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FOMC：基准利率再降三码

联邦公开市场委员会今天决定将目标利率下降75个基点，至2.25%。
最近的信息表明，经济活动前景进一步恶化。消费支出增长放慢，劳动力市场出现疲软。金融市场极度紧张，信贷条件偏紧，住房收缩加深等，都将对今后几个季度的经济增长带来压力。
通货膨胀已经抬头，一些指标显示，通货膨胀预期上升。委员会预期未来几个季度的通货膨胀将趋于温和，反应在能源和其他商品价格走平，以及资源利用压力缓和。不过，通货膨胀前景的不确定性增加了，因此，有必要继续小心谨慎地监视通货膨胀的发展。
今天和此前所采取的政策行动，包括加强市场流动性的措施，将有助于促进经济的长期增长，并缓解经济行为的风险。不过，经济增长进一步下滑的风险依然存在。委员会将将及时采取措施促进经济持续增长和物价稳定。
为FOMC货币政策行动投票的理事：本•S•伯南克主席；T•F•盖特勒副主席；唐纳德•L•库恩；南代尔•S•克罗斯内尔；弗雷德里克•S•米西金；桑德拉•皮亚拉托；格雷•H•斯特恩；凯文•M•沃西。里查德•W•费西和查尔斯•I•普罗彻投了反对票，他们倾向于认为此次会议应采取不太急进（less aggressive action）的行动。
与此相关的政策行动是，委员会一致同意将贴现率降低75个基点，至2.5%，采取该项决定是同意波士顿、纽约和旧金山联邦储备银行的理事所提交的请求。
此次降息公告与1月30日的措辞有一些差别。对通货膨胀的担忧依然是轻描淡写。而更多的是对即将到来的经济衰退的恐惧——消费支出增长放慢，劳动力市场出现疲软，金融市场极度紧张，信贷条件偏紧，住房收缩加深等，这么多的问题困绕着美联储，美国经济形势之严峻，可见一斑。至于FOMC内部，大家对行动的步骤也存在分歧。里查德•W•费西和查尔斯•I•普罗彻投了反对票，他们倾向于认为此次会议应采取不太急进（less aggressive action）的行动。显然，他们主张采取比较渐进的方式来调整利率。
至于此举对金融市场的作用，相信不会产生实质性的影响，在经过一轮大幅度的下滑之后，市场本身会有技术性的反弹，这一次联邦基金利率猛降三码，也在短期内会刺激股票市场快速反弹，不过，此次降息也暂时不会改变市场下降的中长期趋势。


Press Release
Release Date: March 18, 2008

For immediate release
The Federal Open Market Committee decided today to lower its target for the federal funds rate 75 basis points to 2-1/4 percent.

Recent information indicates that the outlook for economic activity has weakened further. Growth in consumer spending has slowed and labor markets have softened. Financial markets remain under considerable stress, and the tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters.

Inflation has been elevated, and some indicators of inflation expectations have risen. The Committee expects inflation to moderate in coming quarters, reflecting a projected leveling-out of energy and other commodity prices and an easing of pressures on resource utilization. Still, uncertainty about the inflation outlook has increased. It will be necessary to continue to monitor inflation developments carefully.

Today’s policy action, combined with those taken earlier, including measures to foster market liquidity, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will act in a timely manner as needed to promote sustainable economic growth and price stability.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Gary H. Stern; and Kevin M. Warsh. Voting against were Richard W. Fisher and Charles I. Plosser, who preferred less aggressive action at this meeting.

In a related action, the Board of Governors unanimously approved a 75-basis-point decrease in the discount rate to 2-1/2 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, and San Francisco.