美国联邦储备委员会18日宣布，将从明年开始小幅削减月度资产购买规模，同时加强对超低利率政策的前瞻指引。

　　美联储当天在结束政策例会后发表声明说，考虑到就业市场已取得的进展和前景的改善，决定从明年1月起小幅削减月度资产购买规模，将长期国债的购买规模从450亿美元降至400亿美元，将抵押贷款支持证券的购买规模从400亿美元降至350亿美元。这样一来，美联储月度资产购买规模将从原来的850亿美元缩减至750亿美元。

　　美联储表示，如果未来数据符合美联储对就业市场持续改善和通胀向长期目标靠拢的预期，美联储的决策机构——联邦公开市场委员会可能在未来的会议上继续小幅削减资产购买规模。

　　美联储在声明中说，在失业率高于6.5%、未来1年至2年通胀预期不超过2.5%的情况下，美联储将继续把联邦基金利率(即商业银行间隔夜拆借利率)保持在零至0.25%的超低区间。联邦公开市场委员会预计，在失业率降至6.5%以下之后，仍可能把联邦基金利率保持在目前的超低水平一段时间，尤其是在通胀预期持续低于2%的长期目标的情况下。

　　附:

　　美联储政策声明(英文版)

　　美联储公开市场委员会12月17日-12月18日政策声明(英文版)

　　Press Release

　　Release Date: December 18， 2013

　　For immediate release

　　Information received since the Federal Open Market Committee met in October indicates that economic activity is expanding at a moderate pace. Labor market conditions have shown further improvement; the unemployment rate has declined but remains elevated. Household spending and business fixed investment advanced， while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth， although the extent of restraint may be diminishing. Inflation has been running below the Committee's longer-run objective， but 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 pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as having become more nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance， and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term.

　　Taking into account the extent of federal fiscal retrenchment since the inception of its current asset purchase program， the Committee sees the improvement in economic activity and labor market conditions over that period as consistent with growing underlying strength in the broader economy. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions， the Committee decided to modestly reduce the pace of its asset purchases. Beginning in January， the Committee will add to its holdings of agency mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month， and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. The Committee's sizable and still-increasing holdings of longer-term securities should maintain downward pressure on longer-term interest rates， support mortgage markets， and help to make broader financial conditions more accommodative， which in turn should promote a stronger economic recovery and help to ensure that inflation， over time， is at the rate most consistent with the Committee's dual mandate.

　　The Committee will closely monitor incoming information on economic and financial developments in coming months and will continue its purchases of Treasury and agency mortgage-backed securities， and employ its other policy tools as appropriate， until the outlook for the labor market has improved substantially in a context of price stability. If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective， the Committee will likely reduce the pace of asset purchases in further measured steps at future meetings. However， asset purchases are not on a preset course， and the Committee's decisions about their pace will remain contingent on the Committee's outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases.

　　To support continued progress toward maximum employment and price stability， the Committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. The Committee also reaffirmed its expectation that the current exceptionally low target range for the federal funds rate of 0 to 1/4 percent will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent， inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee's 2 percent longer-run goal， and longer-term inflation expectations continue to be well anchored. In determining how long to maintain a highly accommodative stance of monetary policy， the Committee will also consider other information， including additional measures of labor market conditions， indicators of inflation pressures and inflation expectations， and readings on financial developments. The Committee now anticipates， based on its assessment of these factors， that it likely will be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-1/2 percent， especially if projected inflation continues to run below the Committee's 2 percent longer-run goal. When the Committee decides to begin to remove policy accommodation， it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent.

　　Voting for the FOMC monetary policy action were: Ben S. Bernanke， Chairman; William C. Dudley， Vice Chairman; James Bullard; Charles L. Evans; Esther L. George; Jerome H. Powell; Jeremy C. Stein; Daniel K. Tarullo; and Janet L. Yellen. Voting against the action was Eric S. Rosengren， who believes that， with the unemployment rate still elevated and the inflation rate well below the target， changes in the purchase program are premature until incoming data more cle

　　美联储政策声明(中文版)

　　美联储公开市场委员会12月17日-12月18日政策声明(中文版)

　　美联储(FED)周三(10月18日)公布了2013年第八次利率决议及政策声明，以下为美联储公开市场委员会(FOMC)政策声明的全文：

　　美国联邦公开市场委员会(FOMC)自10月会议以来获得的信息显示，今年上半年经济活动继续温和(moderate)扩张。近几个月，就业市场状况显示进一步改善迹象，失业率已经下滑但仍处于高位。家庭支出和企业固定投资增加，但近几个月楼市复苏有所放缓，而且财政政策限制经济成长，尽管限制程度可能正在减轻。通胀一直低于委员会的较长期目标水准，但较长期通胀预期保持稳定。

　　委员会将依照法定的目标，寻求促进就业最大化和物价稳定。委员会预计在合适的宽松政策下，经济增长将较近期进度加快，失业率将向委员会认为符合其双目标的水准逐步下滑。委员会预计经济和就业市场前景的下滑风险已经更接近平衡。委员会意识到通胀持续低于2%的目标可能将给经济带来风险，并正密切监控通胀发展，以寻找中期通胀率可能回升向2%的目标的证据。

　　考虑到自美联储开始购买资产计划以来联邦财政紧缩政策的程度，委员会认为，经济活动和就业市场状况的改善符合经济的潜在强劲势头不断增长的事实。鉴于美国在就业最大化方面已经取得的累积进展、以及就业市场状况前景的改善，委员会决定小幅缩减资产购买规模。自明年1月起，将按每月350亿美元的进度购买机构抵押支持债券(MBS)，原先为400亿美元，以及以每月400亿美元的进度购买较长期国债，原先为450亿美元。委员会维持把所持机构债和机构MBS回笼本金再投资到机构MBS的现有政策，以及通过标购继续延长所持国债年期。委员会庞大的、且仍在不断增长的较长期证券仓位应会对较长期利率构成下压，支持抵押贷款市场，并扶助更广泛金融市场环境更为宽松，从而促进经济更强劲复苏，帮助确保通胀随着时间回到最符合委员会双目标水准。

　　委员会在未来几个月将密切监控未来经济和金融发展信息。委员会将继续购买国债和机构MBS，并动用其它适当的政策工具，直至在物价稳定的前提下实现就业市场明显改善。如果新进的信息普遍支持就业市场状况持续改善、以及通胀回向较长期目标的委员会预期，委员会将可能在未来会议上采取进一步有序的措施缩减购买资产进度。但购买资产不是在预先设定的进程，委员会在决定购买资产进度时，仍将取决于委员会对于未来劳动市场及通胀的看法，以及对这类购买资产的潜在功效和成本的评估。

　　为支持向就业最大化和物价稳定的目标继续前进，委员会预计在购买资产计划结束和经济复苏强化后的一段长时间内保持高度宽松货币政策立场仍是合适的。委员会还决定，只要失业率仍在6.5%之上、通胀一两年内未较委员会较长期目标2%高出超过0.5个百分点、且较长期通胀预期仍良好受控的情况下，将维持联邦基金利率目标在0-0.25%的区间不变。为决定维持高度宽松货币政策多久，委员会还将考虑其他信息，包括其他就业市场状况数据、通胀压力指标和通胀预期，以及金融市场发展数据。委员会目前预计，基于对上述因素的评估，在失业率跌至6.5%之下后的一段相当长时间内维持联邦基金利率目前目标区间将可能是合适的，尤其是如果预估通胀继续低于委员会2%的较长期目标。在委员会决定开始撤走宽松政策时，将采取符合就业最大化和通胀2%较长期目标的均衡措施。

　　赞成FOMC政策决定投票的委员是：美联储主席伯南克(Ben S. Bernanke)、副主席杜德利(William C. Dudley)，芝加哥联储主席埃文斯(Charles Evans)，堪萨斯联储主席乔治(Esther George)，理事鲍威尔(Jerome H. Powell)，圣路易斯联储主席布拉德(James Bullard)，理事斯坦(Jeremy C. Stein)，理事塔鲁洛(Daniel Tarullo)，副主席耶伦(Janet L. Yellen)。

　　另有1名美联储委员对声明持异议，波士顿联储主席罗森格伦(Eric Rosengren)，他认为由于失业率仍偏高，通胀远低于目标，在未来数据更清晰的显示经济成长可能维持潜在水准之上前，改变购买资产计划时机尚不成熟。