FEDの苦悩

http://www.federalreserve.gov/newsevents/press/monetary/20080130a.htm

50BP引き下げはほぼ予想通りでしょうが、住宅市場に加えて雇用市場も悪い数字が出かかっている。インフレは鈍化すると予想しているが、引き続き注視の必要、との表現。信用が業界や家計の中にはタイトになっているところがあるとの表現＝信用収縮。で、引き続き状況によってはタイムリーに対応していく。まあ、こんなものでしょうか。

The Federal Open Market Committee decided today to lower its target for the federal funds rate 50 basis points to 3 percent.

Financial markets remain under considerable stress, and credit has tightened further for some businesses and households. Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.

The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.

Today’s policy action, combined with those taken earlier, should help to promote moderate growth over time and to mitigate the risks to economic activity. However, downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.

もっと引き下げるべきだ、いや、引き下げるべきでないとの対立が垣間見えます。今朝のIHTにもありましたが、実際に経済鈍化の確証を確認した上で引き下げる訳ではないことや、インフレへの対応で意見が分かれているのでしょうか。

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Sandra Pianalto; Charles I. Plosser; Gary H. Stern; and Kevin M. Warsh. Voting against was Richard W. Fisher, who preferred no change in the target for the federal funds rate at this meeting.

以上備忘でした。自分で書いてみると整理できますね、整理の内容があまりよくないとは思いますが。