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試譯聯儲局8月5日會議後聲明 2008/08/06

Posted by joechan201 in 金融, Federal Reserve.
Tags: 聯邦儲備局, FOMC, 息率, 會後聲明
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以下是我嘗試翻譯美國聯邦儲備局的會議聲明，黑色的是8月5日的聲明，紅色的是6月25日的聲明，以作比較。

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.

聯邦儲備局公開市場委員會今天決定維持聯邦基金利率目標於2厘不變

The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent.

 

Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and elevated energy prices are likely to weigh on economic growth over the next few quarters. Over time, the substantial easing of monetary policy, combined with ongoing measures to foster market liquidity, should help to promote moderate economic growth.

第二季的經濟活動有所增加，反映消費者增加開支與出口有所增長。但勞工市場越趨疲弱，金融市場亦受沉重壓力。緊縮的信貸環境、收縮的房屋市場、和上升的能源價格都為未來數季的經濟增長帶來壓力。隨着時間，寬鬆的貨幣政策和其他促進資金流動的措施應可推動經濟溫和增長。

註：最後的一句於上次聲明中末段出現。

Recent information indicates that overall economic activity continues to expand, partly reflecting some firming in household spending.  However, labor markets have softened further and financial markets remain under considerable stress.  Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters.

 

Inflation has been high, spurred by the earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been elevated. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.

因為前些時間能源和其它商品價格上升，令到通脹高企，而對通脹上升的預期亦增加。委員會預期下半年與明年的通脹會減慢，但通脹的前境仍高度不明朗。

The Committee expects inflation to moderate later this year and next year.  However, in light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high.

 

 

Although downside risks to growth remain, the upside risks to inflation are also of significant concern to the Committee. The Committee will continue to monitor economic and financial developments and will act as needed to promote sustainable economic growth and price stability.

雖然經濟下滑風險仍然存在，通脹上升亦為委員會關注。委員會於未來日子會繼續監察經濟與金融市場的發展，如有需要將會採取行動去推動經濟增長和維持價格穩定。

註：跟上次不同，聯儲局沒有認為經濟下滑的風險正在減退。

The substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity, should help to promote moderate growth over time.  Although downside risks to growth remain, they appear to have diminished somewhat, and the upside risks to inflation and inflation expectations have increased.  The Committee will continue to monitor economic and financial developments and will act 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; Elizabeth A. Duke; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred an increase in the target for the federal funds rate at this meeting.

投票結果：10對1贊成維持息率不變，1人建議加息

綜觀今次會議聲明，聯儲局對經濟的前境較一個月前悲觀，令人覺得未來數月加息的機會減少。