FOMC 3월 15일 Statement

지난달 15일 제로 금리와 양적완화 재개를 결정했던 Statement 입니다. Minutes은 9일날 공개된다고 하니 별도로 Posting 하겠습니다. 전문은 따로 붙이니 읽어보세요. 아직은 3월 15일이라 괜찮다고 낙관하는 내용이 지금의 현실과 와닿지는 않네요. 

monetary20200315a1.pdf

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For release at 5 p.m. EDT March 15, 2020 The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States. Global financial conditions have also been significantly affected. Available economic data show that the U.S. economy came into this challenging period on a strong footing. Information received since the Federal Open Market Committee met in January indicates that the labor market remained strong through February and economic activity rose at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending rose at a moderate pace, business fixed investment and exports remained weak. More recently, the energy sector has come under stress. On a 12‑month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation have declined; survey-based measures of longer-term inflation expectations are little changed. Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The effects of the coronavirus will weigh on economic activity in the near term and pose risks to the economic outlook. In light of these developments, the Committee decided to lower the target range for the federal funds rate to 0 to 1/4 percent. The Committee expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals. 상당한 시간의 Federal Fund Rate 조정이 계속 것으로 보입니다. 양적완화는 결국에 금본위를 벗어난 종이를 찍어내는 행위 달러가 기축통화라 할지라도 실물자산, 실물안전자산의 매입이 불가피해보입니다.(금, 은, 혹은 비트코인) This action will help support economic activity, strong labor market conditions, and inflation returning to the Committee’s symmetric 2 percent objective. The Committee will continue to monitor the implications of incoming information for the economic outlook, including information related to public health, as well as global developments and muted inflation pressures, and will use its tools and act as appropriate to support the economy. In determining the timing and size of future adjustments to the stance of monetary policy, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective. 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 Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals. To support the smooth functioning of markets for Treasury securities and agency mortgage-backed securities that are central to the flow of credit to households and businesses, overcoming months the Committee will increase its holdings of Treasury securities by at least $500 billion and its holdings of agency mortgage-backed securities by at least $200 billion. The Committee will also reinvest all principal payments from the Federal Reserve’s holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities. In addition, the Open Market Desk has recently expanded its overnight and term repurchase agreement operations. The Committee will continue to closely monitor market conditions and is prepared to adjust its plans as appropriate. but preferred to reduce the target range for the federal funds rate to 1/2 to 3/4 percent at this meeting. 

Decisions Regarding Monetary Policy Implementation의 내용은 위의 내용과 중복되어 삭제했습니다. 

FOMC의 9일 미팅록 발표에 대하여 시장이 어떻게 반응할 지 궁금해집니다.