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[³°Éô¥ê¥ó¥¯] Draghi, President of the ECB,
Vitor Constancio, Vice-President of the ECB,
Frankfurt am Main, 26 October 2017

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¡ØIn the past you have always stressed when you were buying ¥æ¡¼¥í80 billion or ¥æ¡¼¥í60 billion that there will be no abrupt end to the purchases in order to avoid cliff effects. Now, given the new amount of ¥æ¡¼¥í30 billion, is that still valid? So will there be in any case a phasing out of the purchases? Or from that level would it possible to stop them immediately from one month to the other?¡Ù

¡ØYou've also stressed the sequencing between net purchases and interest rate hikes. Is there also such a sequencing between interest rate hikes and balance sheet reduction? For example the Fed in the US had always argued that it would only start reducing its balance sheets once the interest rate normalisation was well underway. Is that a pattern you would also follow?¡Ù

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¡ØDraghi: Well, the answer to the second question is, we really - no, we haven't discussed it at all.¡Ù

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¡ØTo the first question, I said before that the decision today is for an open-ended programme.¡Ù

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¡ØI may add certainly it's not going to stop suddenly. It's not going to stop suddenly, it's never been our view that things should stop suddenly.¡Ù

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¡ØBut it's open-ended and the large majority of the Governing Council expressed its preference for keeping it open-ended. This is because basically, for a variety of reasons.¡Ù

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¡ØOne of course is to reaffirm a steadfast commitment of the Governing Council to pursue the price stability objective. But also it's due to the fact that there is still a large amount of uncertainty and therefore prudence has inspired many governors to opt for this possibility. So basically, that's what we decided. That's right. Sorry, you¡Ä¡Ù

¡ØConstancio: No, I am saying that the second question; we do have a sequence which is defined and reaffirmed today so¡Ä¡Ù

¡ØDraghi: No, but the question here was the sequence about net asset purchases is defined today. The new sequence you are pointing out was actually the same question I have received before. There isn't any sequence between the balance sheet - the stock and the interest rates. No, we have not discussed that.¡Ù

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¡ØThird, the Eurosystem will reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary. This will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance.¡Ù

¡ØAnd fourth, we also decided to continue to conduct the main refinancing operations and three-month longer-term refinancing operations as fixed rate tender procedures with full allotment for as long as necessary, and at least until the end of the last reserve maintenance period of 2019.¡Ù

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¡ØOn the new guidance that you provide on reinvestment that they will continue for an extended period of time and for as long as necessary, could you explain a bit more of what you mean with as long as necessary? How this guidance interacts with the one on rates, is there a sequence? Are they for the same period of time, more or less?(¸åȾ¤Î¼ÁÌä³ä°¦)¡Ù

¡ØDraghi: Now, the guidance on reinvestment is not related to rates. The sequence stays what it is, namely this - the interest rates will stay and they remain at their present - are expected to remain at their present levels for an extended period of time and well past the horizon of our net asset purchases.¡Ù

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¡ØHowever as we moved forward not only this year but also in a previous years, the amounts that we've purchased, the stock has become more and more important. This year as we continue asset purchases, it will keep on increasing. So the commitment that the Eurosystem has taken today is that it will reinvest the principal payments for maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases and in any case, as long as necessary. So there isn't any specific link with interest rates. There is no link here.¡Ù

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¡ØNow, of course as I said I want to stress the importance of reinvestment. I'll never forget that in December 2015 in one of my press - usual periodic press conference like this, we announced a series of measures. We also said, 'Look, we are going to reinvest this.' Basically, there was no reaction, not at all.¡Ù

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¡ØNot only that but it was actually considered to be totally marginal and in fact there were many sort of wrong estimates of what these potential reinvestments might be. Now, since then we bought a lot of bonds. So this stock now is sizeable and has become an important component of our - as we say here, this continued monetary support is provided by the additional net asset purchases by three elements. The sizeable stock of acquired assets and the forthcoming reinvestments, so the stock and the reinvestments, and by our forward guidance on interest rates. So the three elements interact, act together.¡Ù

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¡ØBack in December you announced the reduction of the QE, but you insisted it shouldn't be called tapering. After this new recalibration can we assume that the ECB is now tapering, with that word?(¸åȾ³ä°¦)¡Ù

¡ØDraghi: So the answer to the first question is no. As a matter of fact, there was also another thing that's not discussed. We discussed whether it was proper having open-ended or closed end. As I said a few members would rather have a closed end date or an announcement or some signal that we would go towards that. But then the large majority of the Council preferred to have it open-ended.¡Ù

¡ØBut there was another thing we didn't discuss: tapering. I don't think this word had been pronounced, if I am not mistaken. In any event it was not discussed and so this is not tapering; it's just a downsize. As I said before, it's consistent with our feedback rule which had been - we've been using all throughout.(¸åȾ³ä°¦)¡Ù

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[³°Éô¥ê¥ó¥¯] Draghi, President of the ECB,
Vitor Constancio, Vice-President of the ECB,
Frankfurt am Main, 26 October 2017

¡ØFirst, the key ECB interest rates were kept unchanged and we continue to expect them to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases.¡Ù

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¡ØSecond, as regards non-standard monetary policy measures, we will continue to make purchases under the asset purchase programme (APP) at the current monthly pace of ¥æ¡¼¥í60 billion until the end of December 2017. From January 2018 our net asset purchases are intended to continue at a monthly pace of ¥æ¡¼¥í30 billion until the end of September 2018, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim. If the outlook becomes less favourable, or if financial conditions become inconsistent with further progress towards a sustained adjustment in the path of inflation, we stand ready to increase the APP in terms of size and/or duration.¡Ù

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¡ØThird, the Eurosystem will reinvest the principal payments from maturing securities purchased under the APP for an extended period of time after the end of its net asset purchases, and in any case for as long as necessary. This will contribute both to favourable liquidity conditions and to an appropriate monetary policy stance.¡Ù

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[³°Éô¥ê¥ó¥¯] Normalization in the United States

Raphael Bostic
President and Chief Executive Officer
Federal Reserve Bank of Atlanta

Unconventional Monetary Policy: Lessons Learned Conference
International Finance Centre
Hong Kong
October 12, 2017

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ºÇ½é¤Î¾®¸«½Ð¤·¤¬¡ØWhy now? Current state of the U.S. economy¡Ù¤Ê¤Î¤Ç¤¹¤¬¡¢·ÐºÑ¤Îǧ¼±¤Ï´ðËÜŪ¤Ë¶¯¤¤¤Î¤Ç¤¹¤±¤ì¤É¤â¡¢Êª²Á¤Ë´Ø¤¹¤ë¤È¤³¤í¤¬Â­¸µ¤Îʪ²Á¤Ë¥¦¥§¥¤¥È¤òÃÖ¤¤¤Æ¤¤¤ë(¤¹¤Ê¤ï¤Á¡Ö´ðĴŪ¤Ë¶¯¤¤¤Î¤Ç¤¹¤«¤é̵ÌäÂê¡×Ū¤ÊÏäò¤·¤Ê¤¤¤È¤¤¤¦»ö¤Ç¤¹)´¶¤¬¤¢¤ê¤Þ¤¹¤Ê¡£
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¡ØSo why is the Fed embarking on balance-sheet normalization now? The short answer is that the U.S. economy appears to be on solid footing, and there are several signs that this performance is likely to continue. This year, the U.S. economy is expanding at roughly a 2 percent pace.¡Ù

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¡ØMoreover, household incomes continue to rise, reflecting ongoing improvement in the labor market. These trends should provide support for increased consumer spending.¡Ù

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¡ØOver the past few years, business investment in the United States has been tepid, partly reflecting a decline in the energy and mining sectors. However, investment growth has picked up over the past few quarters, and I expect it to continue to expand at a pace more consistent with a typical expansion.¡Ù

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¡ØExports have also rebounded over the past few quarters, which should help boost the U.S. factory sector. This improvement reflects a stronger global growth profile and a slight depreciation in the dollar this year.¡Ù

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¡ØNotwithstanding the weak, hurricane-affected September jobs figure, the underlying strength in the labor market has been somewhat of an upside surprise.¡Ù

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¡ØNow, it is true that there are few signs that wage growth in the United States is accelerating.¡Ù

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¡ØRetail price pressures, like wage growth, appear to be muted.¡Ù

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¡ØThe year-over-year growth rate in the Fed's preferred index of inflation-the personal consumption expenditures, or PCE, price index-was at 1.4 percent in August. This is noticeably lower than the inflation rate we had entering into the year, which was near the FOMC's 2 percent longer-run target. Importantly, the weak inflation numbers are not just in the headline statistics. We have also witnessed a slowing in some measures of underlying inflation, such as the core PCE and the Dallas Fed's trimmed-mean PCE measure.¡Ù

¤ÈÍè¤Æ¤¤¤Þ¤·¤Æ¡¢1.4%¤Îʪ²Á¾å¾ºÎ¨¤¬Ç¯½é¤ÎÊդ꤫¤é¤ß¤ë¤È¡Önoticeably lower¡×¤È¤«¤æ¤¦¤È¤ë¾å¤Ë¡¢¥Ø¥Ã¥É¥é¥¤¥ó¤À¤±¤Ç¤Ï¤Ê¤¯´ðĴŪ¤Êʪ²Á¤â¾å¾º¤¬¥¹¥í¡¼¤Ë¤Ê¤Ã¤Æ¤¤¤ë¡¢¤ÈÍè¤Æ¤¤¤Þ¤·¤Æ¡¢Êª²Á¤Ë´Ø¤¹¤ë¸ÀµÚ¤ÎÊý¤Ï¤Þ¡¼¤Ñ¤Ã¤È¤·¤Þ¤»¤ó¤Ê¡¢¤È¤¤¤¦´¶¤¸¤Ç¤¤¤­¤Ê¤ê°ÒÀª¤¬°­¤¯¤Ê¤ë¤È¤¤¤¦¤Î¤¬Ì£¤ï¤¤¤¬¤¢¤ê¤Þ¤¹¡£



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¼¡¤Î¾®¸«½Ð¤·¤¬¡ØExpected effects of unwinding the Fed's balance sheet¡Ù¤È¤¤¤¦¤³¤È¤Ç¥Ð¥é¥ó¥¹¥·¡¼¥È
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¡ØRecent work by Board of Governors staff estimates that, overall, the three major asset-purchase programs resulted in something on the order of a 100-basis-point decline in the 10-year Treasury yield. This result is primarily attributed to the Fed's acting as a consistent buyer of longer-dated securities, which removed some of the risk to private buyers of these securities and hence reduced the interest rate required by market participants to hold them. Other estimates of the effects of the Fed's asset-purchase programs are in the ballpark of the Board staff estimates.¡Ù

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[³°Éô¥ê¥ó¥¯] NotesThe Effect of the Federal Reserve¡Çs Securities Holdings on Longer-term Interest RatesBrian Bonis, Jane Ihrig, Min Wei1

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¡ØAs we embark on balance-sheet reductions, there is a natural question: Will these effects be felt in reverse? That is, will the reduction of reinvestments increase 10-year yields and tighten financial conditions as we proceed with winding down the balance sheet?¡Ù

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¡ØWhile much is uncertain about this unprecedented policy unwinding, there are good reasons to think that the effects of a gradual and predictable ramping down of the balance sheet will be smaller than the effects measured as the balance sheet expanded.¡Ù

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¡ØFirst, it is plausible to think that the effects of large-scale asset-purchase programs are more powerful in times of instability and significant market disruption. Reductions in risk during times of heightened sensitivity to risk should induce stronger market reactions than during times when risks are considered largely manageable or low.¡Ù

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¡ØSecond, the size of the maximum monthly reductions will be quite low. To start, the balance sheet will be reduced by no more than $10 billion per month. Even at the maximum planned rate of at most $50 billion per month, the monthly reductions will be less than the pace of accruals during the earlier asset-purchase programs. Thus, the exit will be less dramatic than the entry.¡Ù

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¡ØThird, as the economy has grown, the housing market has stabilized, the stock of outstanding Treasury debt has expanded, and the footprint of the Fed's asset holdings relative to the market has declined. In that sense, some reduction of policy accommodation associated with previous balance-sheet actions has already happened, and hence some fraction of the ultimate market effect has already occurred.¡Ù

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¡ØFinally, the FOMC communicated its decision to begin reducing the stock of assets held by the Fed, and the contours of its approach, well in advance.¡Ù

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¡ØThe series of slowly increasing caps on the size of the balance-sheet reductions that the FOMC has outlined will help ensure that markets can predict the flow of riskless assets that will be available to the private sector. As a consequence, much of the impact of these reductions is likely already built into market interest rates.¡Ù

¡ØOur recent experience in this regard supports this view. The announcement of the start of the program, in the September 2017 FOMC statement, had almost no effect on the 10-year Treasury yield. But even compared to the beginning of that deliberation process, some six months ago, the 10-year yield is little changed.¡Ù

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¡ØI believe this outcome reflects the effectiveness of the FOMC's advance communication regarding the coming balance-sheet policy. And in my view, these communications were a great success.¡Ù

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¡ØThe FOMC reported initial discussions in its March meeting minutes and issued an addendum to the normalization plans at the end of its June meeting. This document outlined the details of the caps and an implementation timeline.¡Ù

¡ØThe FOMC reported initial discussions in its March meeting minutes and issued an addendum to the normalization plans at the end of its June meeting. This document outlined the details of the caps and an implementation timeline.¡Ù

¡ØFinally, FOMC members' public testimony and speeches seemed to focus market participants on the likelihood of a September decision, and this indeed is what happened. As I mentioned, all this preparation was, in my view, key to minimizing any undesirable market volatility. We did not experience a reprise of the so-called "taper tantrum" of 2013.¡Ù

¡ØIn terms of lessons learned, in my view, the different market responses to the two attempts of our central bank to begin a normalization of the balance sheet?one extreme market volatility and the other virtually no response in real time?highlights the importance of clear communication. While such clarity of purpose and goals is always of value, it is especially so when in the realm of unconventional policy, where there are few guideposts to help shape the expectations
of market participants.¡Ù

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¡ØThere are many other items on the list of pros and cons for choosing either the precrisis framework of scarce reserves and active funds rate management, or something more like the current situation, with abundant reserves and interest on excess reserves as the main tool for implementing policy. I have not attempted to do justice to them here, and I have not yet made up my mind on the question of what the normalized size of the balance sheet should be.¡Ù

¡ØMy point is only to acknowledge that answering this question is the next major step in the process of normalizing monetary policy. Of course, the Federal Reserve System has been actively engaging in this discussion. You can find reports on a few of these discussions in the minutes of the November 2016 FOMC meeting and in the presentation materials from a conference on normalizing central bank balance sheets that the New York Fed hosted this past July.¡Ù

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¡ØWe have the luxury of continuing to be deliberate about seeking answers about the new normal. But I have noted that I view communications about the FOMC's plans as key to the success of full exit from the extraordinary policy interventions of the financial crisis and Great Recession. I look forward to actively engaging with my colleagues in both formulating answers to our outstanding issues and playing my part in communicating our thinking and decisions to the public.¡Ù

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[³°Éô¥ê¥ó¥¯] Monetary Policy: Rules, Benchmarks, Guidelines, and Discretion
By Eric S. Rosengren
October 13, 2017

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[³°Éô¥ê¥ó¥¯] Normalization in the United States

Raphael Bostic
President and Chief Executive Officer
Federal Reserve Bank of Atlanta

Unconventional Monetary Policy: Lessons Learned Conference
International Finance Centre
Hong Kong
October 12, 2017

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¡ØAtlanta Fed President and CEO Raphael Bostic speaks October 12 on Federal Reserve balance-sheet normalization at the Unconventional Monetary Policy: Lessons Learned Conference in Hong Kong.¡Ù

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¡ØExplaining why the Fed is embarking on balance-sheet normalization now, Bostic says the U.S. economy appears to be on solid footing.¡Ù

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¡ØHe believes the Fed's asset-purchase programs during the financial crisis and in the early phases of the recovery had meaningful macroeconomic effects.¡Ù

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¡ØBostic says there are good reasons to think that the effects of a gradual and predictable ramping down of the balance sheet will be smaller than the effects measured as the balance sheet expanded.¡Ù

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¡ØBostic believes the FOMC's advance communication regarding the size of coming balance-sheet reductions was a great success, as much of their impact is likely already built into market interest rates.¡Ù

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¡ØBostic has not yet made up his mind on the question of what the normalized size of the balance sheet should be.¡Ù

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¡ØBostic says communications about the FOMC's plans are key to the success of full exit from the extraordinary policy interventions of the financial crisis and Great Recession.¡Ù

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3. Á°Àî¹Ö±é:Some Reflections on Japanese Monetary Policy(ÆüËܤζâÍ»À¯ºö¤Ë´Ø¤¹¤ë°ì¹Í»¡)
4. ´ðÄ´¹Ö±é:Rethinking the Power of Forward Guidance¡½Lessons from Japan¡½(¥Õ¥©¥ï¡¼¥É¡¦¥¬¥¤¥À¥ó¥¹¤ÎÍ­¸úÀ­¤ÎºÆ¸¡Æ¤¡½ÆüËܤ«¤é¤Î¶µ·±¡½)
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(4) Market Concentration and Sectoral Inflation under Imperfect Common Knowledge(ÉÔ´°Á´¶¦Í­Ãμ±²¼¤Ë¤ª¤±¤ë»º¶È¥ì¥Ù¥ë¤Î¥¤¥ó¥Õ¥ìư³Ø¤ÎÆÃħ)
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¡ØThe 2014 recommendations included measures to strengthen benchmarks and other potential reference rates based on interbank markets, as well as developing alternative nearly risk-free benchmark rates (RFRs). The recommendations were made following examples of attempted market manipulation and false reporting of global reference rates, together with the post-crisis decline in liquidity in interbank unsecured funding markets.¡Ù

¡ØThe progress report concludes that IBOR administrators have continued to take important steps to implement the FSB¡Çs recommendations, including steps to adjust methodologies used to calculate benchmark rates. However, in the case of some IBORs, such as LIBOR and EURIBOR, underlying reference transactions in some currency-tenor combinations are scarce and submissions therefore necessarily remain based on a mixture of factors including transactions and judgement by submitters. Regulators have taken a number of steps to address these issues, including developing powers to require mandatory contributions to benchmarks, but it remains challenging to ensure the integrity and robustness of benchmarks and it is uncertain whether submitting banks will continue to make submissions over the medium to long-term.¡Ù

¤Æ¤ÊÌõ¤Ç¡Öintegrity and robustness of benchmarks¡×¤È¤¤¤¦¤Î¤Ç¤¹¤¬¡¢°ìÊý¤ÇFSB¤Îµá¤á¤ë¤â¤Î¤È¤·¤Æ¤½¤ì¤¬¥È¥ì¡¼¥À¥Ö¥ë¥ì¡¼¥È¤Ç¼ÂºÝ¤Î¥È¥ì¡¼¥É¥ì¡¼¥È¤Ë°Íµò¤·¤Æ¤¤¤Ê¤¤¤È¥¤¥«¥ó¤È¤¤¤¦¤Î¤¬¤¢¤Ã¤Æ¡¢ÀèÈ̤⿽¤·¤¢¤²¤¿¤è¤¦¤Ë»Ô¾ì´·¹Ô¤Ê¤ó¤¾¤Ï10ǯ¤Î¥¹¥Ñ¥ó¤Ç¸«¤¿Á´Á³°ã¤Ã¤Æ¤¤¤ë¤È¤¤¤¦»ö¤Ï¿¡¹¤¢¤ëÌõ¤Ç¡¢»Ô¾ì¤Î¼ÂÀª¤Ë±è¤¦·Á¡¢¤«¤ÄϢ³À­¤ò¤Ç¤­¤ë¤À¤±Â»¤Ê¤ï¤Ê¤¤¤è¤¦¤Ë¤·¤Ê¤¬¤éû´ü¤Î¥ê¥Õ¥¡¥ì¥ó¥¹¥ì¡¼¥È¤òÄê´üŪ¤Ë¸«Ä¾¤·¤Æ¤¤¤¯·Á¤òºî¤Ã¤¿Êý¤¬·úÀßŪ¤À¤È»×¤¦¤Î¤Ç¤¹¤¬¡¢¤½¤¦¤Ê¤ë¤ÈISDA¤¬º¤¤Ã¤Á¤ã¤¦¤È¤«¤½¤¦¤¤¤¦»ö¤Ê¤ó¤Ç¤¹¤«¤Í¤¨¤È¤Ï»×¤¦¤±¤É¡¢ISDA¤À¤Ã¤Æ¥¯¥ì¥¸¥Ã¥È¥¤¥Ù¥ó¥È¤ÎȽÄê¤Î»þ¤ËÈù̯¤Ê½ÀÆðÀ­(¥®¥ê¥·¥ã¤Î¥ê¥¹¥È¥é¥¯¥Á¥ã¥ê¥ó¥°¤¬²¿¸Î¤«¥»¡¼¥Õ¤À¤Ã¤¿¤È¤«)¤òȯ´ø¤¹¤ë¤ó¤À¤·¡¢¥ê¥¹¥¯¥Õ¥ê¡¼¥ì¡¼¥È¤Ë´Ø¤·¤Æ¤â½ÀÆð¤Ë¤ä¤Ã¤Æ¤¤¤±¤ÐÎɤ¤¤Î¤Ç¤Ï¤Ê¤¤¤«¤È»×¤¦¤Î¤Ç¤¹¤±¤É¡¢º£¸å¤³¤Î°·¤¤¤Ã¤Æ¤É¤¦¤¹¤ë¤ó¤Ç¤·¤ç¤¦¤«¤Í¤¨¡£

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¡ØThe official sector has also actively engaged with the International Swaps and Derivatives Association (ISDA) to tackle the risks associated with permanent discontinuation of widely used IBORs. ISDA has established a series of working groups and is drafting fall-back arrangements for new derivatives contracts and a future protocol to amend existing contracts.¡Ù

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¡ØThe official sector places great importance on all industry stakeholders, on both the buy and sell side, entering into such protocols. It is also important that work on contract robustness is extended to other non-derivative markets where contracts reference IBORs such as mortgages, loans, floating rate notes and futures contracts.¡Ù

¡ØThe FSB will publish another progress report in 2018.¡Ù

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¡ØLabor market conditions strengthened further in recent months. The increases in nonfarm payroll employment in July and August remained well above the pace likely to be sustainable in the longer run. Although the unemployment rate was little changed from March to August, it remained below participants' estimates of its longer-run normal level.¡Ù

¡ØOther indicators suggested that labor market conditions had continued to tighten over recent quarters. The labor force participation rate had been moving sideways despite factors, such as demographic changes, that were contributing to a declining longer-run trend. In addition, the number of individuals working part time for economic reasons, as a share of household employment, had moved lower. The job openings rate, the quits rate, households' assessments of job availability, and the labor market conditions index prepared by the Federal Reserve Bank of Kansas City had returned to pre-recession levels.¡Ù

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¡ØHowever, some participants still saw room for further increases in labor utilization, with a couple of them noting that the employment-to-population ratio and the participation rate for prime-age workers had not fully recovered to pre-recession levels.¡Ù

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¡ØAgainst the backdrop of the continued strengthening in labor market conditions, participants discussed recent wage developments.¡Ù

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¡ØIncreases in most aggregate measures of hourly wages and labor compensation remained subdued, and several participants commented that the absence of broad-based upward wage pressures suggested that the sustainable rate of unemployment might be lower than they currently estimated.¡Ù

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¡ØOther factors that may have been contributing to the subdued pace of wage increases reported in the national data included low productivity growth, changes in the composition of the workforce, and competitive pressure on employers to hold down their costs.¡Ù

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¡ØHowever, reports from business contacts in several Districts indicated that employers in labor markets in which demand was high or in which workers in some occupations were in short supply were raising wages noticeably to compete for workers and limit turnover. It was noted that the expected increase in demand for skilled construction workers for reconstruction in hurricane-affected areas would likely exacerbate existing shortages.¡Ù

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¡ØMost participants expected wage increases to pick up over time as the labor market strengthened further; a couple of participants cautioned that a broader acceleration in wages may already have begun, consistent with already-tight labor market conditions.¡Ù

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¡ØBased on the available data, PCE price inflation over the 12 months ending in August was estimated to be about 1-1/2 percent, remaining below the Committee's longer-run objective.¡Ù

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¡ØIn their review of the recent data and the outlook for inflation, participants discussed a number of factors that could be contributing to the low readings on consumer prices this year and weighed the extent to which those factors might be transitory or could prove more persistent.¡Ù

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¡ØMany participants continued to believe that the cyclical pressures associated with a tightening labor market or an economy operating above its potential were likely to show through to higher inflation over the medium term. In addition, many judged that at least part of the softening in inflation this year was the result of idiosyncratic or one-time factors, and, thus, their effects were likely to fade over time.¡Ù

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¡ØHowever, other developments, such as the effects of earlier changes to government health-care programs that had been holding down health-care costs, might continue to do so for some time.¡Ù

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¡ØSome participants discussed the possibility that secular trends, such as the influence of technological innovations on competition and business pricing, also might have been muting inflationary pressures and could be intensifying. It was noted that other advanced economies were also experiencing low inflation, which might suggest that common global factors could be contributing to persistence of below-target inflation in the United States and abroad.¡Ù

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¡ØSeveral participants commented on the importance of longer-run inflation expectations to the outlook for a return of inflation to 2 percent. A number of indicators of inflation expectations, including survey statistics and estimates derived from financial market data, were generally viewed as indicating that longer-run inflation expectations remained reasonably stable, although a few participants saw some of these measures as low or slipping.¡Ù

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¡ØParticipants raised a number of important considerations about the implications of persistently low inflation for the path of the federal funds rate over the medium run.¡Ù

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¡ØSeveral expressed concern that the persistence of low rates of inflation might imply that the underlying trend was running below 2 percent, risking a decline in inflation expectations. If so, the appropriate policy path should take into account the need to bolster inflation expectations in order to ensure that inflation returned to 2 percent and to prevent erosion in the credibility of the Committee's objective. It was also noted that the persistence of low inflation might result in the federal funds rate staying uncomfortably close to its effective lower bound.¡Ù

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¡ØHowever, a few others pointed out the need to consider the lags in the response of inflation to tightening resource utilization and, thus, increasing upside risks to inflation as the labor market tightened further.¡Ù

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¡ØOn balance, participants continued to forecast that PCE price inflation would stabilize around the Committee's 2 percent objective over the medium term.¡Ù

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¡ØHowever, several noted that in preparing their projections for this meeting, they had taken on board the likelihood that convergence to the Committee's symmetric 2 percent inflation objective might take somewhat longer than they anticipated earlier.¡Ù

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¡ØParticipants generally agreed it would be important to monitor inflation developments closely. Several of them noted that interpreting the next few inflation reports would likely be complicated by the temporary run-up in energy costs and in the prices of other items affected by storm-related disruptions and rebuilding.¡Ù

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¡ØIn financial markets, longer-term interest rates and the foreign exchange value of the dollar declined over the intermeeting period, and equity prices increased. It was noted that U.S. financial conditions recently appeared to be responding as much or more to economic and financial news from abroad as to domestic developments.¡Ù

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¡ØMany participants viewed accommodative financial conditions, which had prevailed even as the Committee raised the federal funds rate, as likely to provide support for the economic expansion. However, a couple of those participants expressed concern that the persistence of highly accommodative financial conditions could, over time, pose risks to financial stability. In contrast, a few participants cautioned that these financial market conditions might not deliver much impetus to aggregate demand if they instead reflected a more pessimistic assessment of prospects for longer-run economic growth and, accordingly, a view that the longer-run neutral rate of interest in the United States would remain low.¡Ù

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¡ØIn their discussion of monetary policy, all participants agreed that the economy had evolved broadly as they had anticipated at the time of the June meeting and that the incoming data had not materially altered the medium-term economic outlook. Consistent with those assessments, participants saw it as appropriate, at this meeting, to announce implementation of the plan for reducing the Federal Reserve's securities holdings that the Committee released in June.¡Ù

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¡ØMany underscored that the reduction in securities holdings would be gradual and that financial market participants appeared to have a clear understanding of the Committee's planned approach for a gradual normalization of the size of the Federal Reserve's balance sheet. Consequently, participants generally expected that any reaction in financial markets to the start of balance sheet normalization would likely be limited.¡Ù

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¡ØWith the medium-term outlook little changed, inflation below 2 percent, and the neutral rate of interest estimated to be quite low, all participants thought it would be appropriate for the Committee to maintain the current target range for the federal funds rate at this meeting, and nearly all supported again indicating in the postmeeting statement that a gradual approach to increasing the federal funds rate will likely be warranted.¡Ù

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¡ØNevertheless, many participants expressed concern that the low inflation readings this year might reflect not only transitory factors, but also the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted.¡Ù

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¡ØA few of these participants thought that no further increases in the federal funds rate were called for in the near term or that the upward trajectory of the federal funds rate might appropriately be quite shallow.¡Ù

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