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Belvedere @Matt_Belvedere 6 Hours Ago ¤Ç¤â¤Ã¤Æ²¿¤«¥¤¥ó¥¿¥Ó¥å¡¼¤Î¥Ó¥Ç¥ª¤ÎÊý¤Ï²ñ°÷¤È¤«¤¸¤ã¤Ê¤¤¤È¸«¤ì̵¤µ¤½¤¦¤Ç¤¹¤¬(µ»ö¤â¤³¤ì»Ã¤¯¤¹¤ë¤È°ìÉô¸ø³«¤Ë¤Ê¤ë¤ó¤Ç¤·¤¿¤Ã¤±¡¢CNBC¤Î»ÅÍͤϤ¢¤Þ¤ê³Ð¤¨¤Æ¤¤¤Ê¤¤)¡¢¤È¤ê¤¢¤¨¤ºº£¤Î½ê¤Ïµ»ö¤¬ÆÉ¤á¤ë¤Î¤Ç¾¯¡¹¡£ ¡ØThe Federal Reserve is reluctant to plow ahead with more interest rate hikes because of increased global risks, Chicago Fed President Charles Evans told CNBC on Wednesday.¡Ù(¾åµURLÀè¤è¤ê¡¢°Ê²¼Æ±ÍÍ) ¤Û¤¦¤Û¤¦¡£ ¡ØEvans spoke a day after central bank Chair Janet Yellen struck a dovish tone compared with recent comments by other Fed officials advocating hiking interest rates.¡Ù ¤µ¤¤¤Ç¤·¤¿¤Ê¡£¤¿¤À¤Þ¤¢¥¤¥¨¥ì¥ó¹Ö±é¤Ã¤ÆFOMC¤Î·ë²Ì¤È¤½¤Î»þ¤Î²ñ¸«¤Ç¤ÎËÁƬÀâÌÀ¤«¤é¸«¤ë¤È¤½¤ó¤Ê¤Ë¿·¤·¤¤ÏäϤ·¤Æ¤¤¤Ê¤¯¤Æ¡¢¤Á¤ç¤Ã¤È¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÄã²¼¤Ë´Ø¤¹¤ëÉôʬ¤ÎÀâÌÀ¤¬¾Ü¤·¤¯¤Ê¤Ã¤Æ¤¤¤¿¤«¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ë¸«¤¨¤Þ¤·¤¿¤¬¡£ ¡ØHe told CNBC's "Squawk Box" he believes Yellen has made it clear all meetings are live.¡Ù ¡Ø"I would say the threshold for having confidence that inflation is sustainably moving up towards our 2 percent inflation target is pretty high," he said. "I'd be surprised if we met that condition, myself, in April."¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢2%¾å¾º¤Ë¸þ¤±¤¿³Î¿®ÅÙ¤¬¤½¤ó¤Ê¤Ë¥Û¥¤¥Û¥¤¾å¤¬¤Ã¤Æ4·îÍø¾å¤²¤Ç¤¤ë¤«¤è¥ô¥©¥±¤È¤Ï¸À¤Ã¤Æ¤¤¤ë¤â¤Î¤Î¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦(ÅÓÃæ¤Ë¥¤¥ó¥Õ¥ì¤¬¾å¥Ö¥ì¤·¤¿¤é±¾¡¹¤ÎÏ䬤¢¤ë¤¬³ä°¦¤·¤Æ) ¡ØThe June meeting has been seen as the more likely time for the next rate increase, because Yellen is already set to hold a news briefing after the release of the policy statement. No news conference is scheduled for April and no meeting is scheduled for May.¡Ù ¤È¤¤¤¦¤Î¤ÏCNBC¤ÎÀâÌÀ¤Ç¤·¤Æ¡¢ ¡Ø"I think moving in June would be on the basis of further improvement in the labor market," Evans said. "[But] I don't think we want to get ahead of ourselves."¡Ù ¤Õ¤à¡£ ¡ØEvans sees the economy growing at 2 to 2.5 percent this year. "We can [also] drive unemployment a little lower. The labor market is improving, and those are good conditions for the consumer to continue to thrive."¡Ù ¤Þ¤¢¤½¤ó¤ÊÀ®Ä¹¸«Ä̤·¤òÃÖ¤¤¤Æ¤¤¤ë¤Î¤Ç¤·¤¿¤é¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡Ø"I'm a little nervous about business fixed investment," he continued, "[considering] the decline in energy and the fact that we produce energy more now. It's a different type of exposure than we faced 10 or 15 years ago."¡Ù ¤È¡¢´ë¶È¤Î¸ÇÄê»ñ»º·ÁÀ®¤Ë´Ø¤·¤Æ¤ä¤ä·üǰ¤ò¼¨¤·¤Æ¤Ï¤¤¤ë(¤³¤ì¤Ï¥¤¥¨¥ì¥ó¹Ö±é¤Ç¤â½Ð¤Æ¤¤¤Þ¤·¤¿¤Í)¤â¤Î¤Î¡¢ ¡ØAll in all, Evans concluded: "My assessment is the economy is going to be strong enough [and] we'll be raising rates two times this year. 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Yellen At the Economic Club of New York, New York, New York March 29, 2016 The Outlook, Uncertainty, and Monetary Policy ¡û¥¤¥¨¥ì¥óµÄŤ¬¸Ä¿ÍŪ¤Ë¿µ½ÅÇÉ&Á´ÂΤȤ·¤Æ¤Î¾ðÊóȯ¿®¤¬¥Þ¥Ã¥Á¥Ý¥ó¥×²½ ¤È¤¤¤¦´¶¤¸¤ò¼õ¤±¤¿Ìõ¤Ç¤¹¤¬¡¢´ðËÜŪ¤Ë¤Ï¤³¤Î¹Ö±é¤Ï3·îFOMC¤È¤½¤Î¸å¤Î²ñ¸«ÀâÌÀ(Q&A¤ò¥Í¥¿¤Ë¤·¤Æ¤¤¤Þ¤»¤ó¤Ç¤¹¤¹¤¤¤Þ¤»¤ó)¤Î¥é¥¤¥ó¤Ç¤Î¤ªÏäˤʤäƤ¤¤ë¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ç¡¢¡Ö¥Ù¡¼¥¹¥é¥¤¥ó¤Î¥·¥Ê¥ê¥ª¤Ë¤ÏÆÃÃʤÎÊѲ½¤Ï¤Ê¤¤¡×¤±¤ì¤É¤â¡Öǯ½éÍè¤Î³¤³°¾ðÀª¤È¹ñºÝ¶âÍ»»Ô¾ì¾ðÀª¤¬¤è¤í¤·¤¯¤Ê¤¤¡×¤Î¤Ë²Ã¤¨¡Ö·ÐºÑ¤ÎÀè¹Ô¤¤Ë¤âÉԳμÂÀ¤ä¥ê¥¹¥¯¤¬Áý¤¨¤Æ¤ª¤ê¤Þ¤¹¡×¤Î¤Ç¡Ö12·î¤Ç¼¨¤·¤¿¤è¤ê¤âÍø¾å¤²¥Ú¡¼¥¹¤¬¿µ½Å¤Ë¤Ê¤ê¤Þ¤¹¡×¤È¤¤¤¦Ïäò ¤·¤Æ¤¤¤ë¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£ ¤Ç¤â¤Ã¤Æ¡¢FOMC¤â¤½¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢º£²ó¤Î¹Ö±é¤Ç¤â¿µ½Å¤Ï¿µ½Å¤Ê¤Î¤Ç¤¹¤¬¡¢¼ÂºÝÌäÂê¤È¤·¤Æ¤Ï¥Ù¡¼¥¹¥é¥¤¥ó¤ÎÊý¤ÏƱ¤¸¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤½¤Î°ìÊý¤Ç¤´°ÆÆâ¤Î¤è¤¦¤ÊÀâÌÀ¤ò¤·¤Æ¤¤¤ë¾å¤Ë¡¢Îɤ¯Îɤ¯¸«¤Þ¤¹¤È(FOMC¤Ç¤â¤½¤¦¤Ê¤Î¤Ç¤¹¤¬)12·îFOMC¤Ç¤ÎÍø¾å¤²»þÅÀ¤È¤Îº¹Ê¬¤Ç¥¤¥¨¥ì¥óµÄŤ¬ÀâÌÀ¤·¤Æ¤¤¤ë¤è¤¦¤ËÆÉ¤á¤Þ¤·¤Æ¡¢¤½¤é¤½¤â¤½¤â12·îFOMC¤Ç¤ÎSEP¤Ã¤ÆÇ¯4²óÍø¾å¤²¤¬Á°Äó¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤«¤é¡¢¤½¤³¤«¤é¸«¤¿¤éÁêÅö¿µ½Å¤Ë¤Ê¤ë¤ï¡¢¤È»×¤¦¤Î¤Ç¡¢Ã±¤Ë»Ô¾ì¤Î½¾Íè¤Î¸«Ä̤·¤Ë´ó¤Ã¤Æ¤¤¿¤À¤±¤È¤¤¤¦´¶¤¸¤Ç¤â¤¢¤Ã¤¿¤ê¤·¤Æ¡¢¤½¤³¤Þ¤Ç¥Ò¥ã¥Ã¥Ï¡¼¤ÈÈ¿±þ¤¹¤ë¤«¤È¤Ï»×¤Ã¤¿¤ê¤â¤·¤Þ¤¹¡£¤Ê¤ª¡¢º£²ó¤Ï¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÄã²¼¤Ë¤Ä¤¤¤Æ·ë¹½´èÄ¥¤Ã¤Æ¥ê¥¹¥¯¤È¤·¤Æ¤¤¤ë´¶¤¸¤Ç¤·¤Æ¡¢¤Þ¤¢¤½¤Ã¤Á¤ËÈ¿±þ¤·¤¿¡¢¤È¹Í¤¨¤ì¤Ð¤½¤ì¤Ï¤½¤¦¤«¤Ê¤È¤Ï»×¤¤¤Þ¤¹¡£ ¤¿¤À¤Þ¤¢Ä¾¶á¤ÇFOMC¤ÎÃæ¤Î¿Í¤¿¤Á¤¬Ì¯¤Ë4·îÍø¾å¤²¤â¤¢¤ë¤Ç¤èŪ¤Ê¾ðÊóȯ¿®¤ò¥Û¥¤¥Û¥¤¤È¼Â»Ü¤·¤Æ¤¤¤¿¤Î¤ÇµÞ¤Ë»Ô¾ì¤¬·Ù²ü¥â¡¼¥É¤Ë¤Ê¤Ã¤¿¤È¤¤¤¦Ãæ¤Ç¤³¤ì¤òÂǤÁ¹þ¤Þ¤ì¤Þ¤·¤¿¤Î¤Ç¡¢»Ô¾ì¤¬¤Þ¤¿¥É¥Æ¥ó¤¹¤ë¤Î¤ÏÅöÁ³¤Á¤ã¤¢ÅöÁ³¤Ç¤·¤Æ¡¢¤³¤ì¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥ó¤È¤¤¤¦°ÕÌ£¤Ç¸À¤¨¤Ð¡Ö3·îFOMC¤Ç¿µ½Å¤Ê¥á¥Ã¥»¡¼¥¸¡×¢ª¡Ö»Ô¾ì¤¬¥Ò¥ã¥Ã¥Ï¡¼¡×¢ª¡ÖÃ϶èÏ¢¶äÁíºÛ¤Ê¤É¤¬¤ä¤ä¶¯µ¤¤Ê¥á¥Ã¥»¡¼¥¸¤ò½Ð¤·¤ÆÃæÏ¤·¤¿¤Ä¤â¤ê¡×¢ª¡Ö»Ô¾ì¤¬¥Ò¥ã¥Ã¥Ï¡¼¡×¢ª¡ÖµÄŤ¬¤Þ¤¿¤Þ¤¿¤³¤ÎÁ°¤ÈƱ¤¸¤è¤¦¤Ê¥á¥Ã¥»¡¼¥¸¡×¢ª¡Ö»Ô¾ì¤¬¥Ò¥ã¥Ã¥Ï¡¼¡×¤È¤¤¤¦Î®¤ì¤Ë¤Ê¤Ã¤Æ¤¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢»Ô¾ì¤Î´üÂÔ·ÁÀ®¤ËÂФ·¤ÆÍ¾·×¤Ê¥Î¥¤¥º¤òÍ¿¤¨¤Þ¤¯¤Ã¤Æ¤¤¤ë¤À¤±¤Ç¤Ï¤Ê¤¤¤«¤È¡£ ¤Ç¤â¤Ã¤Æ¡¢¤³¤Î°ìÏ¢¤Îư¤¤¬¤½¤ì¤Ê¤ê¤ËFOMC¤ÎÃæ¤Î¿Í¤¿¤Á¤¬¡Ö»Ô¾ì¤Î´üÂÔ¤¬¤Á¤ç¤Ã¤È¥¿¥«¤Ê¤ê¥Ï¥È¤Ê¤ê¤Ë·¹¤¤¤Æ¤¤Æ¤¤¤ë¤Î¤Ç¤Á¤ç¤Ã¤ÈÄ´À°¤·¤Ê¤¤¤È¡×¤È¤«»×¤¤¤Ê¤¬¤éÀâÌÀ¤Ë¥Ð¥¤¥¢¥¹¤ò³Ý¤±¤Æ¤¤¤¿¤ê¤¹¤ë¤È(¤½¤¦¤Ê¤Î¤«¤Ïʬ¤«¤é¤ó¤±¤É)¤µ¤é¤Ë¤¢¤Á¤ã¡¼¤ÊÌõ¤Ç¤´¤¶¤¤¤Þ¤·¤Æ¡¢Æ°¤±¤Ðư¤¯¤Û¤É»Ô¾ì¤Ë̵Â̤ʥܥé¤òÍ¿¤¨¤ë¤È¤¤¤¦¤³¤È¤Ë¤Ê¤Ã¤Æ¡¢¤Þ¡¼¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥óŪ¤Ë¤É¤¦¤Ê¤Î¤«¤È¤¤¤¦´¶¤¸¤Ç¤Ï¤¢¤ê¤Þ¤¹¡£ ¤È¤¤¤¦¤³¤È¤Ç´ðËÜŪ¤Ë¥¢¥¿¥¯¥·¤¬ÆÉ¤ó¤À´¶¤¸¤Ç¤¹¤È¡¢3·îFOMCÀ¼ÌÀʸ¤È¤½¤Î¸å¤Î¥×¥ì¥³¥ó¤Ç¤ÎÀâÌÀÉôʬ¤ËÂçÂαè¤Ã¤¿¹Ö±é¤ËÆÉ¤á¤Þ¤·¤¿¤¬¡¢°Ê²¼¶î¤±Â¤Ç´Õ¾Þ¤ò¤·¤¿¤¤¤È¸¤¸¤Þ¤¹¡£ Âê̾¤ÎÄ̤ê¤Ç¡¢¸«Ä̤·¤Î¥³¡¼¥Ê¡¼¤ÈÉԳμÂÀ¤Î¥³¡¼¥Ê¡¼¤È¶âÍ»À¯ºö¤Î¥³¡¼¥Ê¡¼¤¬¤¢¤ê¤Þ¤·¤Æ¡¢2ÈÖÌܤΥ³¡¼¥Ê¡¼¤¬ÆÈΩ¤·¤Æ¤¤¤ë»þÅÀ¤Ç¤ª»¡¤·¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£ ¡û¤Ê¤ªËÜÏÀ¤ËÆþ¤ëÁ°¤Ë¥µ¥Þ¥ê¡¼¤Ã¤Ý¤¯´Êñ¤ËÀâÌÀ¤¬Æþ¤ë ¤È¤¤¤¦¤Î¤¬³ä¤ÈÊØÍø¤Ê¹Ö±é¤Ç¡¢¼Â¤ÏËÜÏÀ¤ËÆþ¤ëÁ°¤ÎÉôʬ¤Ç³µÎ¬¤Ï½Ð¤Æ¤¤¤ë(¤¿¤À¤·ºÙ¤«¤¤ÏÀÅÀ¤¬ËÜÏÀ¤Ë¤¢¤ë¤Î¤Ç¤½¤³¤ÇËþ¤¹¤ë¤Î¤â¤É¤¦¤«¤È)¤Î¤Ç¤¹¤è¡£ ¡ØIn my remarks today, I will explain why the Committee anticipates that only gradual increases in the federal funds rate are likely to be warranted in coming years, emphasizing that this guidance should be understood as a forecast for the trajectory of policy rates that the Committee anticipates will prove to be appropriate to achieve its objectives, conditional on the outlook for real economic activity and inflation.¡Ù ËÜÏÀ¤ËÆþ¤ëÁ°¤Ë¤¤¤¤Ê¤ê¤³¤¦¤¤¤¦¤Î¤¬Æþ¤ê¤Þ¤¹¤Î¤Ç¤È¤Æ¤â¿µ½Å¤ËÍø¾å¤²¤·¤Þ¤¹¤È¤¤¤¦°õ¾Ý¤ò¶¯¤á¤ë¤Î¤Ç¤¢¤ê¤Þ¤¹¡£ ¡ØImportantly, this forecast is not a plan set in stone that will be carried out regardless of economic developments. Instead, monetary policy will, as always, respond to the economy's twists and turns so as to promote, as best as we can in an uncertain economic environment, the employment and inflation goals assigned to us by the Congress.¡Ù ¤Ç¤Þ¤¢ËèÅ٤Υץé¥ó¤¸¤ã¤Ê¤¤¤è¥³¥ó¥Ç¥£¥·¥ç¥Ê¥ë¤À¤è¤È¤¤¤¦ÏäϤ¤¤Ä¤âÄ̤ê¤Ê¤Î¤Ç¤¹¤¬¡¢¤½¤³¤Ë¡Öas best as we can in an uncertain economic environment¡×¤È¤¢¤ê¤Þ¤¹¤Î¤Ç°ìÃʤοµ½Å¤Ö¤ê¤ò¥¢¥Ô¡¼¥ë¤·¤Æ¤¤¤ë¤Î¤À¡£ ¤Ç¤â¤Ã¤Æ¤½¤Î¼¡¤Ë¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØThe proviso that policy will evolve as needed is especially pertinent today in light of global economic and financial developments since December, which at times have included significant changes in oil prices, interest rates, and stock values.¡Ù ¤È³¤³°·ÐºÑ¤È¹ñºÝ¶âÍ»¾ðÀª¤¬ºòǯ12·î°Ê¹ßÉԳμÂÀ¤òÁý¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¤È¤¤¤¦¤ªÏ䬽Фë¤Î¤À¡£ ¡ØSo far, these developments have not materially altered the Committee's baseline--or most likely--outlook for economic activity and inflation over the medium term.¡Ù ¤¿¤À¤·¡¢¤½¤ì¤Ï¥Ù¡¼¥¹¥é¥¤¥ó¥·¥Ê¥ê¥ª¤òÊѤ¨¤ë¤â¤Î¤Ç¤Ï¤Ê¤¤¡£ ¡ØSpecifically, we continue to expect further labor market improvement and a return of inflation to our 2 percent objective over the next two or three years, consistent with data over recent months. But this is not to say that global developments since the turn of the year have been inconsequential.¡Ù ¤Ç¤Ï¤É¤¦¤À¤È¸À¤¤¤Þ¤¹¤È¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØIn part, the baseline outlook for real activity and inflation is little changed because investors responded to those developments by marking down their expectations for the future path of the federal funds rate, thereby putting downward pressure on longer-term interest rates and cushioning the adverse effects on economic activity.¡Ù ¤³¤ì¤³¤ÎÁ°¤ÎFOMC¸å²ñ¸«¤Ç¤ÎËÁƬÀâÌÀ¤Ç¤â¤ªÏäò¤·¤Æ¤¤¤Þ¤·¤Æ¡¢ºÇ¶á¥¤¥¨¥ì¥ó¤µ¤ó¤³¤ÎµÄÏÀ¤¬¹¥¤¤Ê¤è¤¦¤Ê¤Î¤Ç¤¹¤¬¡¢¤³¤ì¤Ã¤ÆÊªÀ¨¤¤ÌäÂê¤Î¤¢¤ë¥í¥¸¥Ã¥¯¤Ç¤·¤Æ¡¢¡Ö·ÐºÑ¤Îư¸þ¤Ë¤è¤Ã¤Æ»Ô¾ì¤¬¶âÍø¸«Ä̤·¤ò²¼¤²¤¿»ö¤Ë¤è¤Ã¤Æ·ÐºÑ¤Î¥¯¥Ã¥·¥ç¥ó¤¬½ÐÍ褿¤Î¤Ç¤á¤Ç¤¿¤·¤á¤Ç¤¿¤·¡×¤È¤¤¤¦ÀâÌÀ¤ò¤ª¤Ã¤Ñ¤¸¤á¤Æ¤·¤Þ¤¦¤È¡¢¤³¤ÎÀèÀµ¾ï²½Ï©Àþ¤ò·Ñ³¤¹¤ëºÝ¤Ë¡Ö»Ô¾ì¤Î´üÂÔ¤¬ÊѤï¤é¤Ê¤¤Ãæ¤ÇÀµ¾ï²½Ï©Àþ¤ËÃå¼ê¤Ç¤¤Ê¤¯¤Ê¤Ã¤Æ¤·¤Þ¤¦¡×¤È¤«¡Ö¿¥¤ê¹þ¤Þ¤»¤Ë¹Ô¤Ã¤¿¤À¤±¤Ç¸ú²Ì¤¬½Ð¤¿¤Î¤ÇÍø¾å¤²¤·¤Ê¤¯¤Æ¤¤¤¤¤ä¡×Ū¤Ê¡Ö»Ô¾ì¤ËÀ¯ºö¤¬¿¶¤ê²ó¤µ¤ì¤ë¡×¤È¤¤¤¦³Ê¹¥¤Ë¤Ê¤Ã¤Æ¤·¤Þ¤¦¥ê¥¹¥¯¤¬¹â¤Þ¤ë¾ðÊóȯ¿®¤À¤È»×¤¦¤Î¤Ç¤¹¤è¤Í¡£ ¤Þ¤¢¤É¤³¤¾¤ÎÃæ¶ä¤Î¤è¤¦¤ËºÄ·ô»Ô¾ì¤½¤Î¤â¤Î¤ò¥´¥ß¤«Ã¤é°Ì¤Ë»×¤Ã¤ÆÆ§¤ß¤Ä¤±¤Þ¤¯¤Ã¤Æ²¶ÍÍ¥í¥¸¥Ã¥¯¤À¤±¤ò¶¸¸¤¤È²½¤·¤Æ¿¶¤ê²ó¤¹¤Î¤â´ªÊÛ¤·¤ÆÄº¤¤¿¤¤¤Ç¤¹¤¬¡¢¤³¤Á¤é¤Ï»Ô¾ì¤ÎÈ¿±þ¤ËÂФ·¤ÆÈ¿±þ¤·²á¤®¤È¤¤¤¦°õ¾Ý¤òÍ¿¤¨¤ëÌõ¤Ç¡¢¤³¤ì¤Ï¤³¤ì¤Ç»Ô¾ì¤Ë¿¶¤ê²ó¤µ¤ì¤ë¤ÈºÅÂ¥Áê¾ì¤Ë¼å¤¯¤Ê¤ë¤Î¤Ç¡¢µÑ¤Ã¤Æ»Ô¾ì¤Î¿¶Éý¤ò¹â¤á¤ë¤È¤¤¤¦ÊÀ³²¤¬È¯À¸¤·¤½¤¦¤Ç¤¹¤Ê¡£ ¡ØIn addition, global developments have increased the risks associated with that outlook.¡Ù ¥¥¿¥³¥ì¡£ ¡ØIn light of these considerations, the Committee decided to leave the stance of policy unchanged in both January and March.¡Ù ¤À¤½¤¦¤Ç¤¹¡£ ¡ØI will next describe the Committee's baseline economic outlook and the risks that cloud that outlook, emphasizing the FOMC's commitment to adjust monetary policy as needed to achieve our employment and inflation objectives.¡Ù ¤Ä¡¼¤³¤È¤Ç¤¹¤¬¡¢¤³¤Î¹Ö±é¤½¤³¤½¤³¤¢¤ë¤Î¤Ç¡¢Á´Ê¸¤ò¤Ù¤¿¤Ù¤¿Å½¤Ã¤Æ¤¤¤¯¤È»þ´Ö¤âÎ̤â¤ê¤Ê¤¯¤Ê¤ê¤Þ¤¹¤Î¤Ç¡¢ÁêÅöµ¤¹çÆþ¤ì¤Æ°Ê²¼Èô¤Ð¤·¤Ê¤¬¤é»²¤ê¤Þ¤¹¡£ ¡û¥Ù¡¼¥¹¥é¥¤¥ó¥·¥Ê¥ê¥ª¤Ë¤ÏÂ礤ÊÊѲ½¤Ï̵¤· ¡ØRecent Developments and the Baseline Outlook¡Ù¤Î½ê¤Î³µ¶·¤ÏºÇ½é¤Î2¥Ñ¥é¥°¥é¥Õ¤Ç¤¹¡£ ¡ØReadings on the U.S. economy since the turn of the year have been somewhat mixed.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØOn the one hand, many indicators have been quite favorable. The labor market has added an average of almost 230,000 jobs a month over the past three months. In addition, the unemployment rate has edged down further, more people are joining the workforce as the prospects for finding jobs have improved, and the employment-to-population ratio has increased by almost 1/2 percentage point. Consumer spending appears to be expanding at a moderate pace, driven by solid income gains, improved household balance sheets, and the ongoing effects of the increases in wealth and declines in oil prices over the past few years. The housing market continues its gradual recovery, and fiscal policy at all levels of government is now modestly boosting economic activity after exerting a considerable drag in recent years.¡Ù ·øÄ´¤Ê¤Î¤ÏϫƯ»Ô¾ì¡¢¸Ä¿Í¾ÃÈñ¡¢½»Âð»Ô¾ì¡¢ºâÀ¯¡£ ¡ØOn the other hand, manufacturing and net exports have continued to be hard hit by slow global growth and the significant appreciation of the dollar since 2014. These same global developments have also weighed on business investment by limiting firms' expected sales, thereby reducing their demand for capital goods; partly as a result, recent indicators of capital spending and business sentiment have been lackluster. In addition, business investment has been held down by the collapse in oil prices since late 2014, which is driving an ongoing steep decline in drilling activity. Low oil prices have also resulted in large-scale layoffs in the energy sector and adverse spillovers to output and employment in industries that support energy production.¡Ù ¼å¤¤¤Î¤ÏÀ¸»º¤ÈÍ¢½Ð¡¢ÇطʤÏ2014ǯÍè¤Î¥É¥ë¹â¤È³¤³°·ÐºÑư¸þ¡¢¤½¤ì¤Ë¤è¤ë´ë¶È¥»¥ó¥Á¥á¥ó¥È¤Î°²½¤È¡¢¸¶Ìý²Á³Ê¤¬¼å¤¤»ö¤Ë¤è¤ë´ØÏ¢»º¶È¤Î°±Æ¶Á¡£ Àè¹Ô¤¤Ë´Ø¤·¤Æ¤Ï¡¢ ¡ØOn balance, overall employment has continued to grow at a solid pace so far this year, in part because domestic household spending has been sufficiently strong to offset the drag coming from abroad. Looking forward however, we have to take into account the potential fallout from recent global economic and financial developments, which have been marked by bouts of turbulence since the turn of the year.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¹ñÆâÉôÌ礬·øÄ´¤Ç³¤³°´ØÏ¢¤Î¼å¤µ¤ò¥ª¥Õ¥»¥Ã¥È¤È3·îFOMC¤Ç¤ÎÀâÌÀ¤òƧ½±(¤Ã¤ÆÅö¤¿¤êÁ°¤È¸À¤¨¤ÐÅö¤¿¤êÁ°¤Ç¤¹¤¬)¡£ ¡ØFor a time, equity prices were down sharply, oil traded at less than $30 per barrel, and many currencies were depreciating against the dollar. Although prices in these markets have since largely returned to where they stood at the start of the year, in other respects economic and financial conditions remain less favorable than they did back at the time of the December FOMC meeting.¡Ù ¤È¤¤¤¦¤Õ¤¦¤Ë¤´¤¶¤¤¤Þ¤·¤Æ¡¢¤µ¤Ã¤³ä°¦¤·¤Þ¤·¤¿¤¬ËÁƬ¤Î½ê¤Ç¤â12·î¤ËÍø¾å¤²¤·¤Þ¤·¤¿¤è¤È¤¤¤¦¤Î¤¬¤¢¤Ã¤Æ¡¢ÏäȤ·¤Æ12·î»þÅÀ¤È¤Îº¹Ê¬¤ÎÏäò¤·¤Æ¤¤¤ëÉôʬ¤¬¤³¤¦¤¤¤¦´¶¤¸¤Çʤó¤Ç¤¤¤ë¤Î¤¬º£²ó¤Î¹Ö±é¤ÎÆÃħ¤Ç¤â¤¢¤Ã¤Æ¡¢¤½¤é12·î¤ÈÈæ³Ó¤¹¤ì¤Ð¿µ½Å¤Ë¤Ê¤ë¤ï¤Ê¤È»×¤¤¤Þ¤¹¤·¡¢ÂçÂΤ«¤é¤·¤Æ12·î¤ÎSEP¤Ç¤ÎÍø¾å¤²¥Ñ¥¹¼«ÂΤ¬¶¯¤«¤Ã¤¿¤À¤í¤È¤¤¤¦¤Î¤â¤¢¤ê¤Þ¤·¤Æ¡¢¤½¤¦¤¤¤¦°ÕÌ£¤Ç¤Ï(ÌÞÏÀ¤³¤Î¹Ö±é¼«ÂΤΥȡ¼¥ó¤Ï¥Ï¥È¤Á¤Ã¤¯¤Ç¤Ï¤¢¤ë¤â¤Î¤Î)¥¤¥¨¥ì¥ó¥Ï¥È¤¬¤ä¤Ã¤Æ¤¤Æ¥Ò¥ã¥Ã¥Ï¡¼¤ß¤¿¤¤¤ËÂç´î¤Ó¤¹¤ë¤È¤¤¤¦¤Î¤â´î¤Ó¤¹¤®¤Ê¤ó¤¸¤ã¤Ê¤¤¤«¤È¥¢¥¿¥¯¥·¤Ï»×¤¦¤Î¤À¤¬¤É¤¦¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£ ¡ØIn particular, foreign economic growth now seems likely to be weaker this year than previously expected, and earnings expectations have declined. By themselves, these developments would tend to restrain U.S. economic activity. But those effects have been at least partially offset by downward revisions to market expectations for the federal funds rate that in turn have put downward pressure on longer-term interest rates, including mortgage rates, thereby helping to support spending.¡Ù ¤È¤Þ¤¢¤½¤¦¤¤¤¦¤³¤È¤Ç¡¢ ¡ØFor these reasons, I anticipate that the overall fallout for the U.S. economy from global market developments since the start of the year will most likely be limited, although this assessment is subject to considerable uncertainty.¡Ù ¤Ê¤Î¤Ç¤¢¤¯¤Þ¤Ç¤â¡ÖÉԳμÂÀ¤Ï¶¯¤¤¡×¤È¤¤¤¦Ïäǿµ½Å¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤È¤¤¤¦¤ªÏäò¤·¤Æ¤¤¤Þ¤¹¡£ ¡û¥ê¥¹¥¯Í×°ø¤ÎÀâÌÀÉôʬ¤Ç¤Ï¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÉÔ°ÂÄê²½(²¼¤¬¤ëÊý)¤Ø¤Î¥ê¥¹¥¯¤ò¶¯Ä´¤·¤Æ¤¤¤ë¤Î¤Ç¥Ï¥ÈŪ ¼¡¤¬¡ØRisks to the Outlook for Real Economic Activity¡Ù¤Ç¤¢¤ë¡£ ¡ØOne concern pertains to the pace of global growth, which is importantly influenced by developments in China. There is a consensus that China's economy will slow in the coming years as it transitions away from investment toward consumption and from exports toward domestic sources of growth. There is much uncertainty, however, about how smoothly this transition will proceed and about the policy framework in place to manage any financial disruptions that might accompany it. These uncertainties were heightened by market confusion earlier this year over China's exchange rate policy.¡Ù ¡ØA second concern relates to the prospects for commodity prices, particularly oil. For the United States, low oil prices, on net, likely will boost spending and economic activity over the next few years because we are still a major oil importer. But the apparent negative reaction of financial markets to recent declines in oil prices may in part reflect market concern that the price of oil was nearing a financial tipping point for some countries and energy firms. In the case of countries reliant on oil exports, the result might be a sharp cutback in government spending; for energy-related firms, it could entail significant financial strains and increased layoffs. In the event oil prices were to fall again, either development could have adverse spillover effects to the rest of the global economy.¡Ù ¼ÂÂηкѤΥꥹ¥¯¤È¤·¤Æ¤ÏÃæ¹ñ·ÐºÑ¤Î¥ê¥¹¥¯¤È¸¶Ìý²Á³Ê²¼Íî¤Î·Ñ³¤Ë¤è¤ë´ØÏ¢»º¶È¤Ø¤Î°±Æ¶Á¤ä¡¢¤½¤ì¤Ë´ØÏ¢¤¹¤ë¶âÍ»»Ô¾ì¤ÎưÍɤòµó¤²¤Æ¤¤¤Þ¤¹¤¬¤½¤Ã¤Á¤è¤ê¤â¡ØRisks to the Inflation Outlook¡Ù¤ÎÊý¤¬¶½Ì£¿¼¤¤¡£ ¡ØThe inflation outlook has also become somewhat more uncertain since the turn of the year, in part for reasons related to risks to the outlook for economic growth.¡Ù ¤È¤¤¤¦¤³¤È¤Ç·ÐºÑ¸«Ä̤·¤Î¥ê¥¹¥¯¤ËÂбþ¤·¤ÆÊª²Á¤Î¸«Ä̤·¤â¡Ösomewhat more uncertain¡×¤ÈÍè¤Æ¤¤¤ë¤Î¤Ç¡¢ºÇ¶á¤ÎÃ϶èÏ¢¶äÁíºÛȯ¸À¤Ê¤É¤«¤é¸«¤¿¤éÂоȤò¤Ê¤·¤½¤¦¤Ê¿µ½Å¤µ¡£ ¡ØTo the extent that recent financial market turbulence signals an increased chance of a further slowing of growth abroad, oil prices could resume falling, and the dollar could start rising again. And if foreign developments were to adversely affect the U.S. economy by more than I expect, then the pace of labor market improvement would probably be slower, which would also tend to restrain growth in both wages and prices.¡Ù ¥¨¥é¥¤·Ù²üŪ¡£ ¡ØBut even if such developments were to occur, they would, in my view, only delay the return of inflation to 2 percent, provided that inflation expectations remain anchored.¡Ù ¤Ç¤â»þ´ü¤¬ÃÙ¤ì¤ëÄøÅ٤ǺѤà¤Ç¤·¤ç¤¦¡¢¤È¤¤¤¦»ö¤Ç¤¹¤¬¡¢¤Þ¤¢¤³¤ÎÀâÌÀ¤À¤È¡ÖÍø¾å¤²¥Ú¡¼¥¹¤¬ÃÙ¤ì¤ë¤ï¡×¤ÈÆÉ¤à¤Î¤¬ÂÅÅö¤È¤Ê¤ê¤Þ¤¹¡£ ¤µ¤é¤Ë¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØUnfortunately, the stability of longer-run inflation expectations cannot be taken for granted.¡Ù ¥¥¿¡¼!! ¡ØDuring the 1970s, inflation expectations rose markedly because the Federal Reserve allowed actual inflation to ratchet up persistently in response to economic disruptions--a development that made it more difficult to stabilize both inflation and employment. With considerable effort, however, the FOMC gradually succeeded in bringing inflation back down to a low and stable level over the course of the 1980s and early 1990s. Since this time, measures of longer-run inflation expectations derived from both surveys and financial markets have been remarkably stable, making it easier to keep actual inflation relatively close to 2 percent despite large movements in oil prices and pronounced swings in the unemployment rate.¡Ù ¤Û¤¦¤Û¤¦¤½¤ì¤Ç¤½¤ì¤Ç? ¡ØLately, however, there have been signs that inflation expectations may have drifted down.¡Ù ¥¥¿¥³¥ì!!!! ¡ØMarket-based measures of longer-run inflation compensation have fallen markedly over the past year and half, although they have recently moved up modestly from their all-time lows. Similarly, the measure of longer-run inflation expectations reported in the University of Michigan Survey of Consumers has drifted down somewhat over the past few years and now stands at the lower end of the narrow range in which it has fluctuated since the late 1990s.¡Ù ¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÄã²¼·üǰ¤ò¥¨¥é¥¤Àª¤¤¤ÇÀâÌÀ¤·¤Æ¤¤¤Þ¤¹¡£ ¡ØThe shifts in these measures notwithstanding, the argument that inflation expectations have actually fallen is far from conclusive. Analysis carried out at the Fed and elsewhere suggests that the decline in market-based measures of inflation compensation has largely been driven by movements in inflation risk premiums and liquidity concerns rather than by shifts in inflation expectations.6¡Ù ¡ØIn addition, the longer-run measure of inflation expectations from the Michigan Survey has historically exhibited some sensitivity to fluctuations in current gasoline prices, which suggests that this measure may be an unreliable guide to movements in trend inflation under current circumstances.7¡Ù ¡ØMoreover, measures of longer-run expected inflation gleaned from surveys of business and financial economists, such as those reported in the Survey of Professional Forecasters, the Blue Chip survey, and the Survey of Primary Dealers, have largely moved sideways in the past year or two.¡Ù ¡ØTaken together, these results suggest that my baseline assumption of stable expectations is still justified.¡Ù ¤Æ¤Ê¤³¤È¤Ç°ÂÄꤷ¤Æ¤¤¤ë¤Î¤Ç¤Ï¤È¤¤¤¦Îã¤â½Ð¤·¤Æ¤¤¤Þ¤¹¤¬¡¢ ¡ØNevertheless, the decline in some indicators has heightened the risk that this judgment could be wrong. If so, the return to 2 percent inflation could take longer than expected and might require a more accommodative stance of monetary policy than would otherwise be appropriate.8¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¥¤¥ó¥Õ¥ì´üÂԤΥ¢¥ó¥«¡¼¤Ë¤Ä¤¤¤Æ¶¯Ä´¤·¤Æ¤¤¤ë¤Î¤¬º£²ó¤ÎÆÃħ¤«¤Ê¤¢¤È»×¤¤¤Þ¤¹¡£ ¤Ê¤ª¤½¤Î¸å¤Ë¡¢ ¡ØDespite the declines in some indicators of expected inflation, we also need to consider the opposite risk that we are underestimating the speed at which inflation will return to our 2 percent objective.¡Ù ¤È¤¢¤ê¤Þ¤·¤ÆÃæÏ¤Ϥ·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¤½¤ÎÁ°¤ÎÉôʬ¤Î°õ¾Ý¤¬¶¯¤¤¤Ç¤¹¤è¤Í¡£ ¡ØEconomic growth here and abroad could turn out to be stronger than expected, and, as the past few weeks have demonstrated, oil prices can rise as well as fall. More generally, economists' understanding of inflation is far from perfect, and it would not be all that surprising if inflation was to rise more quickly than expected over the next several years. For these reasons, we must continue to monitor incoming wage and price data carefully.¡Ù ¤Þ¤¢¤É¤Ã¤Á¤ò¶¯Ä´¤¹¤ë¤«¤ÇÏ䬤À¤¤¤ÖÊѤï¤Ã¤Æ¤¯¤ë¤Î¤Ç¤¹¤¬¡¢º£²ó¤Î¥¤¥¨¥ì¥ó¤µ¤ó¤ÏÁ°¼Ô¤ò¶¯Ä´¤·¤Æ¤¤¤Þ¤¹¤Î¤Ç¥Ï¥È¡£ ¡û¶âÍ»À¯ºö¤Ë´Ø¤·¤Æ ¡ØMonetary Policy Implications¡Ù¤È¤¤¤¦¤Î¤¬ºÇ¸å¤Î¥³¡¼¥Ê¡¼¡£ ¡ØGiven the risks to the outlook, I consider it appropriate for the Committee to proceed cautiously in adjusting policy. This caution is especially warranted because, with the federal funds rate so low, the FOMC's ability to use conventional monetary policy to respond to economic disturbances is asymmetric.¡Ù ¤È¤Ï¤³¤ÎÁ°¤Î²ñ¸«¤Ç¤â¸À¤Ã¤Æ¤Þ¤·¤¿¤·¡¢Â¿¤¯¤ÎFOMC»²²Ã¼Ô¤â¸ÀµÚ¤¹¤ëÏäǤ¹¤¬¡¢¤Þ¤¢¿µ½Å¤ÊÍø¾å¤²¤òÀµÅö²½¤¹¤ë¤ªÏäǤ¹¤Í¡£ ¡ØIf economic conditions were to strengthen considerably more than currently expected, the FOMC could readily raise its target range for the federal funds rate to stabilize the economy. By contrast, if the expansion was to falter or if inflation was to remain stubbornly low, the FOMC would be able to provide only a modest degree of additional stimulus by cutting the federal funds rate back to near zero.9¡Ù ¤È¤¤¤¦Íý¶þ¤ÇÂǤƤëÀ¯ºö¤¬ÈóÂоÎ(°úÄù¤á¤ÏÅöʬ²¿¤Ü¤Ç¤â¤Ç¤¤ë¤¬´ËϤϤ¢¤Þ¤ê¤Ç¤¤Ê¤¤)¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤Þ¤¢¤¤¤Ä¤â¤ÎÏäÀ¤¬¤³¤ì¤â¿µ½ÅÇɤθ岡¤·Íý¶þ¡£ ¡ØOne must be careful, however, not to overstate the asymmetries affecting monetary policy at the moment. Even if the federal funds rate were to return to near zero, the FOMC would still have considerable scope to provide additional accommodation. In particular, we could use the approaches that we and other central banks successfully employed in the wake of the financial crisis to put additional downward pressure on long-term interest rates and so support the economy--specifically, forward guidance about the future path of the federal funds rate and increases in the size or duration of our holdings of long-term securities.10¡Ù ¡ØWhile these tools may entail some risks and costs that do not apply to the federal funds rate, we used them effectively to strengthen the recovery from the Great Recession, and we would do so again if needed.11¡Ù ¤È¤¤¤¦¤Î¤¬¤¢¤ê¤Þ¤·¤Æ¡¢¤³¤ì¤Ï¡ÖɬÍפÀ¤Ã¤¿¤éÎÌŪ´ËϤâ²Äǽ¡×¤È¤¤¤¦¤Î¤Ç¥Ï¥È¸Æ¤Ð¤ï¤ê¤·¤Æ¤¤¤ë¥³¥á¥ó¥È¤¬¥â¡¼¥µ¥ÆÊýÌ̤À¤«¤É¤³¤«¤Ç¤¢¤Ã¤¿¤è¤¦¤Êµ¤¤¬¤¹¤ë¤¬¡¢¤½¤¦¤¸¤ã¤Ê¤¯¤Æ¡Ö¤½¤¦¤¤¤¦¼êÃʤÀ¤Ã¤Æ¤¢¤ë¤ó¤À¤«¤é´ËÏ¤θ³¦¤¬¾¯¤Ê¤¤¤«¤é¡×¤È¤¤¤¦¤Î¤ò¤¢¤Þ¤ê²áÂç¤Ë¹Í¤¨¤Æ¤Ï¤¤¤±¤Ê¤¤(¿µ½Å¤Ë¤Ê¤ê²á¤®¤ë¤Î¤â¥¤¥¯¥Ê¥¤)¤È¤¤¤¦»ö¤Ç¤Ï¤Ê¤¤¤«¤È¡£ ¤Ç¤â¤Ã¤ÆºÇ½é¤Î½ê¤ÇÌäÂꤸ¤ã¤Ê¤¤¤Î¤È¿½¤·¾å¤²¤¿»Ô¾ì¶âÍø¤ÎÄã²¼¤¬¥¯¥Ã¥·¥ç¥ó±¾¡¹¤¬ºÇ¸å¤Ë¤¢¤ë¡£ ¡ØFinancial market participants appear to recognize the FOMC's data-dependent approach because incoming data surprises typically induce changes in market expectations about the likely future path of policy, resulting in movements in bond yields that act to buffer the economy from shocks. This mechanism serves as an important "automatic stabilizer" for the economy.¡Ù ¡ØAs I have already noted, the decline in market expectations since December for the future path of the federal funds rate and accompanying downward pressure on long-term interest rates have helped to offset the contractionary effects of somewhat less favorable financial conditions and slower foreign growth. In addition, the public's expectation that the Fed will respond to economic disturbances in a predictable manner to reduce or offset their potential harmful effects means that the public is apt to react less adversely to such shocks--a response which serves to stabilize the expectations underpinning hiring and spending decisions.12¡Ù ¤³¤ì¤Ï¤É¤¦¤Ê¤Î¤«¤È»×¤¦¤È¤¤¤¦¤Î¤Ï¤µ¤Ã¤½ñ¤¤¤¿Ä̤ê¤Ç¤¹¤¬¡¢ ¡ØSuch a stabilizing effect is one consequence of effective communication by the FOMC about its outlook for the economy and how, based on that outlook, policy is expected to evolve to achieve our economic objectives.¡Ù ¤È¤¤¤¦¤Î¤Ï¤É¤¦¤â¼«Ê¬¤Ç¼«Ê¬¤ò¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥ó¤Î櫤ËÄɤ¤¹þ¤ó¤Ç¤¤¤ë´¶¤¸¤¬¤·¤Æ·üǰ¤µ¤ì¤Þ¤¹¡£ ¡ØI continue to strongly believe that monetary policy is most effective when the FOMC is forthcoming in addressing economic and financial developments such as those I have discussed in these remarks, and when we speak clearly about how such developments may affect the outlook and the expected path of policy. I have done my best to do so today, in the time you have kindly granted me.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¶î¤±Â¤Ç´Õ¾Þ¤·¤Æ¤ß¤Þ¤·¤¿¡£ÏÀÅÀ¤ÏÌÖÍ夷¤¿ÀѤê¤Ç¤¹¤¬È´¤±¤¬¤¢¤Ã¤¿¤é¤´¤á¤ó¤Ê¤µ¤¤¡£
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Today, the Federal Open Market Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. Our decision to keep this accommodative policy stance reflects both our assessment of the economic outlook and the risks associated with that outlook. The Committee¡Çs baseline expectations for economic activity, the labor market, and inflation have not changed much since December: With appropriate monetary policy, we continue to expect moderate economic growth, further labor market improvement and a return of inflation to our 2 percent objective in two to three years. However, global economic and financial developments continue to pose risks. Against this backdrop, the Committee judged it prudent to maintain the current policy stance at today¡Çs meeting. I will come back to our policy decision momentarily, but first let me review recent economic developments and the outlook.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¤ªÏ䬻Ϥޤë¤Î¤Ç¤¹¤¬¡¢ËÁƬ¤ÇÁᮡÖglobal economic and financial developments continue to pose risks¡×¤È¤«¸À¤Ã¤Æ¤Þ¤·¤Æ¡¢¹ñÆâÍ×°ø¤È¤¤¤¦¤è¤ê¤â³¤³°Í×°ø¤Ç¤¹¤è¤¢¤È¶âÍ»´Ä¶¤Í¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤¬ÆÃħ¤Ê¤Î¤Ç¤¹¤¬¡¢¤³¤ì¸À¤¤½Ð¤¹¤ÈÀ¯ºöÈ¿±þ´Ø¿ô¤¬Ê¬¤«¤ê¤Ë¤¯¤¯¤Ê¤Ã¤Æ¤·¤Þ¤¦¤Î¤Ç¤¢¤Þ¤êÎɤ¤·¹¸þ¤È¤Ï»×¤¨¤Ê¤¤¤Î¤Ç¤¹¤±¤É¤Í¤¨¡£ ¤Ç¤â¤Ã¤ÆÏ«Æ¯»Ô¾ì¤Ï¶¯¤¤¤È¤¤¤¦»ö¤òÀâÌÀ¤·¤Æ¤¤¤Þ¤·¤Æ¡¢ÆâÍÆ¤âÎɤ¯À®¤Ã¤Æµï¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬¡¢¤¿¤ÀÎã¤Ë¤è¤Ã¤ÆÎã¤Î¤´¤È¤¯¡Ö²þÁ±¤Î;ÃϤϤ¢¤ë¡×¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£¤½¤ÎÊդϳ䰦¤·¤Æ¡£ ¡¦Á´ÂÎŪ¤Ë¤Ï¤¤¤Ä¤â¤ÎÏà ¡ØThe improvement in employment conditions so far this year has occurred as economic growth appears to have picked up from the modest pace seen in the fourth quarter of last year. Household spending is expanding at a moderate rate, supported by continued job gains and increases in inflation-adjusted incomes. In contrast, business investment has been weak, in part reflecting further reductions in oil drilling as a result of low oil prices. Net exports also remain soft as a consequence of subdued foreign growth and the earlier appreciation of the dollar. Looking ahead, the Committee expects that, with gradual adjustments in the stance of monetary policy, economic activity will continue to expand at a moderate pace and labor market indicators will continue to strengthen. ¡Ù Á´ÂÎŪ¤ÊÏäȤ·¤Æ¤Ï¤¢¤Þ¤êÊѤï¤Ã¤¿Ïäò¤·¤Æ¤¤¤Ê¤¯¤Æ¡¢¸ÛÍѴĶ¤È²È·×¤Ï·øÄ´¡¢´ë¶ÈÅê»ñ¤Ï¸¶Ìý²Á³Ê¤Î±Æ¶Á¤¬½Ð¤Æ¤¤¤ë¡¢³¤³°¤È¤³¤ì¤Þ¤Ç¤Î¥É¥ë¹â¤Î¤»¤¤¤ÇÍ¢½Ð¤¬¼å¤¤¤È¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØOngoing economic growth and additional strengthening in labor market conditions are important factors underpinning the inflation outlook. Overall consumer price inflation--as measured by the price index for personal consumption expenditures--stepped up to 1-1/4 percent over the 12 months ending in January, as the sharp decline in energy prices around the end of 2014 dropped out of the year-over-year figures. Core inflation (which excludes energy and food prices) has also picked up, although it remains to be seen if this firming will be sustained. In particular, the earlier declines in energy prices and appreciation of the dollar could well continue to weigh on overall consumer prices. But once these transitory influences fade, and as the labor market strengthens further, the Committee expects inflation to rise to 2 percent over the next two to three years. ¡Ù ʪ²Á¤Ë´Ø¤·¤Æ¤ÏÊ̤˥Υê¥Î¥ê¤Ç¤Ï¤Ê¤¤¤±¤ì¤É¤â¡¢¤Þ¤¢Â¸µ¾å¤¬¤Ã¤Æ¤¤Æ¤¤¤ë¤»¤¤¤â¤¢¤ë¤Î¤«Ã¸¡¹¤È¤·¤¿´¶¤¸¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡¦¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÄã²¼¤ò·üǰ¤·¤Æ¤¤¤ë´¶¤Ï¤¢¤ë ¡ØThe Committee¡Çs inflation outlook rests importantly on its judgment that longer-run inflation expectations remain reasonably well anchored. However, the stability of longer-run inflation expectations cannot be taken for granted. Survey-based measures of longer-run inflation expectations are little changed, on balance, in recent months although some remain near historically low levels. Market-based measures of inflation compensation also remain low. Movements in these indicators reflect many factors and therefore may not provide an accurate reading on changes in the inflation expectations that are most relevant for wage and price setting. Nonetheless, our statement continues to emphasize that, in considering future policy decisions, we will carefully monitor actual and expected progress toward our inflation goal.¡Ù ¤È¤¤¤¦¤³¤È¤Ç»Ô¾ì¤Î¥¤¥ó¥Õ¥ì´üÂÔ¤¬Äã²¼¤·¤Æ¤¤¤ë·ï¤Ë²Ã¤¨¡¢Ä¶â¤ä²Á³Ê¤ÎÀßÄêÆ°¸þ¤òÃí»ë¤·¤¿¤¤¤È¤¤¤¦·ë¹½¤½¤ì¤ÏÃÏÍë¤Ê¤ó¤Ç¤¹¤±¤É¸À¤¦¤«¤Í¤¨¤È¤¤¤¦Éôʬ¤ò¸ÀÌÀ¤·¤Æ¤¤¤ë¤Î¤Ç¡¢¤³¤³¤Ï¼ÂºÝ¤Îư¤¤¬¼å¤¯¤Ê¤ë¤ÈÍø¾å¤²¥Ñ¥¹¤¬¤É¡¼¤ó¤ÈÃÙ¤ì¤ë¤È¤¤¤¦¥Í¥¿¤Ê¤Î¤ÇÍ×Ãí°Õ¡£ ¡¦³¤³°·ÐºÑ¥¬¡¼¥¥¿¥³¥ì&¶âÍ»´Ä¶¤ÎÏ䬤½¤ì¤Ï¤Á¤ç¤Ã¤È¤È¤¤¤¦·ï ¤½¤Î¼¡¤¬SEP¤ÎÏäǤ¹¤¬¤½¤³¤Ï³ä°¦¤·¤Þ¤·¤Æ¤½¤Î¼¡¡£ ¡ØSince the turn of the year, concerns about global economic prospects have led to increased financial market volatility and somewhat tighter financial conditions in the United States, although financial conditions have improved notably more recently.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¥Õ¥¡¥¤¥Ê¥ó¥·¥ã¥ë¥³¥ó¥Ç¥£¥·¥ç¥ó¥¿¥¤¥È²½¥¥¿¥³¥ì¤Ê¤Î¤À¤¬¡¢¤½¤ì¤Ã¤Æ¡Ö¼«Ê¬¤ÎÈø¤òÄɤ¦¸¤¡×¤È¤Ê¤ë¥ê¥¹¥¯¤¬¤¢¤Ã¤Æ¡¢»Ô¾ì¤ÎÁýÉý¤òµÑ¤Ã¤Æ¹â¤á¤ë¥Í¥¿¤Ê¤Î¤À¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØIn addition, economic growth abroad appears to be running at a somewhat softer pace than previously expected. These unanticipated developments, however, have not resulted in material changes to the Committee¡Çs baseline outlook. ¡Ù ¤Ç¤â¤Ã¤Æ¤½¤ÎÍýͳ¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØOne reason for this is that market expectations for the path of policy interest rates have moved down, and the accompanying decline in longer-term interest rates should help cushion any possible adverse effects on domestic economic activity. ¡Ù ¤¤¤ä¤¤¤ä¤½¤ì¤Ï¸À¤Ã¤Á¤ã¤¢¥Þ¥º¥¤¤Ç¤·¤ç¤È¤¤¤¦Ïäǡ¢»Ô¾ì¤Î¸«¤ëÀ¯ºö¶âÍø¥Ñ¥¹¤¬²¼¤¬¤Ã¤¿¤Î¤Ç»Ô¾ì¤Î¥Ü¥é¾å¾º¤Ë¤è¤ë¶âÍ»´Ä¶¤Î°²½¤Î¥¯¥Ã¥·¥ç¥ó¤Ë¤Ê¤Ã¤¿¤È¤¤¤¦ÀâÌÀ¤Ã¤Æ¡¢ÍפϻԾ줬¾õ¶·¤¬°¤¯¤ÆFED¤Î¸µ¡¹ÁÛÄꤷ¤Æ¤¤¤ë¶âÍø¥Ñ¥¹¤¬º¤Æñ¤Ë¤Ê¤Ã¤Æ¤¤¿¤È¤¤¤¦Æ°¤¤Ë¤Ê¤Ã¤Æ¤¤¤ëÌõ¤Ç¤¹¤«¤é¡¢¤½¤ì¤ò¥Ý¥¸¥Æ¥£¥Ö¤ÊÍ×°ø¤È¤«¸À¤Ã¤Á¤ã¤¦¤Î¤Ï¤³¤ì¤Þ¤¿¡Ö»Ô¾ì¤Ë¿¶¤ê²ó¤µ¤ì¤ëFED¡×¤Ã¤Ý¤¤Ïäǡ¢¥Ï¥ÈÇɤÏÂç´î¤Ó¤Ç¤¹¤±¤ì¤É¤â¥³¥ß¥å¥Ë¥±¡¼¥·¥ç¥ó¥Ý¥ê¥·¡¼¤È¤·¤Æ¤Ï¤Á¤ç¤Ã¤È¥À¥á¤Ê´¶¤¸¤¬¤¹¤ë¡£³Î¤«¤Ë¤½¤ì¤Ï¤½¤¦¤Ç¤¢¤Ã¤Æ¤â¸ÀµÚ¤¹¤Ù¤¤Ç¤Ï¤Ê¤«¤Ã¤¿¤È»×¤¦¡£ ¡ØIndeed, while stock prices have fallen slightly since the December meeting and spreads of investmentgrade corporate bond yields over those on comparable-maturity Treasury securities have risen, mortgage rates and corporate borrowing costs have moved lower. Of course, the Committee will continue to monitor these developments closely and will adjust the stance of monetary policy as needed to foster our goals of maximum employment and 2 percent inflation. ¡Ù ³ô¤¬²¼¤¬¤Ã¤Æ¥¹¥×¥ì¥Ã¥É¤¬³ÈÂ礷¤Æ¤¤¤ë¤±¤ì¤É¤â¥â¡¼¥²¡¼¥¸¶âÍø¤ä´ë¶È¼ÚÆþ¥³¥¹¥È¤ÏÄã²¼¤·¤Æ¤¤¤ë¤È¤Ê¡£ ¡¦¤Ç¤â¤Ã¤ÆºÇ¸å¤Ë¶âÍ»À¯ºö¤À¤¬¤³¤ì¤Ï¥Ï¥È¥Á¥Ã¥¯¤ËÆÉ¤á¤Þ¤¹æ« ¡ØReturning to monetary policy, as I noted earlier, the Committee decided to maintain its target range for the federal funds rate. This decision partly reflects the implications for the U.S. economy of the global economic and financial developments I just mentioned.¡Ù ¤È¤¤¤¦¤³¤È¤Ç³¤³°¥¬¡¼¤È¥Õ¥¡¥¤¥Ê¥ó¥·¥ã¥ë¥³¥ó¥Ç¥£¥·¥ç¥ó¥¬¡¼¤Ç¤¢¤ë¡£ ¡ØIn addition, proceeding cautiously in removing policy accommodation at this time will allow us to verify that the labor market is continuing to strengthen despite the risks from abroad. Such caution is appropriate given that short-term interest rates are still near zero, which means that monetary policy has greater scope to respond to upside than to downside changes in the outlook. ¡Ù ¶âÍø¤Î°ú¤²¼¤²Í¾ÃϤ¬¾¯¤Ê¤¤¢ª¥·¥ç¥Ã¥¯¤ËÂФ¹¤ë´ËϤÎ;ÃϤ¬¾¯¤Ê¤¤¢ª´ËÏÂŪ¤ÊÀ¯ºö¤ò·Ñ³¤·¤Æ¤ª¤¤¤¿Êý¤¬¤ªÆÀ(°úÄù¤á;ÃϤÏÂ礤¤¤Î¤Ç)¤È¤¤¤¦ÏäǤ³¤ì¤Þ¤¿¥Ï¥È¥Á¥Ã¥¯¤È¤¤¤¦¤«¥Ï¥È·Ï¤ÎFED¤Î¥á¥ó¥Ð¡¼¤¬¤ªÏäò¤è¤¯¤¹¤ë¥Ý¥¤¥ó¥È¤ò¤³¤³¤Ç¥×¥ì¥³¥ó¤Ç¤â¤·¤Æ¤¯¤ë¤È¤¤¤¦¹¶·â¡£ ¡ØAs we indicated in our statement, the Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate. The federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. This expectation is consistent with the view that the neutral nominal federal funds rate--defined as the value of the federal funds rate that would be neither expansionary nor contractionary if the economy was operating near potential--is currently low by historical standards and is likely to rise only gradually over time.¡Ù ´ËÏÂŪ¤ÊÀ¯ºö¤ò·Ñ³¤È¤¤¤¦ÏäÎÃæ¤ÇÃæÎ©¶âÍø(Ĺ´üŪ¤Ç¤Ï¤Ê¤¯Â¸µ¤Î)¿å½à¤¬Ä㤤¾õÂ֤Ǥ¹¤È¤¤¤¦Ç§¼±¤Þ¤ÇÅо줵¤»¤Æ¤ª¤ê¤Þ¤¹¡£ ¡ØThe low level of the neutral federal funds rate may be partially attributable to a range of persistent economic headwinds that weigh on aggregate demand, including developments abroad, a subdued pace of household formation, and meager productivity growth.¡Ù ¤È¤¤¤¦¤Î¤¬Íýͳ¤À¤È¡£ ¡ØThere is considerable uncertainty regarding the evolution of the neutral funds rate over time. However, if these headwinds abate, as we expect, the neutral federal funds rate should gradually move higher as well.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¾ÍèŪ¤Ë¤ÏÃæÎ©¶âÍø¤¬½ù¡¹¤Ë¾å¾º¤¹¤ë¤È¤Ï¸À¤Ã¤Æ¤Þ¤¹¤¬¡¢¾åµ¤Ë¤¢¤ê¤Þ¤¹¤è¤¦¤Ë³¤³°¥¬¡¼¤È¤¤¤¦¤Î¤¬Æþ¤Ã¤Æ¤¤¤¿¤ê¤·¤Æ¡¢¤Þ¤¢¥Ï¥È¥Á¥Ã¥¯¤Ç¤¹¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ç¤¹¡£ °Ê²¼¤ÎÉôʬ¤ÏSEP¤Î¶âÍø¸«Ä̤·¡¢¶âÍøÀµ¾ï²½¤Ï¥×¥ê¥»¥Ã¥È¥³¡¼¥¹¤Ç¤Ï¤Ê¤¤¡¢È½ÃǤÏËè²ó¤Î²ñ¹ç¤Ç¹Ô¤¦¡¢»ñ»ºÇãÆþ¤Ë¤Ä¤¤¤Æ¤ÏÅöÌ̻Ĺâ¤ò°Ý»ý¤·¡¢¤½¤ì¤¬²¼¿¶¤ì¥ê¥¹¥¯Âбþ¤Ë¤â¤Ê¤Ã¤Æ¤¤¤ë¡¢¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤¬³ä°¦¤·¤Þ¤¹¡£
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¤¨¡¼¤Ã¤È¤¢¤Îǯ¶â¥¢¥í¥±¡¼¥·¥ç¥ó¤ÎÀìÌç²È¤À¤Ã¤¿È¦¤Î¥¿¥«&¥È¥·ÀèÀ¸¤Ï¤¤¤Ä¤Î´Ö¤Ë¤«Êƹñ¶âÍ»À¯ºö¤ÎÀìÌç²È¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ç¤·¤ç¤¦¤«>¥â¡¼¥µ¥Æ #¤¢¤¢¤ä¤Ã¤Æ¥Û¥¤¥Û¥¤¾è´¹¤¬½ÐÍè¤Æ¡¢¤½¤ì¤ÇÎä·¤¤´é¤ò¤Ç¤¤ë¤è¤¦¤ÊÌ̤ÎÈé¤È¿´Â¡¤¬¤¢¤ì¤Ð¿ÍÀ¸³Ú¤·¤¤¤À¤í¤¦¤Ê¤¢¤È¤½¤ó¤ÊºÍǽ¤Î̵¤¤¾®»Ô̱¤Î¥¢¥¿¥¯¥·¤Ï»×¤¦¤Î¤Ç¤·¤¿ #¤Ê¤ª¡¢FOMC¤ÈÁ´Á³´Ø·¸¤Ê¤¤¤Ç¤¹¤¬¡¢ºòÆüÏÃÂê¤òÚ¼¤Ã¤Æ¤¤¤¿¤Î¤Ï¶ÈÂÖÊÌÅöºÂͶâ»Ä¹â¤Ç¤·¤¿¤Î¤Ç¡¢¤Þ¤¢¤½¤³¤ÎͲá½àÈ÷¿ä°Ü¤È¥Þ¥¤¥Ê¥¹¥Á¥ã¡¼¥¸¤¬¤É¤³¤Ç¤É¤¦¿©¤é¤Ã¤Æ¤¤¤ë¤Î¤«¤ò¤¼¤Ò´Õ¾Þ¤·¤Æ²¼¤µ¤¤¤Þ¤» ¡ûFOMC¤Ï»Ô¾ì¤ÎÈ¿±þ¤¬¥¢¥¿¥¯¥·Åª¤Ë¤ÏÁÛÄê°Ê¾å¤Ç¤·¤Æ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ Îã¤Ë¤è¤Ã¤ÆFOMC¤Î»þ¤Ï¸øÉ½Ê¸½ñ¤òÀè¤ËÆÉ¤ó¤Ç(¾¤ò¸«¤Ê¤¤¤Ç)¤«¤é»Ô¾ì¤Î¥×¥é¥¤¥¹¥¢¥¯¥·¥ç¥ó¤ò³Îǧ¤¹¤ë¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢¥É¥ë°Â¤¬À¹Âç¤Ë¿Ê¹Ô¤·¤Æ¤¤¤Æ¶âÍø¤¬²¼¤¬¤Ã¤Æ¤¤¤¿¤è¤¦¤Ç¤·¤Æ¡¢¤¨¡¼¤Ã¤ÈÊÆ¹ñ¶âÍø»Ô¾ì¤È¤«¤Î¿¥¤ê¹þ¤ß¤Ã¤ÆÍø¾å¤²Îɤ¯¤Æ2²ó¤¦¤Ã¤«¤ê¤·¤¿¤é1²ó¤È¤«¤Ë¤Ê¤Ã¤Æ¤¤¤¿È¦¤À¤Ã¤¿¤Î¤Ë¤½¤¦¤¤¤¦È¿±þ¤Ê¤Î¤«¤È¤Õ¡¼¤ó¤È»×¤¦¤Î¤Ç¤·¤¿¡£ ¤È¤¤¤¦¤³¤È¤ÇÀ¼ÌÀʸ¡£[³°Éô¥ê¥ó¥¯] ¡¦Âè1¥Ñ¥é¥°¥é¥Õ: ¡ØInformation received since the Federal Open Market Committee met in January suggests that economic activity has been expanding at a moderate pace despite the global economic and financial developments of recent months.¡Ù(º£²ó) ¡ØInformation received since the Federal Open Market Committee met in December suggests that labor market conditions improved further even as economic growth slowed late last year.¡Ù(Á°²ó) º£²ó¤Ï·Êµ¤¤Î¸½¾õȽÃǤˤĤ¤¤Æ¡Öexpanding at a moderate pace¡×¤È³Ê¾å¤²¤Ë¤Ê¤Ã¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤½¤Î°ìÊý¤Ç³¤³°·Êµ¤¤È¶âͻư¸þ¤Ë¤Ä¤¤¤Æ¤Ïdespite°Ê²¼¤Ë¤ï¤¶¤ï¤¶µºÜ¤µ¤ì¤ë¤è¤¦¤Ë(·üǰ¤È¤·¤Æ¤Î)³Ê¾å¤²¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹(¸å¤Ç¤â¤³¤ÎÉôʬ¤Ï¼¨¤µ¤ì¤Þ¤¹)¡£ ¡ØHousehold spending has been increasing at a moderate rate, and the housing sector has improved further; however, business fixed investment and net exports have been soft.¡Ù(º£²ó) ¡ØHousehold spending and business fixed investment have been increasing at moderate rates in recent months, and the housing sector has improved further; however, net exports have been soft and inventory investment slowed.¡Ù(Á°²ó) ´ë¶È¤Î¸ÇÄêÀßÈ÷Åê»ñ¤Ë´Ø¤·¤ÆÈ½ÃǤ¬²¼Êý½¤Àµ¤µ¤ì¤Æ¤¤¤Þ¤·¤Æ¡¢¤¢¤È¤Ï¥è¥³¤Ç¤¹¡£ ¡ØA range of recent indicators, including strong job gains, points to additional strengthening of the labor market.¡Ù(º£²ó) ¡ØA range of recent labor market indicators, including strong job gains, points to some additional decline in underutilization of labor resources.¡Ù(Á°²ó) ¥¢¥¿¥¯¥·¤Ï¤³¤³¤ò¤ß¤Æ¼Â¤Ï¡Ö¤ª¡¼¡×¤È»×¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢Ï«Æ¯»Ô¾ì¤Ë´Ø¤¹¤ë¸½¾õȽÃÇÉôʬ¤Ë´Ø¤·¤Æ¡Öunderutilization of labor resources¡×¤È¤¤¤¦Ï«Æ¯»Ô¾ì¤Î¥¹¥é¥Ã¥¯¤ò¼¨¤¹Éôʬ¤Îɽ¸½¤¬ºï½ü¤µ¤ì¤Æ¤¤¤Þ¤·¤Æ¡¢¤³¤ì¤ÏϫƯ»Ô¾ì¤Ë´Ø¤¹¤ë¥¢¥»¥¹¥á¥ó¥È¤È¤·¤Æ¤Ï·ë¹½¾ÝħŪ¤Ë¶¯¤¯¤Ê¤Ã¤Æ¤¤¤ë¤È»×¤¦¤Î¤Ç¤¹¤±¤ì¤É¤â²áÂçɾ²Á¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£ ¡ØInflation picked up in recent months; however, it continued to run below the Committee's 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports.¡Ù(º£²ó) ¡ØInflation has continued to run below the Committee's 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports.¡Ù(Á°²ó) ʪ²Á¤Î¸½¾õ¤Ë´Ø¤·¤Æ¤Ï¡Ö2%¤è¤ê¤âÄ㤤¿å½à¡×¤È¤¤¤¦¥¢¥»¥¹¥á¥ó¥È¤ÏƱ¤¸¤Ç¤¹¤¬¡¢º£²ó¤Ï¡Öpicked up in recent months¡×¤ÈÆþ¤Ã¤Æ¤¤¤Æ¡¢¤Þ¤¢»ØÉ¸¤â¤½¤¦¤¤¤¦¿ä°Ü¤À¤«¤éÅöÁ³¤Á¤ã¤¢ÅöÁ³¤Ê¤Î¤Ç¤¹¤¬¡¢Ï«Æ¯»Ô¾ì¤Î¾åµ¤Îɽ¸½ÊѲ½¤â¹ç¤ï¤»¤Þ¤¹¤È¡¢¥°¥í¡¼¥Ð¥ë·ÐºÑ¤È¶âÍ»»Ô¾ì¤Ø¤Î·üǰ¤È¤«´ë¶È¤ÎÅê»ñ¤Î½ê¤ò²¼Êý½¤Àµ¤·¤Æ¤¤¤ë¤è¤ê¤â¤³¤Á¤é¤Î¾åÊý½¤Àµ¤ÎÊý¤¬µ¤¤Ë¤Ê¤ë¥¢¥¿¥¯¥·¤À¤Ã¤¿¤ê¤¹¤ë¤Î¤Ç¤·¤¿¡£ ¡ØMarket-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.¡Ù(º£²ó) ¡ØMarket-based measures of inflation compensation declined further; survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.¡Ù(Á°²ó) »Ô¾ì¥Ù¡¼¥¹¤Î¥¤¥ó¥Õ¥ì´üÂԤ˴ؤ·¤Æ¤Ï¡Ö°ìÃʤÈÄã²¼¡×¤«¤é¡ÖÄ㤤¾õÂ֡פȤʤäƤª¤ê¡¢¤Þ¤¢¤³¤Á¤é¤ÏÁêÊѤï¤é¤º¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬Êý¸þÀ¤È¤·¤Æ¤ÏÄã²¼¤¸¤ã¤Ê¤¯¤Ê¤ê¤Þ¤·¤¿¤Ê¤È¤¤¤¦´¶¤¸¡£ ¡¦Âè2¥Ñ¥é¥°¥é¥Õ:¤³¤Á¤é¤â³¤³°¥ê¥¹¥¯¤Ë¸ÀµÚ ¡ØConsistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen.¡Ù(º£²ó) ¡ØConsistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will continue to strengthen.¡Ù(Á°²ó) ¥°¥é¥Ç¥å¥¢¥ë¤Ê¶âÍ»À¯ºö¤ÎÄ´À°¤Ë¤è¤Ã¤Æ·ÐºÑ¤Ï¥â¥Ç¥ì¡¼¥È¤ÊÀ®Ä¹µ°Æ»¤ò°Ý»ý¤¹¤ë±¾¡¹¤ÏÁ´Ê¸°ìÃס£ ¡ØHowever, global economic and financial developments continue to pose risks. Inflation is expected to remain low in the near term, in part because of earlier declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to monitor inflation developments closely.¡Ù(º£²ó) ¡ØInflation is expected to remain low in the near term, in part because of the further declines in energy prices, but to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee is closely monitoring global economic and financial developments and is assessing their implications for the labor market and inflation, and for the balance of risks to the outlook.¡Ù(Á°²ó) Á°²ó¡Öº£¸å¤Îư¸þ¤òÃí°Õ¤·¤Æ¥ê¥¹¥¯¥Ð¥é¥ó¥¹¤Ø¤Î±Æ¶Á¤ò³Îǧ¤¹¤ë¡×¤È¤·¤Æ¤¤¤¿³¤³°·ÐºÑ¤È³¤³°¶âͻư¸þ¤Ë¤Ä¤¤¤Æ¤Ïº£²ó¥ê¥¹¥¯Í×°ø¤Ë³Ê¾å¤²¤Ë¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£¤½¤ì¤«¤éʪ²Á¤Î¸½¾õȽÃǤ˴ؤ·¤Æ¤Ï¡¢Êª²Á¤¬Â¸µ¤Ç¼å¤¤¾õÂ֤Ǥ¢¤ë¤³¤È¤Ë¤Ä¤¤¤Æ¡Öfurther declines in energy prices¡×¤«¤é¡Öearlier declines in energy prices,¡×¤È¤Ê¤Ã¤Æ¤¤¤Æ¡¢¤Þ¤¢¤³¤ì¤Ïñ¤Ë¸¶Ìý²Á³Ê¤¬Íî¤ÁÃ夤¤Æ¤¤¿¤³¤È¤¬Çطʤˤ¢¤ë¤È¤Ï»×¤¤¤Þ¤¹¤¬¡¢Àè¹Ô¤¤È¤¤¤¦°ÕÌ£¤Ç¤Ï¤³¤Î°ì»þŪ¸½¾Ý¤¬º£¸å²þÁ±¤·¤Æ¤¯¤ë¤Ç¤·¤ç¤¦¤È¤¤¤¦¤è¤¦¤ÊÏäˤʤë¤ó¤Ç¤·¤ç¤¦¤Ê¤¢¤È¤¤¤¦½ê¤Ç¡£ ¡¦Âè3¥Ñ¥é¥°¥é¥Õ:½ñ¤½Ð¤·¤¬ÊѤï¤Ã¤Æ¤¤¤ë¤Î¤Ç¤¹¤¬ ¡ØAgainst this backdrop, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.¡Ù(º£²ó) ¡ØGiven the economic outlook, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.¡Ù(Á°²ó) ¶âÍøÀ¯ºö¤ÎÉôʬ¤¬¿ø¤¨ÃÖ¤¤Ê¤Î¤ÏÎɤ¤¤È¤·¤Æ¡¢ºÇ½é¤Î½ê¤¬¡ÖGiven the economic outlook¡×¤«¤é¡ÖAgainst this backdrop¡×¤Ë¤Ê¤Ã¤Æ¤¤¤ë¤Î¤Ï¤É¤¦¤¤¤¦¥Ë¥å¥¢¥ó¥¹¤ÎÊѲ½¤ò°ÕÌ£¤¹¤ë¤Î¤«¤¬¥¢¥¿¥¯¥·Æ¬¤¬°¤¤¤Î¤Ç¥Ô¥ó¤È¤³¤Ê¤¤¤Î¤Ç¤¹¤¬Ã¯¤«¶µ¤¨¤Æ¥¸¥§¥Í¥é¥ë¡£ ¡¦Âè4¥Ñ¥é¥°¥é¥Õ:º£¸å¤Î¶âÍ»À¯ºö¤¬¤É¤¦¤Î¤³¤¦¤Î¤ÎÉôʬ¤Ï¸«»ö¤ËÁ´Ê¸°ìÃ× ¡ØIn determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. 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. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.¡Ù(º£²ó) ¡ØIn determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation. 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. In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.¡Ù(Á°²ó) ¸«»ö¤ËÁ´Ê¸°ìÃפʤΤÇñ¤Ëʤ٤ÆÄ¥¤Ã¤Æ¤ß¤¿¤À¤±¤È¤¤¤¦¼êÈ´¤¥Ð¡¼¥¸¥ç¥ó¡£ ¡¦Âè5¥Ñ¥é¥°¥é¥Õ:¥Ð¥é¥ó¥¹¥·¡¼¥ÈÀ¯ºö¤Ë´Ø¤¹¤ëʸ¸À¤âÁ´Ê¸°ìÃ× ¡ØThe 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, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.¡Ù(º£²ó) ¡ØThe 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, and it anticipates doing so until normalization of the level of the federal funds rate is well under way. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.¡Ù(Á°²ó) Á´Ê¸°ìÃפʤΤǼêÈ´¤¤Ç¤¢¤ë¡£ ¡¦Âè6¥Ñ¥é¥°¥é¥Õ:¥¸¥ç¡¼¥¸¤ª¤Ð¤Á¤ã¤óÍø¾å¤²Äó°Æ¥¥¿¥³¥ì ¤µ¤¹¤¬¤Î¥«¥ó¥µ¥¹¥¯¥ª¥ê¥Æ¥£¡£ ¡ØVoting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo. Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.¡Ù(º£²ó) ¡ØVoting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Esther L. George; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. 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Chairman Stanley Fischer At the "Policy Challenges in an Interconnected World" 32nd Annual National Association for Business Economics Economic Policy Conference, Washington, D.C. March 7, 2016 Reflections on Macroeconomics Then and Now Ĺ´üÄäÂÚÏÀ¤Ë´Ø¤¹¤ë¸ÀµÚÉôʬ¤Ç¤¹¡£ ¡ØSecular stagnation: During World War II in the United States, many economists feared that at the end of the war, the economy would return to high pre-war levels of unemployment--because with the end of the war, demobilization, and the massive reduction that would take place in the defense budget, there would not be enough demand to maintain full employment.¡Ù ¤Û¤Û¤¦¡£ ¡ØThus was born or renewed the concept of secular stagnation--the view that the economy could find itself permanently in a situation of low demand, less than full employment, and low growth.10 That is not what happened after World War II, and the thought of secular stagnation was correspondingly laid aside, in part because of the growing confidence that intelligent economic policies--fiscal and monetary--could be relied on to help keep the economy at full employment with a reasonable growth rate.¡Ù ¤È¤¤¤¦¤³¤È¤ÇĹ´üÄäÂÚÏÀ¤Ë´Ø¤·¤Æ¤ÏÀΤ«¤éÀޤ˿¨¤ì¤Æ»ØÅ¦¤µ¤ì¤Æ¤¤¤ëÏÀÅÀ¤È¡£ ¡ØRecently, Larry Summers has forcefully restated the secular stagnation hypothesis, and argued that it accounts for the current slowness of economic growth in the United States and the rest of the industrialized world.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¥µ¥Þ¡¼¥º¤ÎĹ´üÄäÂÚÏÀ¤Ë´Ø¤·¤Æ¡£ ¡ØThe theoretical case for secular stagnation in the sense of a shortage of demand is tied to the question of the level of the interest rate that would be needed to generate a situation of full employment. If the equilibrium interest rate is negative, or very small, the economy is likely to find itself growing slowly, and frequently encountering the zero lower bound on the interest rate.¡Ù ¤³¤³¤Ç¤Ï¶âÍ»À¯ºö¤È¤Î´Ø·¸¤È¤¤¤¦ÏäˤʤäƤª¤ê¤Þ¤·¤Æ¡¢Ä¹´üÄäÂڤǶѹնâÍø¿å½à¤¬Äã²¼¤·¤¿¾ì¹ç¤Ë¡¢·ÐºÑ¾õ¶·¤Ë¤è¤Ã¤Æ(´ËϤ¬É¬Íפʻþ¤Ë)ǯ¤¬¤éÇ¯Ãæ¥¼¥í¶âÍøÀ©Ìó¤ËľÌ̤¹¤ë¤³¤È¤Ë¤Ê¤ë¤Ç¤·¤ç¤¦¤È¤¤¤¦¤ªÏäǤ¹¤Ê¡£ ¡ØResearch has shown a declining trend in estimates of the equilibrium interest rate. That finding has become more firmly established since the start of the Great Recession and the global financial crisis.11 Moreover, the level of the equilibrium interest rate seems likely to rise only gradually to a longer-run level that would still be quite low by historical standards.¡Ù ¤Ç¤â¤Ã¤Æ¶Ñ¹Õ¶âÍø¿å½à¤ÎÄã²¼¤È¡¢Ã桹¤½¤ì¤¬Ìá¤Ã¤Æ¤³¤Ê¤¤¤³¤È¤Ë¤Ä¤¤¤Æ¤Ï¥Õ¥£¥Ã¥·¥ã¡¼¤µ¤ó¤â¸ÀµÚ¤·¤Æ¤¤¤Þ¤·¤Æ¡¢ÀèÆü°úÍѤ·¤¿Éôʬ¤Ç¤â¤½¤¦¤Ç¤¹¤¬¡¢¤³¤ÎÊÕ¤ê¤ÎÏäò¸«¤Þ¤¹¤È¡¢¥Õ¥£¥Ã¥·¥ã¡¼¹Ö±é¼«ÂΤϥ˥塼¥¹¥Ø¥Ã¥É¥é¥¤¥óŪ¤Ë¤Ï¶âÍøÀµ¾ï²½¤Ë°ÕÍߤò¼¨¤·¤¿¤è¤¦¤Ë¤Ï¥ê¥Õ¥¡¡¼¤µ¤ì¤Æ¤¤¤Þ¤¹¤¬¡¢³Î¤«¤ËÀµ¾ï²½°ÕÍߤÏÉáÄ̤ˤ¢¤ë¤Î¤«¤âÃΤì¤Þ¤»¤ó¤¬¡¢¤½¤Î¥Ñ¥¹¤Ï·ë¹½¤æ¤Ã¤¯¤êÌܤˤʤꤽ¤¦¤ÊÀâÌÀ¤ò¤·¤Æ¤¤¤ë¤Î¤¬¤³¤Î²ó¤Î¹Ö±é¤Ç¤ÎÆÃħ¤«¤Ê¤¢¤È¤Ï»×¤¦¤Î¤Ç¤¹¤±¤É¤É¤¦¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£ ¡ØWhat factors determine the equilibrium interest rate? Fundamentally, the balance of saving and investment demands. Several trends have been cited as possible factors contributing to a decline in the long-run equilibrium real rate. One likely factor is persistent weakness in aggregate demand.¡Ù ¡ØAmong the many reasons for that, as Larry Summers has noted, is that the amount of physical capital that the revolutionary information technology firms with high stock market valuations have needed is remarkably small.¡Ù ¡ØThe slowdown of productivity growth, which as already mentioned has been a prominent and deeply concerning feature of the past six years, is another important factor.12¡Ù ¡ØOthers have pointed to demographic trends resulting in there being a larger share of the population in age cohorts with high saving rates.13¡Ù ¡ØSome have also pointed to high saving rates in many emerging market countries, coupled with a lack of suitable domestic investment opportunities in those countries, as putting downward pressure on rates in advanced economies--the global savings glut hypothesis advanced by Ben Bernanke and others at the Fed about a decade ago.14¡Ù ¤³¤ìʸ¾Ï¤Îʬ¤±½ê¤¬Æñ¤·¤¯¤Æ·ë¶É1¥Ñ¥é¤ò¤Ö¤ÄÀڤꤷ¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¤¬¡¢¥È¥ì¥ó¥É¥°¥í¡¼¥¹¤ÎÄã²¼¤Ë´Ø¤¹¤ëÍýͳ¤Ï¤³¤ì¤é¤È¤«¤½¤¦¤¤¤¦Ïäò¤·¤Æ¤ª¤ê¤Þ¤¹¤Ê¡£ ¡ØWhatever the cause, other things being equal, a lower level of the long-run equilibrium real rate suggests that the frequency and duration of future episodes in which monetary policy is constrained by the ZLB will be higher than in the past.¡Ù ¿§¡¹¤ÎÍ×°ø¤¬µ¯¤³¤·¤Æ¤¤¤ë¤Ë¤·¤Æ¤â¡¢Ä¹´üŪ¤Ê¶Ñ¹Õ¶âÍø¿å½à¤ÎÄã²¼¤Ï¶âÍ»À¯ºö¤¬¥¼¥í¶âÍøÀ©Ìó¤Ë㤷¤ä¤¹¤¤¤È¤¤¤¦·ëÏÀ¤ÏƱ¤¸¤Ç¤¹¤Ê¤È¡£ ¡ØPrior to the crisis, some research suggested that such episodes were likely to be relatively infrequent and generally short lived.15 The past several years certainly require us to reconsider that basic assumption. Moreover, recent experience in the United States and other countries has taught us that conducting monetary policy at the effective lower bound is challenging.16 And while unconventional policy tools such as forward guidance and asset purchases have been extremely helpful and effective, all central banks would prefer a situation with positive interest rates, restoring their ability to use the more traditional interest rate tool of monetary policy.17¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤³¤ÎºÇ¸å¤Ë¥×¥é¥¹¶âÍø¤ÎÊý¤¬À¯ºöÄ´À°¤·¤ä¤¹¤¤±¾¡¹¤È¤¤¤¦Ï䬤¢¤ê¤Þ¤·¤Æ¡¢¤Þ¤¢¤³¤³¤òª¤¨¤ÆÀµ¾ï²½¤ËÂФ¹¤ë°ÕÍߤȤ¤¤¦¤Î¤Ï¤½¤ì¤Ï¤½¤ì¤Ç(¥Ú¡¼¥¹¤ÏÊ̤ˤ·¤Æ)¤¢¤ë¤È¤¤¤¦¤Î¤âÇİ®¤Ç¤¤Þ¤¹¤Ê¡£ ¡ØThe answer to the question "Will the equilibrium interest rate remain at today's low levels permanently?" is also that we do not know. Many of the factors that determine the equilibrium interest rate, particularly productivity growth, are extremely difficult to forecast. At present, it looks likely that the equilibrium interest rate will remain low for the policy-relevant future, but there have in the past been both long swings and short-term changes in what can be thought of as equilibrium real rates.¡Ù ¶Ñ¹Õ¶âÍø¿å½à¤¬º£¸å¤âÄ㤤¤Þ¤Þ¤«¤É¤¦¤«¤Ë¤Ä¤¤¤Æ¤Ïʬ¤«¤é¤ó¤¬¡¢Â¸µ¤Ë¤Ä¤¤¤Æ¤ÏÄã¿å½à¡¢¤È¤¤¤¦¤³¤È¤Ç¤¹¤Î¤ÇÀµ¾ï²½°ÕÍߤϤ¢¤ì¤É¤â¥Ú¡¼¥¹¤ÏÃÙ¤¯¤Ê¤ê¤½¤¦¡£ ¡ØEventually, history will give us the answer. But it is critical to emphasize that history's answer will depend also on future policies, monetary and other, notably including fiscal policy.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢ºÇ¸å¤Ë¤Ï¶âÍ»À¯ºö¤À¤±¤Ç¤Ï¤Ê¤¯¤ÆºâÀ¯À¯ºö¤Ê¤É¤Î¾¤ÎÀ¯ºö¤¬¶Ñ¹Õ¶âÍø¿å½à(¤Ä¤Þ¤ê¥È¥ì¥ó¥É¥°¥í¡¼¥¹)¤Ë±Æ¶Á¤·¤Æ¤¯¤ë¤È¤¤¤¦Ïäò¤·¤Æ¤³¤Î¥³¡¼¥Ê¡¼¤¬Äù¤Þ¤Ã¤Æ¤ª¤ê¤Þ¤¹¡£ #Ãî´³¤·¤Ç¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó
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2016/03/11¡Ê¶â¡Ë07:47:59
²ñ¸«¤Ç¼ã´³¥ß¥½¤ò¤Ä¤±¤¿¤è¤¦¤Ê¤Î¤Ç²ñ¸«¥Æ¥¥¹¥È¤ò¸å¤Ç½ÏÃΤ·¤Ê¤¤¤È¤¤¤±¤Þ¤»¤ó¤¬¡£ ¡û¤Þ¤¢°ì±þ¿§¡¹¤Ê¤â¤Î¤ò½Ð¤·¤Æ¤¤Þ¤·¤¿¤¬¡¢¤³¤ì¼Â¤Ï¿®ÍÑ´ËϤ˴üÂÔ¤·¤Æ¤ë¤ó¤¸¤ã¥Í¡¼¥Î?? ¤Èľ´¶Åª¤Ë»×¤Ã¤¿¤Î¤Ç¤¹¤¬¡¢¼ÂºÝ¤Ë¤Ï²ñ¸«QA¤ä¼ÂºÝ¤Ë¤É¤¦¤¹¤ë¤Î¤«¤ò¸«¤Ê¤¤¤È²¿¤È¤â¤Ç¤¹¤±¤É¤Í¡£[³°Éô¥ê¥ó¥¯] Monetary policy decisions 10 March 2016 ¡ØAt today¡Çs meeting the Governing Council of the ECB took the following monetary policy decisions:¡Ù ¤È¤¤¤¦¤³¤È¤Ç¿§¡¹¤ÈÂǤÁ¹þ¤à¤Î´¬¡£ ¡Ø(1)The interest rate on the main refinancing operations of the Eurosystem will be decreased by 5 basis points to 0.00%, starting from the operation to be settled on 16 March 2016. (2)The interest rate on the marginal lending facility will be decreased by 5 basis points to 0.25%, with effect from 16 March 2016. (3)The interest rate on the deposit facility will be decreased by 10 basis points to -0.40%, with effect from 16 March 2016.¡Ù ¥³¥ê¥É¥¢¤ÎÉý¤Ï¶¹¤¯¤¹¤ë¤Î¤«¤È¼Â¤Ï»×¤Ã¤Æ¤¤¤¿¤Î¤Ç¤¹¤¬¡¢MRO¤Ï¥¼¥í¶âÍø¤Ë»ß¤á¤Æ¤¤¤Æ·ë²Ì¥³¥ê¥É¥¢¤¬³ÈÂ礷¤Æ¤¤¤ë¤Î¤Ï¥Ê¥ó¥¸¥ã¥½¥é¤È¤¤¤¦µ¤¤¬¤·¤Þ¤¹¤¬¡¢¤½¤Á¤é¤Ë´Ø¤·¤Æ¤Ï¤¢¤Þ¤êʸ¶ç¤â¤Ä¤¤¤Æ¤¤¤Ê¤¤¤è¤¦¤Ê¤Î¤ÇÊ̤ËÎɤ¤¤Î¤«¤Í¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¤½¤ì¤ÏÅÆ¤â³Ñ¤È¤·¤Þ¤·¤Æ¡¢Í¶â¥Õ¥¡¥·¥ê¥Æ¥£Íø²¼¤²10bp¤Ã¤Æ¤Þ¤¢½çÅö¤Ï½çÅö¡£ ³¬ÁØÊ̹½Â¤¤òÂǤÁ¹þ¤ó¤Ç¤â¤Ã¤È²¼¤²¤Æ¤¯¤ë¡¢¤È¤¤¤¦¸«Êý¤â¤¢¤Ã¤¿¤È»×¤¤¤Þ¤¹¤¬¡¢¤½¤Á¤é¤ÎÂǤÁ¹þ¤ß¤Ï̵¤«¤Ã¤¿¤È¤¤¤¦»ö¤Ç¡¢¤³¤ì¤¬Æü¶ä¤ÎÀ¹Âç¤Ê¥³¥±¤Ã¤×¤ê¤ò¸«¤ÆÊѤʤâ¤ÎÂǤÁ¹þ¤Þ¤Ê¤¤Êý¤¬Îɤ¤¤È¤¤¤¦È½ÃǤ¬º¬Äì¤Ë¤¢¤Ã¤¿¤Î¤Ç¤·¤¿¤é¾Ð¤¤¤Þ¤¹¤±¤É¤É¤¦¤Ê¤ó¤Ç¤·¤ç¡£ ¡Ø(4)The monthly purchases under the asset purchase programme will be expanded to ¥æ¡¼¥í80 billion starting in April.¡Ù 4·î¤«¤é·î´ÖÇãÆþ³Û¤ò600²¯¥æ¡¼¥í¤«¤é800²¯¥æ¡¼¥í¤Ë³ÈÂç¤È¤Î¤³¤È¤Ç¡¢¤½¤¦¤¤¤äºÇ¶áPSPP¤Î¾õ¶·¥Á¥§¥Ã¥¯¤Î¥Í¥¿¤ò¼ºÇ°(¤È¤¤¤¦¤«¤ä¤Ã¤Æ¤ë¥Ò¥Þ¤¬¤Ê¤«¤Ã¤¿)¤·¤Æ¤ª¤ê¤Þ¤·¤¿¤±¤ì¤É¤â¡¢ÇãÆþ¤Î´ü´Ö¤¬Ä¹¤¯¤Ê¤Ã¤Æ¤¤¤±¤ÐÇãÆþ¤Ë¤è¤ë¥Ð¥é¥ó¥¹¥·¡¼¥È¤Î³ÈÂç¤È¥Þ¥¤¥Ê¥¹¶âÍø¤Î¥³¥ó¥Õ¥ê¥¯¥È¤¬À¸¤¸¤Æ¤¯¤ë(ÆüËܤΤ褦¤Ë)¤È»×¤¤¤Þ¤¹¤Î¤Ç¡¢¼ÂºÝÌäÂê¤È¤·¤Æ¤½¤Î¤Ø¤ó¤É¤¦¤Ê¤Î¤è¤È¤¤¤¦¤Î¤Ï¡¢Â¾¤Î»ñ¶â¶¡µë¥ª¥Ú¤Î¿ä°Ü¤Ê¤É¤â´Þ¤á¤ÆECB¤Î¥ª¥ÚÆâÍÆ(¥¹¥È¥Ã¥¯¤ÎÊý)¤â¸«¤Æ¡¢ÆüËܤξì¹ç¤ÈÈæ³Ó¤¹¤ë¤Î¤¬µÈ¤«¤ÈÇùÁ³¤È¥¤¥á¡¼¥¸Ãæ¡£ ¡Ø(5)Investment grade euro-denominated bonds issued by non-bank corporations established in the euro area will be included in the list of assets that are eligible for regular purchases.¡Ù ¥¥¿¥³¥ì!!!¤È»×¤Ã¤¿¤Î¤Ï¥¢¥¿¥¯¥·Åª¤Ë¤Ï¤³¤Ã¤Á¤Ç¡¢¥æ¡¼¥í·ú¤Æ¤ÎÈó¶âÍ»µ¡´ØÈ¯¹Ô¤ÎÅê»ñŬ³Êµé¤Î¼ÒºÄ¤Ë¤Ä¤¤¤ÆPSPP(¤«Ê̤Î̾Á°¤«ÃΤé¤ó¤±¤É)¤ÎÇãÆþÂоÝÌÃÊÁ¤Ë¤Ê¤ê¤Þ¤¹¤È¤¤¤¦¤³¤È¤Ç¡¢¼ÒºÄÇãÆþ¥ª¥ÚÅê²¼¥¥¿¥³¥ì¤È¤¤¤¦¤ªÏᣠ¤Ç¤Þ¤¢¤³¤ì¤Ï¥¥¿¥³¥ì¤Ï¥¥¿¥³¥ì¤Ç¤¹¤·¡¢Èó¶âÍ»µ¡´Ø¤Î¥¯¥ì¥¸¥Ã¥È¥³¥ó¥Ç¥£¥·¥ç¥ó¤¬²þÁ±¤·¤Æ¥³¥¹¥È¤ÎÄã²¼¤ä¥¢¥Ù¥¤¥é¥Ó¥ê¥Æ¥£¤Î³ÈÂ礬¿ÊŸ¤¹¤ë¤Î¤¬´ËÏÂÀ¯ºö¤Î¸ú²Ì¤Ç¤¹(¥¥ê¥Ã)¤È¤¤¤¦Ïäò±ä¡¹¤È¤·¤Æ¤ª¤ê¤Þ¤·¤¿¤Î¤Ç¡¢Ä¾Àܥ롼¥ÈÅê²¼¥¥¿¡¼¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢¤³¤ì¤Ë¤è¤Ã¤Æ¼ÚÆþ¶âÍø¤¬Äã²¼¤¹¤ë¤È¤Ê¤ê¤Þ¤¹¤È¡¢¶âÍ»µ¡´ØÅª¤Ë¤Ï°ìÃʤȤ·¤ó¤É¤¯¤Ê¤ë²ÄǽÀ¤â¤¢¤ë¤Ê¤¢¤È¤«»×¤Ã¤¿¤ê¤â¤·¤Þ¤¹¡£ ¤â¤Á¤í¤ó¤³¤ì¤Ë¤è¤ëÂ߽жâÍøÄã²¼¤Î¸ú²Ì¤ÎÊý¤¬Â礤¤¡¢¤È¤¤¤¦¤Î¤Ç¤¢¤ì¤ÐÅöÁ³Åê²¼¤µ¤ì¤ëÀ¯ºö¤Ç¤Ï¤¢¤ê¤Þ¤¹¤¬¡¢¿®Íѥꥹ¥¯¥¹¥×¥ì¥Ã¥É¤òÃæ¶ä¤ÎÇãÆþ¤Ç¿Í°ÙŪ¤Ë½Ì¾®¤µ¤»¤ë¡¢¤È¤¤¤¦¤Î¤âÄø¡¹¤Ë¤·¤Ê¤¤¤È¶âÍøÄã²¼¤Ë¤è¤ë´ë¶È¤Î¥³¥¹¥ÈÄã²¼¤è¤ê¤â¥¯¥ì¥¸¥Ã¥È¥¹¥×¥ì¥Ã¥É¤ËÂ礤ÊÏĤߤòȯÀ¸¤µ¤»¤ë¤³¤È¤Ë¤è¤ë»ñ¸»ÇÛʬ¤ÎÏĤߤ䡢¥Õ¥¡¥¤¥Ê¥ó¥·¥ã¥ë¥¹¥¿¥Ó¥ê¥Æ¥£¤ËÂФ¹¤ë°±Æ¶Á¤È¤«¤Î¤Û¤¦¤¬½Ð¤Æ¤¯¤ë¤Î¤Ç¤ª¼è¤ê°·¤¤¤Ï¿µ½Å¤Ë¡¢¤È¤Ï»×¤¤¤Þ¤¹¤±¤É¤Í¡£ ¡Ø(6)A new series of four targeted longer-term refinancing operations (TLTRO II), each with a maturity of four years, will be launched, starting in June 2016. Borrowing conditions in these operations can be as low as the interest rate on the deposit facility.¡Ù ²ñ¸«¤ÎÊý¤Ç¤â¤¦¤Á¤ç¤Ã¤ÈÀâÌÀ¤¬¤¢¤ê¤Þ¤·¤¿¤¬¡¢¤É¤¦¤âÂß½ÐÁý²Ã»Ù±ç¥ª¥Ú¤·¤«¤âÂ߽Фò¿Í¤è¤ê¤â¿¤¯Áý¤ä¤·¤Æ¤¤¤ë¤È¤´Ë«Èþ¤Ç¥Þ¥¤¥Ê¥¹¶âÍø¤Ç¶â¤òÂߤ·¤Æ¤ä¤ë¤ï¤È¤¤¤¦À©Å٤Τ褦¤Ç¤¹¤Í¡£ ¡ØThe President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:30 CET today.¡Ù ¤¤¤¦¤³¤È¤Ç¶âÍø¤ÈÎ̤˴ؤ·¤Æ¤Ï¤Þ¤¢¤³¤ÎÄøÅÙ¤«¤Ê¤¢¤È¤¤¤¦¥¢¥¿¥¯¥·Åª¤Ë¤Ï¾®½Ð¤·´¶¤¬¤¢¤ë¤Î¤Ç¤¹¤¬¡¢¼ÒºÄÇãÆþ¤ÎÊý¤¬¤ª¡¼½Ð¤·¤Æ¤¤Þ¤·¤¿¤Ê¤¢¤È¤¤¤¦´¶¤¸¤Ê¤Î¤È¡¢³ä¤Èʬ¤«¤ê¤ä¤¹¤¤¤Î¤òÅê²¼¤·¤¿¡¢¤È¤¤¤¦¤Î¤¬(Åö½é)¹¥´¶¤µ¤ì¤¿¤ó¤ó¤Ç¤¹¤«¤Í¤¨¤È¡£ ¡û²ñ¸«¤«¤é¾¯¡¹ ¤È¤¤¤¦¤³¤È¤Ç²ñ¸«¡£[³°Éô¥ê¥ó¥¯] Introductory statement to the press conference Mario Draghi, President of the ECB, Vitor Constancio, Vice-President of the ECB, Frankfurt am Main, 10 March 2016 ¡¦ËÁƬÀâÌÀ¤«¤é¾¯¡¹ ¡ØBased on our regular economic and monetary analyses, we have conducted a thorough review of the monetary policy stance, in which we also took into account the new macroeconomic projections by our staff extending into the year 2018. As a result, the Governing Council has decided on a set of measures in the pursuit of its price stability objective.¡Ù ·ÐºÑ¸«Ä̤·¸«Ä¾¤·¤Î·ë²ÌÄɲôËϤòÅê²¼¤Ç¡¢¼¡¤Ë¤¢¤ê¤Þ¤¹¤¬¡Öcomprehensive package¡×¤È¤¤¤¦»ö¤Î¤è¤¦¤Ç¡£ ¡ØThis comprehensive package will exploit the synergies between the different instruments and has been calibrated to further ease financing conditions, stimulate new credit provision and thereby reinforce the momentum of the euro area¡Çs economic recovery and accelerate the return of inflation to levels below, but close to, 2%.¡Ù ¤³¤³¤âËèÅÙ¤ÎÄɲôËϤǤÎÍý¶þ¤Ë¤Ê¤ê¤Þ¤¹¤¬¡¢º£²ó¤ÏÆÃ¤Ë¼ÒºÄÇãÆþ¥Í¥¿¤òÅê²¼¤·¤¿¤Î¤Ç¡¢¡Öfurther ease financing conditions, stimulate new credit provision¡×¤È¤¤¤¦¤Î¤ËÀâÆÀÎϰì±þÁý¤¹¤Î´¬¡£ ¡ØFirst, as regards the key ECB interest rates, we decided to lower the interest rate on the main refinancing operations of the Eurosystem by 5 basis points to 0.00% and the rate on the marginal lending facility by 5 basis points to 0.25%. The rate on the deposit facility was lowered by 10 basis points to -0.40%.¡Ù ¤³¤ì¤Ï¤µ¤Ã¤¤ÎÄ̤ꡣ ¡ØSecond, we decided to expand the monthly purchases under our asset purchase programme from ¥æ¡¼¥í60 billion at present to ¥æ¡¼¥í80 billion. They are intended to run until the end of March 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term.¡Ù Áý³Û¤Ï¤·¤Æ¤¤¤ë¤â¤Î¤Î¡¢»þ´Ö¼´Åª¤Ê»þ´ü¤Ï2017ǯ3·î¤Î¤Þ¤Þ¤Ê¤Î¤Í¡£ ¡ØTo ensure the continued smooth implementation of our asset purchases, we also decided to increase the issuer and issue share limits for the purchases of securities issued by eligible international organisations and multilateral development banks from 33% to 50%.¡Ù ÇãÆþ¤Ë¤¢¤¿¤Ã¤ÆÇãÆþŬ³Ê¤Î¹ñºÝ´ØÏ¢µ¡´ØÅù¤ÎÇãÆþ¸ÂÅÙ¤ò33%¤«¤é50%¤Ë³ÈÂ礹¤ë¤½¤¦¤Ê¡£ ¡ØThird, we decided to include investment-grade euro-denominated bonds issued by non-bank corporations established in the euro area in the list of assets that are eligible for regular purchases under a new corporate sector purchase programme.¡Ù ¥¥¿¥³¥ì¡£ ¡ØThis will further strengthen the pass-through of our asset purchases to the financing conditions of the real economy. Purchases under the new programme will start towards the end of the second quarter of this year.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¤³¤³¤ÎÉôʬ¤Ë¡Öfurther strengthen the pass-through of our asset purchases¡×¤È¤ªÏäò¤·¤Æ¤¤¤Þ¤¹¤Î¤Ç¡¢Íø²¼¤²¤È¤«ÇãÆþ³ÈÂç¤È¤«¤·¤Æ¤¤¤Þ¤¹¤¬¡¢¼ÂºÝÌäÂê¤È¤·¤Æ¤Ï¤³¤Ã¤Á¤Ë´üÂÔ¤·¤Æ¤¤¤ë¤ó¤¸¤ã¥Í¡¼¥Î¤È»×¤¦Ìõ¤Ç¡¢Á´ÊýÌ̤˥Хº¡¼¥«¤ò·â¤Ã¤Æ¤¤¤ë¤è¤¦¤Ë¸«¤»¤Æ¤Ï¤¤¤Þ¤¹¤±¤ì¤É¤â¡¢¼ÂºÝÌäÂê¤È¤·¤Æ¤Ï¶âÍøÉý10bp¤À¤·¥³¥ê¥É¥¢µÑ¤Ã¤Æ¹¤¬¤Ã¤Æ¤¤¤ë¤·¡¢¹¶·âÀµÌ̤Ͽ®ÍÑ´ËϤΤ褦¤Êµ¤¤¬¤¹¤ë¤ó¤Ç¤¹¤±¤É¤É¤¦¤Ê¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨(²ñ¸«¤Ç¤â¤¦¤Á¤ç¤Ã¤È¸«¤¨¤ë¤«¤â¤·¤ì¤Þ¤»¤ó¤¬¡¢²ñ¸«¤Ï¤µ¤Ã¤¤«¤éBGM¤Çή¤·¤Æ¤¤¤ë¤À¤±¤Ê¤Î¤Ç¤Á¤ã¤ó¤Èʹ¤¤¤Æ¤¤¤Ê¤¤¤Ç¤¹¡¢´À)¡£ ¡ØFourth, we decided to launch a new series of four targeted longer-term refinancing operations (TLTRO II), starting in June 2016, each with a maturity of four years. These new operations will reinforce the ECB¡Çs accommodative monetary policy stance and will strengthen the transmission of monetary policy by further incentivising bank lending to the real economy.¡Ù ¤Û¤¦¤Û¤¦¤½¤ì¤Ç¤½¤ì¤Ç? ¡ØCounterparties will be entitled to borrow up to 30% of the stock of eligible loans as at 31 January 2016. The interest rate under TLTRO II will be fixed over the life of each operation, at the rate on the Eurosystem¡Çs main refinancing operations prevailing at the time of take-up.¡Ù 4ǯ¤ÎÂ߽ФÇÂ߽жâÍø¤ÏÂ߽лþ¤ÎMRO¶âÍø¤Ç¼Â»Ü¤È¤ÏÂÀ¤ÃÊ¢¡£ºÇ½é¤Î¤ÏŬ³Ê¤Ê¥í¡¼¥ó»Ä¹â¤Î30%¤Þ¤Ç½Ð¤·¤Þ¤¹¤è¤È¤¤¤¦ÏäǤ¹¤¬¡¢¤³¤³¤Ç¤Á¤ç¤Ã¤ÈÀˤ·¤¤¤Î¤ÏͶâ¥Õ¥¡¥·¥ê¥Æ¥£¤ÈMRO¶âÍø¤Î´Ö¤Ë40bp¤Îº¹¤¬¤¢¤ë¤³¤È¤Ç¡¢4ǯFIX¤Ï¥ª¥¤¥·¥¤¤±¤ÉÌÜÀè40bp¤ÎµÕ¾ä¤È¤¤¤¦¤Î¤¬²¿¤È¤â¡£ ¡ØFor banks whose net lending exceeds a benchmark, the rate applied to the TLTRO II will be lower, and can be as low as the interest rate on the deposit facility prevailing at the time of take-up. There will be no requirement for mandatory early repayments under TLTRO II, and switches from TLTRO I will be allowed.¡Ù ¤Ç¤Þ¤¢¹¹¤Ë¥¤¥ó¥»¥ó¥Æ¥£¥Ö¤¬¤Ä¤¤¤Æ¤¤¤Æ¡¢Âß½ÐÁý²Ã¤¬¥Ù¥ó¥Á¥Þ¡¼¥¯¤è¤ê¿¤¤(¤Ã¤ÆÍפ¹¤ë¤Ë¾¤è¤ê¿¤¤¤È¤«¤½¤¦¤¤¤¦»ö¤Ç¤·¤ç¤¦)¾ì¹ç¤Ï¤´Ë«Èþ¤Ç¤³¤ÎÂ߽жâÍø¤¬¤è¤ê²¼¤¬¤ê¤Þ¤¹¤è°ìÈÖ²¼¤¬¤ë¤ÈͶâ¥Õ¥¡¥·¥ê¥Æ¥£¤Ç¤¹¤è¡¢¤È¤¤¤¦¤³¤È¤Ç¤·¤Æ¡¢¤³¤Î¤´Ë«Èþ¶âÍø¤¬¤É¤¦¤¤¤¦»È¤¤Êý¤ò¤µ¤ì¤ë¤Î¤«Ê¬¤«¤ê¤Þ¤»¤ó¤¬¡¢¤Þ¤¢¤³¤ÎÉôʬ¤Ë´Ø¤·¤Æ¤Ï¥¦¥Þ¡¼¤Ç¤¹¤Ê¡£¤¢¤ë°Ọ̃΢¸ý¤Î³¬Áع½Â¤Åª¤Ê¥µ¥à¥·¥ó¥°¤â´¶¤¸¤Þ¤¹¤±¤É¡£¤½¤ì¤«¤é²áµî¤ÎTLTRO¤«¤é¤Î¿¶¤êÂØ¤¨¤â²Äǽ¤À¤½¤¦¤Ç¡£ ¡ØFinally, looking ahead, taking into account the current outlook for price stability, the Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.¡Ù ɬÍפʤé¤Ð¤µ¤é¤Ê¤ëÁ¼Ã֤⤷¤Þ¤¹¤È¤¤¤¦¤Î¤Ï¤¤¤Ä¤â¤ÎÏäʤΤǤ³¤ì¤ÏÊ̤ËÊѤä¿ÏäǤϤʤ¤¡£ ¡ØSeparate press releases with further details of the measures taken by the Governing Council will be published this afternoon at 15:30 CET.¡Ù ECB¤Î¥È¥Ã¥×¥Ú¡¼¥¸¤¬ÊѤï¤Ã¤Æ¤«¤é¤³¤Î¼ê¤Î¥ê¥ê¡¼¥¹¤ÎÃÖ¤¾ì½ê¤¬Ìõʬ¤«¤é¤Ê¤¯¤Ê¤Ã¤Æ¤·¤Þ¤Ã¤Æ(¥È¥Ô¥Ã¥¯Ê̤ˤʤäƤ¤¤ë¤Î¤ÏÎɤ¤¤Î¤À¤±¤ì¤É¤â¡¢¡ÖWhat's New¡×¤Ï°ìÍ÷À¤ò»ý¤¿¤»¤Æ¤Û¤·¤¤¤È»×¤¦¤Î¤À¤¬¡¢ECB¤Ë¤·¤íBOE¤Ë¤·¤íºÇ¶á¥µ¥¤¥È¤Î¿·Ã夬ÆÉ¤ß¤Ë¤¯¤¤¤ó¤Ç¤¹¤è¤Í¡£ ¡ØAdding to the measures taken since June 2014, with today¡Çs comprehensive package of monetary policy decisions we are providing substantial monetary stimulus to counteract heightened risks to the ECB¡Çs price stability objective. While very low or even negative inflation rates are unavoidable over the next few months, as a result of movements in oil prices, it is crucial to avoid second-round effects by securing the return of inflation to levels below, but close to, 2% without undue delay.¡Ù ÌÜÀè¤Îʪ²Á¥Þ¥¤¥Ê¥¹²½¤ÏÈò¤±¤¬¤¿¤¤¤·¡¢2%ãÀ®¤âÃÙ¤ì¤ë¤Î¤Ç¤¹¤¬¡¢¤½¤ì¤Ë¤è¤ë2¼¡Åª¸ú²Ì¤Ë¤è¤ë¥¤¥ó¥Õ¥ì´üÂÔ¤ÎÄã²¼¤òÈò¤±¤ë°Ù¤Ë¤â¤³¤ÎÀ¯ºö¤òÅê²¼¤·¤Þ¤·¤¿¤è¤È¡£ ¡ØThe Governing Council will continue to monitor very closely the evolution of the outlook for price stability over the period ahead.¡Ù ¤Þ¤¢¤³¤ì¤Ï¤ªÂêÌܤߤ¿¤¤¤Ê¤â¤ó¡£ ¡¦·ÐºÑʪ²Á¤ÎÉôʬ¤«¤é¾¯¡¹ ¡ØLet me now explain our assessment in greater detail, starting with the economic analysis.¡Ù ¤È¤¤¤¦¤³¤È¤Ç°Ê²¼¤ÎÉôʬ¤ò¤Á¤ç¤Ã¤ÈÇÒÆÉ¡£ ¡ØEuro area real GDP growth was confirmed at 0.3%, quarter on quarter, in the fourth quarter of 2015, supported by domestic demand, while being dampened by a negative contribution from net exports. The most recent survey data point to weaker than expected growth momentum at the beginning of this year. Looking ahead, we expect the economic recovery to proceed at a moderate pace.¡Ù ¡ØDomestic demand should be further supported by our monetary policy measures and their favourable impact on financial conditions, as well as by continued employment gains benefiting from past structural reforms. Moreover, the low price of oil should provide additional support for households¡Ç real disposable income and private consumption, as well as corporate profitability and investment. In addition, the fiscal stance in the euro area is slightly expansionary, partly reflecting measures in support of refugees.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¹ñÆâ¼ûÍפ˴ؤ·¤Æ¤Ï¤½¤ó¤Ê¤Ë¼å¤¤ÏäϤ·¤Æ¤¤¤Þ¤»¤ó¤¬¡¢¶âÍ»À¯ºö¤Î¸ú²Ì¤È¤«Êª²Á¤¬¼å¤¤¤Î¤Ç¼Â¼Á²Ä½èʬ½êÆÀ¤¬¹¥Ä´¤È¤«¡¢¤Þ¤¢Ï䬤½¤ó¤Ê¤Ë°ÒÀª¤ÎÎɤ¤¤â¤Î¤Ç¤Ï¤Ê¤¤¤Î¤È¡¢ºÇ¸å¤Î°ìʸ¤Ï¤Û¤Û¡¼¤È»×¤¤¤Þ¤·¤¿¤è¡£ ¡ØHowever, the economic recovery in the euro area continues to be dampened by subdued growth prospects in emerging markets, volatile financial markets, the necessary balance sheet adjustments in a number of sectors and the sluggish pace of implementation of structural reforms.¡Ù ¤Þ¤¢¤³¤ì¤Ïº£¤Ë»Ï¤Þ¤Ã¤¿ÏäǤϤʤ¤¤è¤¦¤Ë¤â»×¤¨¤Þ¤¹¤¬¡£ ¡ØThis outlook is broadly reflected in the March 2016 ECB staff macroeconomic projections for the euro area, which foresee annual real GDP increasing by 1.4% in 2016, 1.7% in 2017 and 1.8% in 2018. Compared with the December 2015 Eurosystem staff macroeconomic projections, the outlook for real GDP growth has been revised slightly down, mainly reflecting the weakened growth prospects for the global economy.¡Ù ¥¹¥¿¥Ã¥Õ¤ÎÀ®Ä¹¸«Ä̤·¤ÏÄã²¼¤·¤¿¤È¡£ ¡ØThe risks to the euro area growth outlook remain tilted to the downside. They relate in particular to the heightened uncertainties regarding developments in the global economy, as well as to broader geopolitical risks.¡Ù À®Ä¹¸«Ä̤·¤Î¥ê¥¹¥¯¤¬¥À¥¦¥ó¥µ¥¤¥É¤Ë´ó¤Ã¤Æ¤¤¤ë¤È¤¤¤¦¤Î¤âËèÅÙÆ±¤¸¡£ ¡ØAccording to Eurostat¡Çs flash estimate, euro area annual HICP inflation was -0.2% in February 2016, compared with 0.3% in January. All main HICP components contributed to this decline.¡Ù ʪ²Á¤Ï¥Ø¥í¥Ø¥í¡£ ¡ØLooking ahead, on the basis of current futures prices for energy, inflation rates are expected to remain at negative levels in the coming months and to pick up later in 2016.¡Ù ¤¢¤Á¤ã¡¼¡£ ¡ØThereafter, supported by our monetary policy measures and the expected economic recovery, inflation rates should recover further.¡Ù ¶âÍ»À¯ºö¤Î¸ú²Ì¤Ç¤½¤ÎÀè¤Ï¾å¤¬¤Ã¤Æ¤¤¤¯¤ó¤Ç¤¹¤È¤è¡£¤Þ¤¢¤½¤¦¤À¤ÈÎɤ¤¤Ç¤¹¤Í(ËÀÆÉ¤ß)¤È¤¤¤¦´¶¤¸¤Ç¤¹¤¬¡£ ¡ØThe Governing Council will closely monitor price-setting behaviour and wage developments in the euro area, paying particular attention to ensure that the current low inflation environment does not become entrenched in second-round effects on wage and price-setting.¡Ù ½¾Íè¤Ï2¼¡Åª¸ú²Ì¤È¤·¤Æ¤Î¥¤¥ó¥Õ¥ì´üÂÔ¤ò¤É¤¦¤Î¤³¤¦¤Î¤È¤«¸À¤Ã¤Æ¤Þ¤·¤¿¤±¤ì¤É¤â¡¢º£²ó¤Ï2¼¡Åª¸ú²Ì¤Ë´Ø¤·¤Æ²Á³ÊÀßÄê¹Ôư¤ÈĶâ¤Îư¤¤ò¸«¤Æ¹Ô¤¤Þ¤¹¡¢¤È¶ñÂÎŪ¤Êư¤¤ËÂФ·¤Æ¸ÀµÚ¤·¤Æ¤¤¤Þ¤¹¤Ê¡£¤³¤ì¤é¤¬¼å¤¯¤Ê¤Ã¤Æ¤¯¤ë¤È¤Þ¤¿²¿¤«¤ä¤é¤Ê¤¤¤È¤¤¤±¤Ê¤¯¤Ê¤ë¤È¤¤¤¦°ÕÌ£¤Ç¤Ï¤Á¤ç¤Ã¤ÈÁê¾ìÄ¥¤Ã¤Æ¤¤¤ë´¶¤¬¤¢¤ë¡£ ¡ØThis broad pattern is also reflected in the March 2016 ECB staff macroeconomic projections for the euro area, which foresee annual HICP inflation at 0.1% in 2016, 1.3% in 2017 and 1.6% in 2018. In comparison with the December 2015 Eurosystem staff macroeconomic projections, the outlook for HICP inflation has been revised down, mainly reflecting the fall in oil prices over recent months.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢°Ê²¼¥Þ¥Í¥¿¥ê¡¼¤ÎÏäÈËèÅ٤ι½Â¤²þ³×¤È¤«ºâÀ¯¤ÎÏäˤʤë¤Î¤Ç¤¹¤¬»þ´Ö¤Î´Ø·¸¤â¤¢¤ë¤Î¤Ç¥Ñ¥¹¤È¤¤¤¦¤³¤È¤Ç(´À)¡£ #¤È¤¤¤¦¤³¤È¤Ç»Ô¾ì¥Í¥¿¤È¤«ºòÆü¤Î³¤¤È¤«²ÚÎï¤Ë¥Ñ¥¹¤·¤Æ¤·¤Þ¤¤¤Þ¤·¤¿¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó
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March 7, 2016 Reflections on Macroeconomics Then and Now Á°È¾¤Ï¥Ñ¥¹(ÌÌÇò¤¤¤ó¤Ç¤¹¤±¤É)¤·¤Þ¤·¤Æ¸åȾ¤«¤é»²¤ê¤Þ¤¹¡£Á°È¾¤ÏMacroeconomics Then and Now¤Î¤¦¤Á¤ÎThen¤Ç¤³¤³¤«¤é¤¬Now¤È¤Ê¤Ã¤Æ¤¤¤Þ¤·¤Æ¡¢ ¡ØWell, that was then, and many of the problems we face in our economy now relate to the changes in the stylized facts about the behavior of the economy: Every one of Kaldor's stylized facts is no longer true, and unfortunately the changes are mostly in a direction that complicates the formulation of economic policy.6¡Ù ¡ØWhile the basic approach outlined so far remains valid, and can be used to address many macroeconomic policy issues, I would like briefly to take up several topics in more detail. Some of them are issues that have remained central to the macroeconomic agenda over the past 50 years, some have to my regret fallen off the agenda, and others are new to the agenda.¡Ù ¤È¤¤¤¦¤³¤È¤Ç²ÝÂ꤬ʤó¤Ç¤¤¤ë¤Î¤Ç¤³¤Á¤é¤¬º£¤ÎÏÀÅÀ¤È¤¤¤¦¤³¤È¤Ç¡£ ¡¦¥Õ¥£¥ê¥Ã¥×¥¹¶ÊÀþ¤Ï¥ï¡¼¥¯¤·¤Æ¤¤¤ë¤è¤È¤¤¤¦ÀâÌÀ ¡ØInflation and unemployment:¡Ù¤È¤¤¤¦¤Î¤¬ºÇ½é¤Î¤ªÂê¡£ ¡ØEstimated Phillips curves appear to be flatter than they were estimated to be many years ago--in terms of the textbooks, Phillips curves appear to be closer to what used to be called the Keynesian case (flat Phillips curve) than to the classical case (vertical Phillips curve). Since the U.S. economy is now below our 2 percent inflation target, and since unemployment is in the vicinity of full employment, it is sometimes argued that the link between unemployment and inflation must have been broken.¡Ù ¡ØI don't believe that. Rather the link has never been very strong, but it exists, and we may well at present be seeing the first stirrings of an increase in the inflation rate--something that we would like to happen.¡Ù ¥Õ¥£¥Ã¥·¥ã¡¼¤µ¤ó¤ÏÀޤ˿¨¤ì¤Æ¤³¤ÎÏäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢º£²ó¤âºÇ½é¤¬¤³¤ì¤Ç¤·¤Æ¡¢¤Ä¤Þ¤ê¤Ï¸ÛÍѤξõ¶·¤¬Îɤ¤¾õÂÖ¤¬Â³¤¤¤Æ¤¤¤ë¤Î¤Ç¤¢¤ì¤Ðʪ²Á¤Ï¾å¤¬¤Ã¤Æ¤¯¤ë¤Ç¤·¤ç¡¢¤È¤¤¤¦Ç§¼±¤Ë¤ÏÊѲ½¤¬Ìµ¤¤¤È¤¤¤¦¤ªÏäǤ¹¤Ê¡£ ¡¦À¸»ºÀ¤ÎÄã²¼¤Ï±Æ¶Á¤¬Â礤¤¤È»ØÅ¦ ¼¡¤¬¡ØProductivity and growth:¡Ù ¡ØThe rate of productivity growth in the United States and in much of the world has fallen dramatically in the past 20 years. The table shows calculated rates of annual productivity growth for the United States over three periods: 1952 to 1973; 1974 to 2007; and the most recent period, 2008 to 2015. After having been 3 percent and 2.1 percent in the first two periods, the annual rate of productivity growth has fallen to 1.2 percent in the period since the start of the global financial crisis.¡Ù À¸»ºÀ¤¬Äã²¼¤·¤Æ¤¤Æ¤¤¤ë¤È¤¤¤¦¤³¤È¤Ç¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØThe right guide to thinking in this case is given by a famous Herbert Stein line: "The difference between a growth rate of 1 percent and 2 percent is 100 percent." Why? Productivity growth is a major determinant of long-term growth. At a 1 percent growth rate, it takes income 70 years to double. At a 2 percent growth rate, it takes 35 years to double.¡Ù ¡ØThat is to say, that with a growth rate of 1 percent per capita, it takes two generations for per capita income to double; at a 2 percent per capita growth rate, it takes one generation for per capita income to double. That is a massive difference, one that would very likely have severe consequences for the national mood, and possibly for economic policy.¡Ù ¡ØThat is to say, there are few issues more important for the future of our economy, and those of every other country, than the rate of productivity growth.¡Ù À¸»ºÀ¤¬2%¤«¤é1%¤ËÄã²¼¤È¤¤¤¦¤Î¤Ï¡Ö1%Äã²¼¡×¤Ç¤Ï¤Ê¤¯¤Æ¡ÖȾʬ¡×¤Ç¤¢¤ë¡¢¤È¤¤¤¦ÀâÌÀ¤ò¤À¤·¤Æ¤¤¤Þ¤·¤Æ¡¢À¸»ºÀÄã²¼¤Î±Æ¶Á¤¬Â礤¤¤È¡£ ¡ØAt this stage, we simply do not know what will happen to productivity growth.Robert Gordon of Northwestern University has just published an extremely interesting and pessimistic book that argues we will have to accept the fact that productivity will not grow in future at anything like the rates of the period before 1973. Others look around and see impressive changes in technology and cannot believe that productivity growth will not move back closer to the higher levels of yesteryear.7¡Ù ¡ØA great deal of work is taking place to evaluate the data, but so far there is little evidence that data difficulties account for a significant part of the decline in productivity growth as calculated by the Bureau of Labor Statistics.8¡Ù À¸»ºÀ¤Î·×¬¤Ë´Ø¤·¤Æ¤Ï´Êñ¤Ë·×¬¤Ç¤¤ë¤È¤¤¤¦Ìõ¤Ç¤â¤Ê¤¤¤Î¤Ç¡¢¤½¤³¤ò¤É¤¦·×¬¤¹¤ë¤Î¤«¤È¤¤¤¦ÅÀ¤Ï¥Þ¥¯¥í·ÐºÑ¤Î¸¦µæ¤È¤·¤Æ¤âÂ礤ʲÝÂê¤Ç¤½¤ÎÅÀ¤Ë¤Ä¤¤¤ÆÀºÅÙ¤ò¹â¤á¤ë¤è¤¦¤Ê¼èÁȤ¬Â³¤¤¤Æ¤¤¤ë¤½¤¦¤Ê¡£ ¡¦¥¼¥í¶âÍøÀ©Ìó¤ÎÏäǤϥޥ¤¥Ê¥¹¶âÍø¤Ë´Ø¤¹¤ë¥³¥á¥ó¥È¤¬Èù̯¤ËÅú¤¨¤òÈò¤±¤Æ¤¤¤ë´¶¤¸ ¡ØThe ZLB and the effectiveness of monetary policy:¡Ù¤È¤¤¤¦¤ªÂê¤Ç¤¹¤¬¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØFrom December 2008 to December 2015, the federal funds rate target set by the Fed was a range of 0 to 1/4 percent, a range of rates that was described as the ZLB (zero lower bound).9 Between December 2008 and December 2014, the Fed engaged in QE--quantitative easing--through a variety of programs. Empirical work done at the Fed and elsewhere suggests that QE worked in the sense that it reduced interest rates other than the federal funds rate, and particularly seems to have succeeded in driving down longer-term rates, which are the rates most relevant to spending decisions.¡Ù ¥¼¥í¶âÍøÀ©Ìó¤ÎÃæ¤ÇQE¤Ï¸ú²Ì¤ò½Ð¤·¤Þ¤·¤¿¤È¤¤¤¦ÏäϤޤ¢ÅöÁ³¤Ë¤µ¤ì¤Þ¤¹¤ï¤Ê¡£ ¡ØCritics have argued that QE has gradually become less effective over the years, and should no longer be used.It is extremely difficult to appraise the effectiveness of a program all of whose parameters have been announced at the beginning of the program.¡Ù QE¤¬ÎßÀѤ¹¤ë¤È¸ú²Ì¤¬Ìµ¤¯¤Ê¤ë¡¢¤È¤¤¤¦È¿ÂÐÏÀ¤¬¤¢¤ë¤¬¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØBut I regard it as significant with respect to the effectiveness of QE that the taper tantrum in 2013, apparently caused by a belief that the Fed was going to wind down its purchases sooner than expected, had a major effect on interest rates.¡Ù Tapering¥È¡¼¥¯¤Ç¶âÍø¤¬¾å¤¬¤Ã¤¿¤Î¤ò¸«¤Æ¤âQE¤Ë¸ú²Ì¤¬¤¢¤Ã¤¿¤È¤¤¤¦¤³¤È¤Ç¤Ï¤Ê¤¤¤«¡¢¤È¤¤¤¦ÀâÌÀ¤Ï¥¤¥ó¥Á¥¤¯¤µ¤¤¤Ç¤¹¤¬¤Þ¤¢¸À¤¤¤¿¤¤»ö¤Ïʬ¤«¤é¤ó¤Ç¤â¤Ê¤¤¡£ ¡ØMore recently, critics have argued that QE, together with negative interest rates, is no longer effective in either Japan or in the euro zone.That case has not yet been empirically established, and I believe that central banks still have the capacity through QE and other measures to run expansionary monetary policies, even at the zero lower bound.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢²¤½£¤ÈÆüËܤΥޥ¤¥Ê¥¹¶âÍø¹þ¤ßÀ¯ºö¤Ë´Ø¤·¤Æ¤ÎÈãȽ¤¬½Ð¤Æ¤¤Æ¤¤¤Þ¤¹¤¬¡¢¤È¤·¤é¤Ã¤È¸ÀµÚ¤·¤Æ¤¤¤ë¤Î¤¬Ã桹¤ªÞ¯Íî¤Ç¤¹¤¬¡¢¥Þ¥¤¥Ê¥¹¶âÍø¤Ø¤ÎÏäÏÈò¤±¤ÆQE¤Ï¸ú¤¯¤È¿®¤¸¤Æ¤¤¤Þ¤¹(¥¥ê¥Ã)¤ÇÏäòí¾¤·¤Æ¤ª¤ê¤Þ¤·¤Æ¡¢¤³¤ì¤Ï¥Õ¥£¥Ã¥·¥ã¡¼¤µ¤óŪ¤Ë¤âÃæ¡¹¥à¥Ä¥«¥·¥ä¤ÊÏÃ(»Ï¤Þ¤Ã¤¿¤Ð¤«¤ê¤Ç¤â¤¢¤ê¤Þ¤¹¤·)¤È¤¤¤¦»ö¤Ê¤ó¤Ç¤·¤ç¤¦¤Ê¡£ ¡¦ºâÀ¯¤È¶âÍ»À¯ºö¤Îµ¡Æ°À ¼¡¤¬¡ØThe monetary-fiscal policy mix:¡Ù¤Ç¤¹¡£ ¡ØThere was once a great deal of work on the optimal monetary-fiscal policy mix. The topic was interesting and the analysis persuasive. Nonetheless the subject seems to be disappearing from the public dialogue; perhaps in ascendance is the notion that--except in extremis, as in 2009--activist fiscal policy should not be used at all. Certainly, it is easier for a central bank to change its policies than for a Treasury or Finance Ministry to do so, but it remains a pity that the fiscal lever seems to have been disabled.¡Ù µ¡Æ°À¤¬¤É¤¦¤Î¤³¤¦¤Î¤ÎÏäϤޤ¢¤½¤¦¤Ç¤¹¤Í¤È¤¤¤¦½ê¤Ç ¡¦¶âÍ»¥»¥¯¥¿¡¼¤Î°ÂÄêÀ ¼¡¤¬¡ØThe financial sector:¡Ù¤Ç¤¹¤Ê¡£ ¡ØCarmen Reinhart and Ken Rogoff's book, This Time Is Different, must have been written largely before the start of the great financial crisis.¡Ù ¤½¤¦Í褿¤«¡£ ¡ØI find their evidence that a recession accompanied by a financial crisis is likely to be much more serious than an ordinary recession persuasive, but the point remains contentious. Even in the case of the Great Recession, it is possible that the U.S. recession got a second wind when the euro-zone crisis worsened in 2011. But no one should forget the immensity of the financial crisis that the U.S. economy and the world went through following the bankruptcy of Lehman Brothers--and no one should forget that such things could happen again.¡Ù ¶âÍ»´íµ¡¤òµ¯¤³¤µ¤»¤Ê¤¤¤³¤È¤¬½ÅÍפȤ¤¤¦¤Î¤Ï¤Þ¤¢½çÅö¤ÊÏÀÅÀ¡£ ¡ØThe subsequent tightening of the financial regulatory system under the Dodd-Frank Act was essential, and the complaints about excessive regulation and excessive demands for banks to hold capital betray at best a very short memory.¡Ù ¤³¤³¤Ç¤·¤é¤Ã¤È¶âÍ»µ¬À©¤Ë¤è¤ë¶âÍ»°ú¤Äù¤á¸ú²Ì¤Ë¤Ä¤¤¤Æ¸ÀµÚ¤·¤Æ¤¤¤ë¤Î¤¬¥Á¥ã¡¼¥ß¥ó¥°¡£ ¡ØWe, the official sector and particularly the regulatory authorities, do have an obligation to try to minimize the regulatory and other burdens placed on the private sector by the official sector--but we have a no less important obligation to try to prevent another financial crisis. And we should also remember that the shadow banking system played an important role in the propagation of the financial crisis, and endeavor to reduce the riskiness of that system.¡Ù ¤È¤¤¤¦¤³¤È¤Ç¡¢¶âÍ»µ¬À©¤Ë¤è¤ë°úÄù¤á¤È¤¤¤¦¥Ç¥á¥ê¥Ã¥È¤¬¤¢¤Ã¤Æ¤â¡¢¶âÍ»´íµ¡¤òµ¯¤³¤µ¤»¤Ê¤¤¤Î¤¬Âç»ö¤È¤¤¤¦Ïäò(½çÅö¤Ç¤¹¤¬)¤·¤Æ¤¤¤Þ¤·¤Æ¡¢¤³¤ÎÊÕ¤ê¤ò¸«¤Þ¤¹¤È¥Õ¥£¥Ã¥·¥ã¡¼¤µ¤ó¶âÍ»Àµ¾ï²½ÇɤȤϸÀ¤Ã¤Æ¤â¡¢¤½¤ÎºÝ¤Ëµ¬À©¤Ë¤è¤ë°ú¤Äù¤á¸ú²Ì¤ò´ª°Æ¤·¤ÆÀµ¾ï²½¤ò¤·¤Æ¤¯¤ë¤Ç¤·¤ç¤¦¤Ê¤¢¤È¤¤¤¦É÷¤Ë¤ª¤â¤ï¤ì¤Þ¤¹¡£ ¡¦¸¶Ìý²Á³Ê¤Îɾ²Á¤ÏµÞ·ã¤Ê²¼Íîj¤Î°±Æ¶Á¤â»ØÅ¦ ¡ØThe economy and the price of oil:¡Ù¤È¤¤¤¦¤Î¤¬¼¡¤Ç¤·¤Æ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ ¡ØFor some time, at least since the United States became an oil importer, it has been believed that a low price of oil is good for the economy.¡Ù ¤ÈºÇ½é¤Ï¥È¡¼¥¿¥ë¥×¥é¥¹¤È¤¤¤¦Ïäò¤·¤Æ¤¤¤Þ¤¹¤¬¡¢ ¡ØSo when the price of oil began its descent below $100 a barrel, we kept looking for an oil-price-cut dividend. But that dividend has been hard to discern in the macroeconomic data. Part of the reason is that as a result of the rapid expansion of the production of oil from shale, total U.S. oil production had risen rapidly, and so a larger part of the economy was adversely affected by the decline in the price of oil. Another part is that investment in the equipment and structures needed for shale oil production had become an important component of aggregate U.S. investment, and that component began a rapid decline. For these reasons, although the United States has remained an oil importer, the decrease in the world price of oil had a mixed effect on U.S. gross domestic product.¡Ù ¤È¤¤¤¦¤³¤È¤ÇµÞ®¤Ê²¼¤²¤Ë¤è¤ë°±Æ¶Á¤â»ØÅ¦¤·¤Æ¡¢¡Ö mixed effect on U.S. gross domestic product¡×¤È¤·¤Æ¤¤¤Þ¤¹¡£ ¡ØThere is reason to believe that when the price of oil stabilizes, and U.S. shale oil production reaches its new equilibrium, the overall effect of the decline in the price of oil will be seen to have had a positive effect on aggregate demand in the United States, since lower energy prices are providing a noticeable boost to the real incomes of households.¡Ù ²Á³Ê¤¬Íî¤ÁÃ夤¤Æ¤¤Æ¡¢¥·¥§¡¼¥ë¤ÎÀ¸»º¤â°ÂÄꤷ¤Æ¤¯¤ì¤Ð¥È¡¼¥¿¥ë¤Ç¤Ï¥×¥é¥¹¤Î¸ú²Ì¤Ë¤Ê¤ë¤Ç¤·¤ç¤¦¡¢¤È¤¤¤¦·ëÏÀ¤Ë¤Ï¤Ê¤Ã¤Æ¤¤¤Þ¤¹¡£ ¡¦Ä¹´üÄäÂÚÏÀ¤Î½ê¤¬Ä¹¤¤¤Î¤Ç¤¹¤¬»þ´Ö¤¬¤¬¤¬¤¬¤¬¤¬ ¤¹¤¤¤Þ¤»¤ó¤¹¤¤¤Þ¤»¤ó¡£¡ØSecular stagnation:¡Ù¤Î½ê¤¬¤ä¤¿¤éŤ¤¤Î¤Ç¤¹¤¬»þ´Ö¤ÈÎ̤δط¸¾å(¤¿¤Ö¤ó)ÌÀÆü³¤¤ò¤ä¤ê¤Þ¤¹¤Ç¤¹¡£¤Ï¤¤¡£
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