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發表於 2007-4-12 08:59:39
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Minutes of meeting show Fed saw core inflation as predominant policy risk
Federal Reserve Board Chairman Ben Bernanke and his colleagues on the Federal Open Market Committee continued to view the current rates of core inflation as "uncomfortably high" at their meeting last month and pledged to watch incoming economic data closely before making a decision about future interest rate moves.
"The prevailing level of inflation remained uncomfortably high, and the latest information cast some doubt on whether core inflation was on the expected downward path," the Fed said, according to the minutes of the March 20-21 meeting, released on 11 April.
"Most participants continued to expect that core inflation would slow gradually, but the recent readings on inflation and productivity growth, along with higher energy prices, had increased the odds that inflation would fail to moderate as expected; that risk remained the committees predominant concern," the Fed said.
The Fed has kept the key federal funds rate at 5.25 pct since June.
The central bank said it expected the economy to grow at a moderate pace this year.
"Although the housing sector adjustment continued, accumulating data suggested that the demand for homes was levelling out," the Fed said.
In their statement released after the March meeting, the Fed changed the wording accompanying its interest rate decision, saying any "future policy adjustments" would depend on the evolution of the outlook for both inflation and economic growth.
Prior statements had said the Fed would watch incoming information and determine if any "additional firming" would be needed. Additional firming is Fedspeak for rate hikes, while "future policy adjustments" is seen as more neutral language, and was interpreted by financial markets to be a signal of possible future rate cuts.
The minutes show that the initial interpretation of the statement may have been wishful thinking on the part of investors.
"All members agreed the statement should indicate that the Committees predominant policy concern remains the risk that inflation will fail to moderate as expected," the minutes said
"The Committee agreed that further policy firming might prove necessary to foster lower inflation, but in light of the increased uncertainty about the outlook for both growth and inflation, the Committee also agreed that the statement should no longer cite only the possibility of further firming," the Fed said.
"Instead, the statement should indicate that future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information," the minutes said. |
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