워싱턴, 4월28일 (로이터) - 다음은 미국 연방준비제도의 공개시장위원회(FOMC)가 27일(현지시간) 발표한 성명서 전문입니다.
Information received since the Federal Open Market Committee met in March indicates
that labor market conditions have improved further even as growth in economic activity appears
to have slowed. Growth in household spending has moderated, although households' real
income has risen at a solid rate and consumer sentiment remains high. Since the beginning of the
year, the housing sector has improved further but business fixed investment and net exports have
been soft. A range of recent indicators, including strong job gains, points to additional
strengthening of the labor market. Inflation has continued to run below the Committee's
2 percent longer-run objective, partly reflecting earlier declines in energy prices and falling
prices of non-energy imports. Market-based measures of inflation compensation remain low;
survey-based measures of longer-term inflation expectations are little changed, on balance, in
recent months.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee currently expects that, with gradual adjustments
in the stance of monetary policy, economic activity will expand at a moderate pace and labor
market indicators will continue to strengthen. Inflation is expected to remain low in the near
term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium
term as the transitory effects of declines in energy and import prices dissipate and the labor
market strengthens further. The Committee continues to closely monitor inflation indicators and
global economic and financial developments.
Against this backdrop, the Committee decided to maintain the target range for the federal
funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby
supporting further improvement in labor market conditions and a return to 2 percent inflation.
In determining the timing and size of future adjustments to the target range for the federal
funds rate, the Committee will assess realized and expected economic conditions relative to its
objectives of maximum employment and 2 percent inflation. This assessment will take into
account a wide range of information, including measures of labor market conditions, indicators
of inflation pressures and inflation expectations, and readings on financial and international
developments. In light of the current shortfall of inflation from 2 percent, the Committee will
carefully monitor actual and expected progress toward its inflation goal. The Committee expects
that economic conditions will evolve in a manner that will warrant only gradual increases in the
federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are
expected to prevail in the longer run. However, the actual path of the federal funds rate will
depend on the economic outlook as informed by incoming data.
The Committee is maintaining its existing policy 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, and it anticipates doing so
until normalization of the level of the federal funds rate is well under way. This policy, by
keeping the Committee's holdings of longer-term securities at sizable levels, should help
maintain accommodative financial conditions.
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C.
Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Loretta J. Mester;
Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo. Voting against the action was Esther
L. George, who preferred at this meeting to raise the target range for the federal funds
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