アメリカ、11回連続の利上げ

例によって、私の個人的な備忘録。
やっぱり引き上げたな。11回連続の利上げ。
この結果、アメリカの短期金利誘導目標は3.75%になった。

注目された声明文は、
ハリケーンの米経済(支出、生産、雇用)に対する影響が今後出てくること、
それにエネルギー生産・精製インフラへの打撃で
今後エネルギー価格のボラティリティが増大することを認めながらも、
FOMCの認識として
「they do not pose a more persistent threat.」
と述べている。

これは、ハリケーンの影響は短期的で、
永続的・持続的ではないとの見方にFOMCも与したことを意味する。

FOMCは、むしろ
「Rather, monetary policy accommodation, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity」
と述べて、
今の金融政策は依然として緩和が過ぎているとの印象を与える判断を示し、
今後の引き上げ継続にも意欲を示している。

さらにFOMC声明は
「Higher energy and other costs have the potential to add to inflation pressures」
と、エネルギー価格、その他諸コストの情報により、
今後のインフレ圧力増大の可能性に言及。

この結果は、外国為替市場でのドルの上昇(特に対円)
それにニューヨーク株式市場での株価の続落となった。
債券市場では、債券が短いところを中心に下げ、
今これを書いている時点では、
指標10年債の利回りは4.28%。ちょっと高い。

The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-3/4 percent.
Output appeared poised to continue growing at a good pace before the tragic toll of Hurricane Katrina. The widespread devastation in the Gulf region, the associated dislocation of economic activity, and the boost to energy prices imply that spending, production, and employment will be set back in the near term. In addition to elevating premiums for some energy products, the disruption to the production and refining infrastructure may add to energy price volatility.

While these unfortunate developments have increased uncertainty about near-term economic performance, it is the Committee's view that they do not pose a more persistent threat. Rather, monetary policy accommodation, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Higher energy and other costs have the potential to add to inflation pressures. However, core inflation has been relatively low in recent months and longer-term inflation expectations remain contained.

The Committee perceives that, with appropriate monetary policy action, the upside and downside risks to the attainment of both sustainable growth and price stability should be kept roughly equal. With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.

Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Anthony M. Santomero; and Gary H. Stern. Voting against was Mark W. Olson, who preferred no change in the federal funds rate target at this meeting.

In a related action, the Board of Governors unanimously approved a 25-basis-point increase in the discount rate to 4-3/4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Richmond, Chicago, Minneapolis, and Kansas City.

[PR]
by leilan | 2005-09-21 11:44 | 浮世草子
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