Presemeddelelse fra FOMC:
Information received since the Federal Open Market Committee met in November
indicates that the labor market has continued to strengthen and that economic activity has
been rising at a solid rate.
Averaging through hurricane-related fluctuations, job gains
have been solid, and the unemployment rate declined further. Household spending has
been expanding at a moderate rate, and growth in business fixed investment has picked
up in recent quarters.
On a 12-month basis, both overall inflation and inflation for items
other than food and energy have declined this year and are running below 2 percent.
Market-based measures of inflation compensation remain low; survey-based measures of
longer-term inflation expectations are little changed, on balance.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. Hurricane-related disruptions and rebuilding have
affected economic activity, employment, and inflation in recent months but have not
materially altered the outlook for the national economy.
Consequently, the Committee continues to expect that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market conditions will remain strong. Inflation on a 12-month basis is expected to remain somewhat below 2 percent in the near term but to stabilize around the Committee’s 2 percent objective over the medium term.
Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely. In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1-1/4 to 1-1/2 percent. The stance of monetary policy remains accommodative, thereby supporting strong labor market conditions and a sustained return to 2 percent inflation.
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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. The Committee will carefully
monitor actual and expected inflation developments relative to its symmetric inflation
goal.
The Committee expects that economic conditions will evolve in a manner that will
warrant 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.
Voting for the FOMC monetary policy action were Janet L. Yellen, Chair;
William C. Dudley, Vice Chairman; Lael Brainard; Patrick Harker; Robert S. Kaplan;
Jerome H. Powell; and Randal K. Quarles. Voting against the action were Charles L.
Evans and Neel Kashkari, who preferred at this meeting to maintain the existing target
range for the federal funds rate.
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For release at 2 p.m. EST December 13, 2017
Decisions Regarding Monetary Policy Implementation
The Federal Reserve has made the following decisions to implement the monetary policy stance
announced by the Federal Open Market Committee in its statement on December 13, 2017:
• The Board of Governors of the Federal Reserve System voted unanimously to raise the
interest rate paid on required and excess reserve balances to 1.50 percent, effective
December 14, 2017.
• As part of its policy decision, the Federal Open Market Committee voted to authorize and
direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed
otherwise, to execute transactions in the System Open Market Account in accordance
with the following domestic policy directive:
“Effective December 14, 2017, the Federal Open Market Committee directs the
Desk to undertake open market operations as necessary to maintain the federal
funds rate in a target range of 1-1/4 to 1-1/2 percent, including overnight reverse
repurchase operations (and reverse repurchase operations with maturities of more
than one day when necessary to accommodate weekend, holiday, or similar
trading conventions) at an offering rate of 1.25 percent, in amounts limited only
by the value of Treasury securities held outright in the System Open Market
Account that are available for such operations and by a per-counterparty limit of
$30 billion per day.
The Committee directs the Desk to continue rolling over at auction the amount of
principal payments from the Federal Reserve’s holdings of Treasury securities
maturing during December that exceeds $6 billion, and to continue reinvesting in
agency mortgage-backed securities the amount of principal payments from the
Federal Reserve’s holdings of agency debt and agency mortgage-backed
securities received during December that exceeds $4 billion. Effective in January,
the Committee directs the Desk to roll over at auction the amount of principal
payments from the Federal Reserve’s holdings of Treasury securities maturing
during each calendar month that exceeds $12 billion, and to reinvest in agency
mortgage-backed securities the amount of principal payments from the Federal
Reserve’s holdings of agency debt and agency mortgage-backed securities
received during each calendar month that exceeds $8 billion. Small deviations
from these amounts for operational reasons are acceptable.
(more)
For release at 2 p.m. EST December 13, 2017
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The Committee also directs the Desk to engage in dollar roll and coupon swap
transactions as necessary to facilitate settlement of the Federal Reserve’s agency
mortgage-backed securities transactions.”
• In a related action, the Board of Governors of the Federal Reserve System voted
unanimously to approve a 1/4 percentage point increase in the primary credit rate to
2.00 percent, effective December 14, 2017. In taking this action, the Board approved
requests to establish that rate submitted by the Boards of Directors of the Federal Reserve
Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Kansas City,
Dallas, and San Francisco.
This information will be updated as appropriate to reflect decisions of the Federal Open Market
Committee or the Board of Governors regarding details of the Federal Reserve’s operational
tools and approach used to implement monetary policy.
More information regarding open market operations and reinvestments may be found on the
Federal Reserve Bank of New York’s website.
