarters;continue to monitor inflation developments carefully; willact asneeded to promote sustainable economic growth and pricestability.

备注提示

基调和措辞与上次会议相当，对通胀的重视增加，但明显表现出对经济前景的担忧。

发布日期(美国时间)

2008/03/18

利率动向

8：2通过调降基准利率75个基点，至2.25%，两名成员倾向于更小幅度的降息；一致通过调降窗口贴现率75个基点，至2.50%。

会后声明重点

金融市场:继续面临巨大压力。

总体经济表现:前景进一步减弱，信贷环境紧缩和房屋市场萎缩，将对未来几个季度经济增长带来压力。

通货膨胀:通胀抬头，不确定性增加，继续密切关注，必要时采取行动稳定物价和维持经济。

会后声明重点(英文)

Financial markets: Remain underconsiderablestress.

Economy: Outlook for economic activityhasweakened further; tightening of credit conditions and thedeepeningof the housing contraction are likely to weigh on economicgrowthover the next few quarters.

Inflation: Elevated; uncertainty abouttheinflation outlook has increased; continue to monitorinflationdevelopments carefully; act in a timely manner as neededto promotesustainable economic growth and pricestability.

备注提示

经济增长进一步恶化，通胀压力也在加大；表现出对“滞涨”的担忧；但总体政策仍偏向经济增长。

发布日期(美国时间)

2008/01/30(临时会议)

利率动向

9：1通过调降基准利率50个基点，至3.00%，一名成员投票维持利率不变；一致通过调降窗口贴现率50个基点，至3.50%。

会后声明重点

金融市场:继续面临巨大压力，一些商业和家庭信贷状况紧缩。

总体经济表现:房屋市场萎缩加深，劳动力市场显示疲软，经济增长面临下行风险，必要时将采取及时措施。

通货膨胀:未来几个季度保持温和，但需要密切关注。

会后声明重点(英文)

Financial markets: Remain underconsiderablestress, and credit has tightened further for somebusinesses andhouseholds.

Economy: Indicates a deepening of thehousingcontraction as well as some softening in labor markets;downsiderisks to growth remain; act in a timely manner as neededto addressthose risks.

Inflation: Moderate in coming quarters, butitwill be necessary to continue to monitor inflationdevelopmentscarefully.

备注提示

金融市场对总体经济的影响扩大，货币政策主要针对经济下滑风险；对通胀前景保持关注。

发布日期(美国时间)

2008/01/02(临时会议)

利率动向

8：1通过调降基准利率75个基点，至3.50%，一名成员投票反对降息，一名成员缺席；通过调降窗口贴现率75个基点，至4.00%。

会后声明重点

金融市场:利率市场短期紧张状况好转，但整体金融市场继续恶化，一些商业和家庭信贷状况紧缩。

总体经济表现:经济增长前景减弱，下行的风险增加；房屋市场将更深度萎缩，劳动力市场显示疲软。

会后声明重点(英文)

Financial markets: Remain underconsiderablestress, and credit has tightened further for somebusinesses andhouseholds.

Economy: Indicates a deepening of thehousingcontraction as well as some softening in labor markets;downsiderisks to growth remain; act in a timely manner as neededto addressthose risks.

备注提示

房产市场的描述由“调整”改为“萎缩”；提及劳动力市场疲软；没有提及通胀问题。

发布日期(美国时间)

2007/12/11

利率动向

9：1通过调降基准利率25个基点，至4.25%，一名成员投票降息50个基点；一致通过调降窗口贴现率25个基点，至4.75%。

会后声明重点

金融市场:金融市场紧缩状加剧。

总体经济表现:经济增长正在放缓，房屋市场调整加剧，商业和消费者支出减弱，经济和通胀前景的不确定性增加，必要时采取措施稳定物价和增长。

通货膨胀:能源和商品价格上涨将对通胀带来压力，密切关注通胀发展。

会后声明重点(英文)

Financial markets: Strains in financialmarketshave increased.

Economy: Economic growth isslowing;intensification of the housing correction and somesoftening inbusiness and consumer spending; increased theuncertaintysurrounding the outlook for economic growth andinflation; act asneeded to foster price stability and sustainableeconomicgrowth.

Inflation: Energy and commodity prices,amongother factors, may put renewed upward pressure on inflation;theupside risks to inflation roughly balance the downside riskstogrowth.

备注提示

金融和房产市场的紧缩，已经影响到商业和消费者支出；政策关注的重点偏向经济前景，但对通胀保持关注。

发布日期(美国时间)

2007/10/31

利率动向

9：1通过调降基准利率25个基点，至4.50%，一名成员投票维持利率不变；一致通过调降窗口贴现率25个基点，至5.00%。

会后声明重点

金融市场:金融市场紧缩状况有所缓解。

总体经济表现:第三季度经济增长稳固，但短期内经济增长将放缓，当前政策有助于金融市场的混乱传递到其它领域，将关注经济发展，必要时采取行动稳定物价和维持经济。

通货膨胀:能源和商品价格上涨将对通胀带来压力，密切关注通胀发展，当前通胀和增长面临的风险相当。

会后声明重点(英文)

Financial markets: Strains in financialmarketshave eased somewhat on balance.

Economy: Solid in the third quarter; likelyslowin the near term; help forestall some of the adverse effectson thebroader economy; will act as needed to foster pricestability andsustainable economic growth.

Inflation: Energy and commodity prices,amongother factors, may put renewed upward pressure on inflation;theupside risks to inflation roughly balance the downside riskstogrowth.

备注提示

政策在通胀和增长之间权衡，当前认为两者面临的风险相当。

发布日期(美国时间)

2007/09/18

利率动向

一致通过调降基准利率50个基点，至4.75%；调降窗口贴现率50个基点，至5.25%。

会后声明重点

金融市场:信贷紧缩将加速房产市场的调整。

总体经济表现:金融市场的变化对经济前景带来不确定性，防止经济其它领域受到影响，将关注金融和其它经济领域的动向，决定下一步政策。

通货膨胀:核心通胀温和，通胀仍存在风险，将密切关注。

会后声明重点(英文)

Financial markets: Tightening ofcreditconditions has the potential to intensify thehousingcorrection.

Economy: Continue to expand at a moderatepaceover coming quarters, supported by solid growth in employmentandincomes and a robust global economy.

Inflation: Core inflation haveimprovedmodestly; some inflation risks remain; continue tomonitorinflation developments carefully.

备注提示

政策的重点由偏向通胀转向经济增长可能面临的风险；暗示未来可能进一步采取行动。

发布日期(美国时间)

2007/08/17(临时会议)

利率动向

维持基准利率5.25%不变；调降窗口贴现率50个基点，至5.75%。

会后声明重点

金融市场:金融市场恶化，信贷状况紧缩，对经济造成潜在影响。

总体经济表现:下行风险有所增加，准备采取更多措施。

会后声明重点(英文)

Financial markets: Depository institutionsmayexperience unusual funding needs because of dislocations inmoneyand credit markets.

Economy: Downside risks to growth haveincreasedappreciably; is prepared to act as needed.

备注提示

临时会议，未提及通胀，强调金融市场动荡对经济的影响，并暗示更多措施。

发布日期(美国时间)

2007/08/10(临时会议)

利率动向

维持基准利率不变，但通过公开市场操作增加市场流动性。

会后声明重点

金融市场:货币和信贷市场混乱，金融机构可能需要额外的资金。

会后声明重点(英文)

Financial markets: Depository institutionsmayexperience unusual funding needs because of dislocations inmoneyand credit markets.

备注提示

临时会议，强调金融市场的动荡。

发布日期(美国时间)

2007/08/07

利率动向

一致通过维持利率5.25%不变。

会后声明重点

金融市场:波动性加剧，家庭和企业信贷状况紧缩；房屋市场的调整仍在继续。

总体经济表现:未来几个季度温和扩张，受到就业和国际市场的支持。

通货膨胀:通胀超出可能预期水平仍旧是美联储关注的重点，需要更多数据判断前景。

会后声明重点(英文)

Financial markets: Have been volatile inrecentweeks, credit conditions have become tighter for somehouseholds andbusinesses, and the housing correction isongoing.

Economy: Continue to expand at a moderatepaceover coming quarters, supported by solid growth in employmentandincomes and a robust global economy.

Inflation: Committee"s predominantpolicyconcern remains the risk that inflation will fail to moderateasexpected. Future policy adjustments will depend on the outlookforboth inflation and economic growth.

备注提示

对房产市场的关注扩大到整个金融市场；对未来经济增长的评估不变；政策的重点仍旧放在通胀前景。

发布日期(美国时间)

2007/06/28

利率动向

一致通过维持利率5.25%不变。

会后声明重点

房产市场:调整还在继续。

总体经济表现:上半年经济增长放缓，但未来几个季度温和扩张。

通货膨胀:核心通胀略有上升，通胀压力保持温和，需要更多数据来判断前景。

会后声明重点(英文)

Housing markets: The ongoing adjustment inthehousing sector.

Economy: Have been moderate during thefirsthalf of this year; continue to expand at a moderate paceovercoming quarters.

Inflation: Core inflation have beensomewhatelevated; depend on the evolution of the outlook for bothinflationand economic growth.

备注提示

维持对房产市场正在调整的看法；维持经济增长将温和扩张的看法；对通胀维持观望的态度。

发布日期(美国时间)

2007/05/09

利率动向

一致通过维持利率5.25%不变。

会后声明重点

房产市场:调整还在继续。

总体经济表现:上半年经济增长放缓，但未来几个季度温和扩张。

通货膨胀:核心通胀略有上升，通胀压力保持温和，需要更多数据来判断前景。

会后声明重点(英文)

Housing markets: Adjustment in thehousingsector is ongoing.

Economy: Economic growth slowed in thefirstpart of this year; continue to expand at a moderate paceovercoming quarters.

Inflation: Core inflation have beensomewhatelevated; depend on the evolution of the outlook for bothinflationand economic growth.

备注提示

维持对房产市场的看法；提出经济增长放缓，但对未来的预期不变；对通胀仍旧保持观望。

发布日期(美国时间)

2007/03/21

利率动向

一致通过维持利率5.25%不变。

会后声明重点

房产市场:好坏难辨，调整还在继续。

总体经济表现:未来几个季度继续温和扩张。

通货膨胀:核心通胀略有加剧，通胀压力保持温和，需要更多数据来判断前景。

会后声明重点(英文)

Housing markets: Mixed and the adjustment inthehousing sector is ongoing.

Economy: Continue to expand at a moderatepaceover coming quarters.

Inflation: Core inflation have beensomewhatelevated; depend on the evolution of the outlook for bothinflationand economic growth.

备注提示

对房产市场的乐观看法降低，但维持总体经济的乐观看法；指出核心通胀上升，但保持观望的态度。

发布日期(美国时间)

2007/01/31

利率动向

一致通过维持利率5.25%不变。

会后声明重点

房产市场:试探性的回稳迹象。

总体经济表现:略显稳固，未来几个季度将温和扩张。

通货膨胀:核心通胀和通胀压力温和，需要更多数据来判断前景。

会后声明重点(英文)

Housing markets: Some tentative signsofstabilization have appeared.

Economy: Somewhat firmer; seems likely toexpandat a moderate pace over coming quarters.

Inflation: Core inflation have improvedmodestlyin recent months, and inflation pressures seem likely tomoderateover time; depend on the evolution of the outlook for bothinflationand economic growth.

备注提示

对房产市场、总体经济和通胀均保持乐观的看法。