在結束兩天的會議後,北京時間今天凌晨,美聯儲宣布加息25個基點。
這是2018年以來美國首次加息。
從新聞稿看,聯儲認為價格壓力是普遍的,不只是能源價格,還有勞動力等,目前的失業率已明顯下降(2月份美國CPI通脹率為7.9%,40年來最高;失業率為3.8%,已接近疫前水平)。
聯儲準備從下次會議開始,減少國債和機構債MBS的持有量。
投票委員中,聖路易斯聯儲主席James Bullard投票加息50個基點。
據FT報導,在會後的記者會上,聯儲主席鮑威爾談到加息是為了應對高通脹和緊張的勞動力市場extremely tight labor market in high inflation.
點陣圖(dot plot,投票委員對利率區間的預測)顯示,聯儲官員比三個月前調高了利率預測,預計2022年剩下的時間還將加息6次,2023年加息至少3次。聯邦基金利率屆時將達到2.8%,高於影響經濟增長的“中性位置”(多數官員預測的中性利率為2.4%)。
美國CPI(1965-2022)
美國勞動參與率(1948-2022)
聯儲新聞稿如下:
March 16, 2022
Federal Reserve issues FOMC statement
For release at 2:00 pm EDT
Indicators of economic activity and employment have continued to strengthen. Job gains have been strong in recent months, and the unemployment rate has declined substantially. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures.
The invasion of Ukraine by Russia is causing tremendous human and economic hardship. The implications for the US economy are highly uncertain, but in the near term the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity.
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Esther L. George; Patrick Harker; Loretta J. Mester; and Christopher J. Waller. Voting against this action was James Bullard, who preferred at this meeting to raise the target range for the federal funds rate by 0.5 percentage point to 1/2 to 3/4 percent. Patrick Harker voted as an alternate member at this meeting.
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