FOMC Statement# Stock
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Information received since the Federal Open Market Committee met in August
indicates that economic growth remains slow. Recent indicators point to
continuing weakness in overall labor market conditions, and the unemployment
rate remains elevated. Household spending has been increasing at only a
modest pace in recent months despite some recovery in sales of motor
vehicles as supply-chain disruptions eased. Investment in nonresidential
structures is still weak, and the housing sector remains depressed. However,
business investment in equipment and software continues to expand.
Inflation appears to have moderated since earlier in the year as prices of
energy and some commodities have declined from their peaks. Longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee continues to expect some
pickup in the pace of recovery over coming quarters but anticipates that the
unemployment rate will decline only gradually toward levels that the
Committee judges to be consistent with its dual mandate. Moreover, there are
significant downside risks to the economic outlook, including strains in
global financial markets. The Committee also anticipates that inflation will
settle, over coming quarters, at levels at or below those consistent with
the Committee’s dual mandate as the effects of past energy and other
commodity price increases dissipate further. However, the Committee will
continue to pay close attention to the evolution of inflation and inflation
expectations.
To support a stronger economic recovery and to help ensure that inflation,
over time, is at levels consistent with the dual mandate, the Committee
decided today to extend the average maturity of its holdings of securities.
The Committee intends to purchase, by the end of June 2012, $400 billion of
Treasury securities with remaining maturities of 6 years to 30 years and to
sell an equal amount of Treasury securities with remaining maturities of 3
years or less. This program should put downward pressure on longer-term
interest rates and help make broader financial conditions more accommodative
. The Committee will regularly review the size and composition of its
securities holdings and is prepared to adjust those holdings as appropriate.
To help support conditions in mortgage markets, the Committee will now
reinvest principal payments from its holdings of agency debt and agency
mortgage-backed securities in agency mortgage-backed securities. In addition
, the Committee will maintain its existing policy of rolling over maturing
Treasury securities at auction.
The Committee also decided to keep the target range for the federal funds
rate at 0 to 1/4 percent and currently anticipates that economic conditions
–including low rates of resource utilization and a subdued outlook for
inflation over the medium run–are likely to warrant exceptionally low
levels for the federal funds rate at least through mid-2013.
The Committee discussed the range of policy tools available to promote a
stronger economic recovery in a context of price stability. It will continue
to assess the economic outlook in light of incoming information and is
prepared to employ its tools as appropriate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Sarah
Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the
action were Richard W. Fisher, Narayana Kocherlakota, and Charles I. Plosser
, who did not support additional policy accommodation at this time.
indicates that economic growth remains slow. Recent indicators point to
continuing weakness in overall labor market conditions, and the unemployment
rate remains elevated. Household spending has been increasing at only a
modest pace in recent months despite some recovery in sales of motor
vehicles as supply-chain disruptions eased. Investment in nonresidential
structures is still weak, and the housing sector remains depressed. However,
business investment in equipment and software continues to expand.
Inflation appears to have moderated since earlier in the year as prices of
energy and some commodities have declined from their peaks. Longer-term
inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum
employment and price stability. The Committee continues to expect some
pickup in the pace of recovery over coming quarters but anticipates that the
unemployment rate will decline only gradually toward levels that the
Committee judges to be consistent with its dual mandate. Moreover, there are
significant downside risks to the economic outlook, including strains in
global financial markets. The Committee also anticipates that inflation will
settle, over coming quarters, at levels at or below those consistent with
the Committee’s dual mandate as the effects of past energy and other
commodity price increases dissipate further. However, the Committee will
continue to pay close attention to the evolution of inflation and inflation
expectations.
To support a stronger economic recovery and to help ensure that inflation,
over time, is at levels consistent with the dual mandate, the Committee
decided today to extend the average maturity of its holdings of securities.
The Committee intends to purchase, by the end of June 2012, $400 billion of
Treasury securities with remaining maturities of 6 years to 30 years and to
sell an equal amount of Treasury securities with remaining maturities of 3
years or less. This program should put downward pressure on longer-term
interest rates and help make broader financial conditions more accommodative
. The Committee will regularly review the size and composition of its
securities holdings and is prepared to adjust those holdings as appropriate.
To help support conditions in mortgage markets, the Committee will now
reinvest principal payments from its holdings of agency debt and agency
mortgage-backed securities in agency mortgage-backed securities. In addition
, the Committee will maintain its existing policy of rolling over maturing
Treasury securities at auction.
The Committee also decided to keep the target range for the federal funds
rate at 0 to 1/4 percent and currently anticipates that economic conditions
–including low rates of resource utilization and a subdued outlook for
inflation over the medium run–are likely to warrant exceptionally low
levels for the federal funds rate at least through mid-2013.
The Committee discussed the range of policy tools available to promote a
stronger economic recovery in a context of price stability. It will continue
to assess the economic outlook in light of incoming information and is
prepared to employ its tools as appropriate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman;
William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Sarah
Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen. Voting against the
action were Richard W. Fisher, Narayana Kocherlakota, and Charles I. Plosser
, who did not support additional policy accommodation at this time.
