Ben despre reducerea (tapering) QE
If the incoming data are broadly consistent with this forecast, the Committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. And if the subsequent data remain broadly aligned with our current expectations for the economy, we would continue to reduce the pace of purchases in measured steps through the first half of next year, ending purchases around midyear. In this scenario, when asset purchases ultimately come to an end, the unemployment rate would likely be in the vicinity of 7%, with solid economic growth supporting further job gains, a substantial improvement from the 8.1% unemployment rate that prevailed when the committee announced this program. I would like to emphasize once more the point that our policy is in no way predetermined and will depend on the incoming data and the evolution of the outlook as well as on the cumulative progress toward our objectives.
Diferente intre statement-urile FOMC publicate in 1 May si 19 Iunie
Taiat cu o linie e textul care era in statement-ul din May si subliniat cu o linie e text care a aparut nou in statement-ul din Iunie. Diferente nu exista decat in primele doua alineate si in ultimul. Am postat doar alineatele diferite. Statement-ul complet pe site-ul fed: http://www.federalre...y/20130619a.htm
Information received since the Federal Open Market Committee met in
MarchMay suggests that economic activity has been expanding at a moderate pace. Labor market conditions have shown somefurther improvement in recent months, on balance, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has strengthened further, but fiscal policy is restraining economic growth. InflationPartly reflecting transitory influences, inflation has been running somewhat below the Committee’s longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices. Longer-termbut longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee
continues to seesees the downside risks to the economic outlook.outlook for the economy and the labor market as having diminished since the fall. The Committee also anticipates that inflation over the medium term likely will run at or below its 2 percent objective.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman;
James Bullard; Elizabeth A. Duke; Charles L. Evans; Jerome H. Powell; Sarah Bloom Raskin; Eric S. Rosengren; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was James Bullard, who believed that the Committee should signal more strongly its willingness to defend its inflation goal in light of recent low inflation readings, and Esther L. George, who was concerned that the continued high level of monetary accommodation increased the risks of future economic and financial imbalances and, over time, could cause an increase in long-term inflation expectations.
Proiectii economice FED
19 June http://www.federalre...abl20130619.pdf
1 May http://www.federalre...abl20130320.pdf
Cifrele sunt un pic mai mari pe 2014 in proiectiile noi.
Edited by Criodi, 20 June 2013 - 07:14 AM.