金融現況:
近幾週來金融市場的狀況已進一步獲改善. 家計面：雖仍受就業市場疲弱、所得減緩及緊縮的信用所影響,然而家計單位的支出已持續呈現改善. 企業面：雖然還在刪固定資出及減少庫存,但存貨的回補與銷售速度逐趨一致. ==>市場雖仍疲弱但已大幅改善, 即正逐步企穩.
通膨預期:
資源需求的疲弱將壓抑價格的壓力, 因而通膨將維持疲弱一段時間. ==>短期無通膨壓力.
利率:
維持0-0.25%的利率, 並將於一段期間內繼續維持此低利率水平.==>在經濟未真正站穩前, 貨幣政策將持續寬鬆.
債券的購買:
聯準會將逐步放緩3000億美元國債的購買計畫, 並預計10月底前完成此目標.==>對金融市場的復甦漸信心.
Federal Reserve Press Release (August 12, 2009):
Information received since the Federal Open Market Committee met in June suggests that economic activity is leveling out. Conditions in financial markets have improved further in recent weeks. Household spending has continued to show signs of stabilizing but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit. Businesses are still cutting back on fixed investment and staffing but are making progress in bringing inventory stocks into better alignment with sales. Although economic activity is likely to remain weak for a time, the Committee continues to anticipate that policy actions to stabilize financial markets and institutions, fiscal and monetary stimulus, and market forces will contribute to a gradual resumption of sustainable economic growth in a context of price stability.
The prices of energy and other commodities have risen of late. However, substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.
In these circumstances, the Federal Reserve will employ all available tools to promote economic recovery and to preserve price stability. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period. As previously announced, to provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of up to $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt by the end of the year. In addition, the Federal Reserve is in the process of buying $300 billion of Treasury securities. To promote a smooth transition in markets as these purchases of Treasury securities are completed, the Committee has decided to gradually slow the pace of these transactions and anticipates that the full amount will be purchased by the end of October. The Committee will continue to evaluate the timing and overall amounts of its purchases of securities in light of the evolving economic outlook and conditions in financial markets. The Federal Reserve is monitoring the size and composition of its balance sheet and will make adjustments to its credit and liquidity programs as warranted.
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