美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf

上传人:帝莘 文档编号:100758500 上传时间:2023-09-01 格式:PDF 页数:70 大小:1.07MB
下载 相关 举报
美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf_第1页
第1页 / 共70页
美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf_第2页
第2页 / 共70页
美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf_第3页
第3页 / 共70页
美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf_第4页
第4页 / 共70页
美联储货币政策报告(2023年6月)(英)-美国联邦储备系统理事会-2023.6.16-73页.pdf_第5页
第5页 / 共70页
亲,该文档总共70页,到这儿已超出免费预览范围,如果喜欢就下载吧!
资源描述
Board of Governors of the Federal Reserve SystemFor use at 11:00 a.m.EDTJune 16,2023Monetary Policy rePortJune 16,2023Letter of transmittaLBoard of Governors of the Federal Reserve SystemWashington,D.C.,June 16,2023The President of the Senate The Speaker of the House of RepresentativesThe Board of Governors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve Act.Sincerely,Jerome H.Powell,Chairstatement on Longer-run goaLs and monetary PoLicy strategyAdopted effective January24,2012;as reaffirmed effective January 31,2023The Federal Open Market Committee(FOMC)is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment,stable prices,and moderate long-term interest rates.The Committee seeks to explain its monetary policy decisions to the public as clearly as possible.Such clarity facilitates well-informed decisionmaking by households and businesses,reduces economic and financial uncertainty,increases the effectiveness of monetary policy,and enhances transparency and accountability,which are essential in a democratic society.Employment,inflation,and long-term interest rates fluctuate over time in response to economic and financial disturbances.Monetary policy plays an important role in stabilizing the economy in response to these disturbances.The Committees primary means of adjusting the stance of monetary policy is through changes in the target range for the federal funds rate.The Committee judges that the level of the federal funds rate consistent with maximum employment and price stability over the longer run has declined relative to its historical average.Therefore,the federal funds rate is likely to be constrained by its effective lower bound more frequently than in the past.Owing in part to the proximity of interest rates to the effective lower bound,the Committee judges that downward risks to employment and inflation have increased.The Committee is prepared to use its full range of tools to achieve its maximum employment and price stability goals.The maximum level of employment is a broad-based and inclusive goal that is not directly measurable and changes over time owing largely to nonmonetary factors that affect the structure and dynamics of the labor market.Consequently,it would not be appropriate to specify a fixed goal for employment;rather,the Committees policy decisions must be informed by assessments of the shortfalls of employment from its maximum level,recognizing that such assessments are necessarily uncertain and subject to revision.The Committee considers a wide range of indicators in making these assessments.The inflation rate over the longer run is primarily determined by monetary policy,and hence the Committee has the ability to specify a longer-run goal for inflation.The Committee reaffirms its judgment that inflation at the rate of 2percent,as measured by the annual change in the price index for personal consumption expenditures,is most consistent over the longer run with the Federal Reserves statutory mandate.The Committee judges that longer-term inflation expectations that are well anchored at 2percent foster price stability and moderate long-term interest rates and enhance the Committees ability to promote maximum employment in the face of significant economic disturbances.In order to anchor longer-term inflation expectations at this level,the Committee seeks to achieve inflation that averages 2percent over time,and therefore judges that,following periods when inflation has been running persistently below 2percent,appropriate monetary policy will likely aim to achieve inflation moderately above 2percent for some time.Monetary policy actions tend to influence economic activity,employment,and prices with a lag.In setting monetary policy,the Committee seeks over time to mitigate shortfalls of employment from the Committees assessment of its maximum level and deviations of inflation from its longer-run goal.Moreover,sustainably achieving maximum employment and price stability depends on a stable financial system.Therefore,the Committees policy decisions reflect its longer-run goals,its medium-term outlook,and its assessments of the balance of risks,including risks to the financial system that could impede the attainment of the Committees goals.The Committees employment and inflation objectives are generally complementary.However,under circumstances in which the Committee judges that the objectives are not complementary,it takes into account the employment shortfalls and inflation deviations and the potentially different time horizons over which employment and inflation are projected to return to levels judged consistent with its mandate.The Committee intends to review these principles and to make adjustments as appropriate at its annual organizational meeting each January,and to undertake roughly every 5years a thorough public review of its monetary policy strategy,tools,and communication practices.Su
展开阅读全文
相关资源
相关搜索

当前位置:首页 > 行业标准 > 化工行业标准HG

版权所有:www.WDFXW.net 

鲁ICP备09066343号-25