кѥ˥塼

޸Ρкѥ˥塼̤ưͻ֥Ǥϵ岹Ȳ˻ߤΤúи󾧤ޤиӽиȤϰ㤤ޤߤʴ㤤ΤǤ

2015ǯ03

ǤΥե쥿åȤɤפޤ

ե쥿åȤȤΤϡեΨɸͤ䤬˷Ǥμ¸Τ˶ͻŸȤ

䡢Ϥääơե쥿åȤȤΤϼԤȤǽƤʤȻפΤǤ˸äƤϤʤʤΤǤϤϤ䥤ե쥿åȤƤȤפޤ

פޤ󤫡

äơ2ǯ֤ǥեΨ2%˻äƤȹ줷ƤΤˡ䡢Ǥθ̤ХեΨϥäƤޤäƤǤϤʤФƲкǤȤȤ⤷ʤȡ

2015ǯ٤ʪ̤1%˰Ƥޤˡ̤ϥ%٤ǿܤʤơ

Ǥޥɤʥե򵯤ȤȸäƤΤˡϤ䲿⤷ʤȡ

ϡѹȤδŪʹͤѤäΤǤСľ˹̱˸ä̳ˤϤȻפΤǤ

Ǥ⡢ιۤϡΤȤϲʤơʪδĴѤäƤʤΤ顢ɲäδº֤뤳ȤϤʤȡ

ɤפޤ

ۤϡפ˶ڶΥեɤǤϤʤäȤȤʤΤǤ礦

ϡˤȤ礭ͿƤǽΤǤϡȿ¬ޤ

ɤȤȸС޳ִ̱Ȥ¾夲ˤʤäƤΤ顢κݡեΨȡ󡢥ե줬ꡢơȼեΨʾ¾夲ԤФ˱ۤȤϤʤΤǤ礦¾夲Ψ˸٤ʾ奤եΨ㤤¼١¾夲ΨϹ⤯ʤ뤫ʤΤǤ

פޤ󤫡

ȤΤ⡢դϡĤޤ顢¾夲ʤ줿ȸäƤ¼١ǤϲäƤǤϤʤȽ򤵤Ƥ뤫Ǥ

ĤޤꡢȤϡ̱δ˳ҴǤ롢ȡȤȤǡȤţɤΤǤϤʤǤ礦Ȥơޥɤʥե¸̵ƥեΨɬפϤʤǤϤʤȡˡ˥եΨʤȤơɤʤȤͤΤȡ

2ǯ֤ǥޥͥ꡼١2ܤˤСɬ䥤եΨ2%ãǤȸäƤΤˡĤФ꤫ǯ10ˤϡΥڡ򤵤˲®Τ˰˥եΨϾ夬ޤ

ޤʤǥեɤ濴ʪΰͤθĶ俳İѰ˽ǤǤĤθĻ⡢ʪ夬ʤƤɬⰭʤȸФ

ͤѤȤΤǤСϤǷ빽ʤΤǤĤä顢ե쥿åȤߤȸкѤळȤʤΤˤȻϻפޤ



եΨ¾夲ΨڤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ȸ̳βƤζ̳˴ؤޤǤ1-2˽жФ󤸤Ƥޤ

ΤǤ礦ʤȹ¦Ȥ̤˰Ū˷Ƥ⡣

ϡȹ¦Ȥä礤ĤƤΤǤ礦

ˤƤ⡢֤ϡΧ˹ԤǤϤʤ彣䲭оݳʤΤȤΤȸС彣䲭νФλ郎٤ȡ

ˤƤϡˤŤȽǡϡɾȻפޤʤΤǤʡ5˵ģȤɤΤ褦ʤȤˤʤ뤫ȡθ塢հߤ˹Ԥäơ7ŹФ褦ȤƤޤ뤤ȡݡ뤹ȡ

äʤǤ顢ö𤷤Ƥ⡢߲8ϤޤǤ顣

ˤƤ⡢ϡ⤬ؤ˸¤äȤǡī̳˰ܹԤ뤫ȤäƤĶȤϤʤʤʤȻפΤǤ

Τ

ˤ3Ĥ礭ͳȻפΤǤ

褺Եʤʤʤ¤ꡢ⤬ؤδνģ뤳ȤʤǤΤΤȤꡢİǼ䤹ˤĤƤϡ§¦̹𤹤뽬路ȤʤäƤޤ̹𤻤˼򤷤Ƥ⤤ΤǤ̹򤷤Ƥʤ¦˼ݤ褯뤳ȤǤʤȼϤˤʤäơ䤹¦ȤƤ¤줿֤Τʤ¦ʬɵڤ뤳ȤǤʤΤǤ

ȤȤǡ䤹ԤϡǼ䤹˼¦̹𤹤뤳Ȥ路ȤʤäƤΤǤʤˤ̹٤ʤİơΤۤκɤƤ⿼ޤǤäƤޤ褦ʤȤΤǤ

Ǥ顢ΰ̣Ǥϡ¦˻ĶȤϻߤȻؼǤϤʤν路뤳ȤʤΤǤ

ĶȤʤͳϤǤϤޤ

ͤĶȤ;ʤ⤦Ĥ礭ͳȤƤϡɤФͽ׵λŻطƤޤ

ʬǤ͡ɤξģ⡢Ϥɤζɤ⼫ʬδɳͽ뤳Ȥ˰̿ˤʤ롢ȡĤޤꡢͽ֤ɤäƤȼˤʤΤǤ

ơͽϡ褺7ä鳵׵νϤޤꡢơ8˳׵ɤ˹Ԥơ12βܤܰƤޤȤޤȤΤ̾Ǥ

Ǥ礦ɤʤ˥ɤƷǤäƤ⡢ܰƤǤޤͽ׵λŻѤʤƤȤϤʤΤǤ

ƾģ׵ФϡɤθƤӽФˤϤĤ¨¤˱ʤФʤȡˤʤʤƸȤϤǤʤΤǤ֤áͽפʤ͡פȸƤޤǤ

ǤɤäĶȤǤ礦â⺺괱ģ⡢ϰǿ˸ƤӽФƤǤϤʤΤǤ׵᤬ꡢǫʹƤ顢ɤƤ֤äƤޤΤǤ顢ޤǺȤڤǤޤȡ

Ǥ⡢ϤͳǤϤʤΤǤ

Ȥ⡢򶲤줺˸СڤɤƷȤǤϤʤƷʤɡ˶̤ĤǤˤͽդɤդ٤ǤϤʤȤΤȽǤϤĤΤǤ׵᤬äʾ塢ɤȤƤäʹɬפꡢơ׵᤹¦⡢׵ᴱģΤȤƤͥ٤㤤ȻפäƤ⡢׵ᤷʾϡǸޤ׵³ʤФʤȡ

ʬˤʤޤĤޤꡢͽ䵡ʲݤ䷸ߡˤ׵˴ؤƤϡǽ餫¸ǽ㤤ΤޤޤƤȿ̡׵⡢öԤäʾ塢Ǹޤǰù뤳ȤǤʤȤߤˤʤäƤΤǤĤޤꡢμ¸Ʒ⡢12βܤޤǤϡ̵̤ʬĤ׵³뤳ȤƤΤǤ

Ρ̵̤ʤȤ򤹤ΤäơǤ

ϡɤƤ׵¸ȹͤͤ뤫Ǥˤϡ׵򤷤ݤβĹǤäꡢˤϤζɤζĹǤä

顢ôԡ亴饹ˤȤƤϡϼ¸ԲǽǤȤɤ˻ΤƤƤ⡢괱ģФ׵ߤˤϤʤΤǤɤǤʬäƤ뤫餳ϢޤǻĶȤ򤷤ƤѤ򸫤뤳ȤˤäƲ׵᤬̤ʤƤ⡢ϺǸޤǴĥäƤƤΤȾʤǼʤФʤΤǤ

12ܤܰƤޤˡ޾פȤΤǤ礦

׵ᴱģä虜虜̳äľȽ뵷

ǤʤȤ򤹤뤫¸ΤǤ

Τäľ׵򤷤ƤϤϤޤ줬ʤäᤤˤФǤǤ⡢ᤤ޾פǧʤȡޤǤܰƤޤľ˹Ԥȡ

äơͽ׵ؤϤԤȤȤǡɤΤ褦ʺ̤ˤʤäƤ᤬Ĥ褦ˤƤΤǤ

פˡǤСͽܰƤʤƤä᤯ޤȤ뤳ȤǽǤ뤱ɤ⡢Ū12ܤܰƤޤȤȤȤˤʤäƤΤǡ᤯ޤȤ뤳ȤϤǤʤΤǤĤޤꡢŻäƤդ򤷤Ƥʬ⤢롢ȡ

˸С⤽꤬׵᤹ͽˤϡ̣Τʤ褦ʤΤޤޤ뤳Ȥ⤢ΤǤ㤨СģΩΥơ˹̱ΤȤͤСʬ°ģͽ䤹ɬפϾʤȤ봱νͤƤ⡢¾Ǥν°ģΥץ쥼󥹤뤳ȤΤǡڤΰ׵äƤޤȡ

軰ͳȤƤϡˤɤǻĶȤƤʤȤפʤʤ뤳ȤǤξλĶȤǹԤĶȤ˸¤ޤ󡣤ĤޤꡢɤĶȤθˤʤäƤ⡢Ĺ䤽Υ饹̵ʻŻ׵᤹褦ʤȤ³С¼ŪʻĶȤ뤳ȤϤʤΤǤ

ˡλŻȤΤϡݤ㤨Ф뤳Ȥ㤦Ȥ¿ΤǡμӤɾˡҴŪʴˤʤΤʤĶФ򤷤Ƥ뤳Ȥ뿿ܤǻŻǮǤ뤳Ȥξڤˤʤ꤬ʤΤǤ

ʾΤ褦ʤȤ顢ϡȤͤѤʤ¤̵̤ʻĶȤϤʤʤʤȻפΤǤ




νλ֤㤤ȤλĶȤ¿ͳȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ФΤ褦󤸤Ƥޤ

־ʪʬФ2.0

2ξʪؿοΨĤޤꥤեΨ2%ˤޤǤǤĤǤ1ǯ٤ʪ2%夬äƤΤ顢ФȤΤϤȻפͤ뤫⤷ޤ󤬡ľΨΰ夲ʪ2%夲ƤȹͤΤǡθ̤ʪϾäƤʤȤǤĤޤꡢեΨϥˤʤäȡ

ɤפޤ

פΤǤǶᡢեɤѤäʡȡ

äơƥեΨޤ㲼ϤᡢĤ˿ΨˤʤäȤΤȸȤäƤƤ뤫ʤΤǤ

äơեɤιͤ˽СǤϤޤǥե˵ǤϤʤǤ

㤤ޤ

Ǥ⡢ϡΤ褦ʥեɤ򴿷ޤޤȤʹͤˤʤäʡȡ

äơǤ礦ä̾¶⤬夬ϤƤΤ顢եΨ㤱㤤ۤɼ¼¶ξ徺ΨϾ夬뤳Ȥˤʤ롢ȡä顢κݡեΨ㤤ۤɤȡ

äȹͤޤȤˤʤޤ͡

Ǥ⡢ڶΥեɤǤСòʤФʤäơˤСեΨޥʥˤʤп͡Ͼꤷʵʤ뤫Ǥ

եΨޤޥʥˤʤ褦ʤȤϤʤȤƤ򤷤ʤФʤȡ

οİѰ˽ǤĻ⡢䡢եΨɸãΤ֤ʿȸͭ͡

ϡեɤ˲䤤եɸϤɤʤäΤȡʼҲ¸ϤɤʤäΤȡ

ȤƤϡκݡեɸȤҲ¸ϼԤäǧ٤ȻפΤǤ

ˡեΨ2ˤʤäƲФˤʤäȤ褦ǧǤϡ⤽⥤եɸǤʤʤȻפΤǤ

ΤȸС­ΥեΨϡ⤦ޥʥ˵ꤷƤ뤫ʤΤǤ

դ

եΨοܡ2

Ǥθ̤ƥեΨɽƤǤߤС⤦4Ϣ³ƥޥʥϿƤΤǤ

Τ褦ʤȤƤΤˡ̤ʪδĴѤäƤʤʤʿǸۤϤɤƤȤפޤ


ʪ򥳥ȥǤȤְͤäƤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

եʥ󥷥륿ॺƳΥեԤ䤹פȤǺܤƤޤ

ȽоݤƹǤꡢƹȽ뤳ȤˤäƱѹȽǤȸ褦ʤΤǤ

եԤˤĤƴؿΤˤϡ󤳤εɤळȤ򤪴ᤷޤեʥ󥷥륿ॺȤäƤ⡢ФΥȤǺܤƤΤǿۤ뤳ȤϤޤ

Ǥϡեʥ󥷥륿ॺϡΥեԤؤλä褦ȤʤƹȽƤΤǤ礦

ˤϡɤͤƤեʥ󥷥륿ॺθʬŬäƤȤϻפʤΤǤեʥ󥷥륿ॺθäƤ뤳ȤϡϤˤϵդ餦ȤϤǤʤȡơϤʳȤƤԤ褤ƳȤʤСμԤֵ⤽μԤȶĴطˤäȤǤ

ŪˤϤ˸äƤޤ

ֳλɬפȤʤͻؤ˳μԤƶϤڤܤȤϤʤƶϤԻȤʤ顢¦षʤ

ֳΤˡμƳԤʶͻؤǤФ˱ۤȤϤʤϤ⤦ƤޤäƤ롣ʤȤ⡢¿ι񡹤äǤʤޤ

ʾ夫ʬȤꡢեʥ󥷥륿ॺϷ褷ο񤤤ΩɤǧƤǤϤʤΤǤο񤤤ϤĤǤϤʤȸäֵƤʤˤʤȤΤեʥ󥷥륿ॺʤΤǤ

פˡΤ»ͤ»򤹤롢ȡĹΤˤϴƲȡ

äȤϡѹ񤬡ʬ»׻ξ˹ư򤹤ǤȤȤǧʤ麣Ȥ⤢ޤ󡣤ǤϤʤѹϡϿ͸ʤɤ¾ι񡹤򻶡ȽΤˡ񤬷кŪȯŸ뤲䡢ΤҤ֤褦٤뤫ƤޤΤǤ

⡢ŤˤΥեԤٻʤȤ⤫¤äʬȹͤΰ㤦ƹ٤򤳤񤹤롢ȡ

եʥ󥷥륿ॺϡʤȤäƤޤ

֥ȯŸӾϡΤ褦ʥեڤɬפȤƤ롣ꥹäƴ֤ĹץȤȤʤСꤸ̱֤λ¸ߤʤ⤤Τɤ餫Ǥ礬¿ԤȥȯԤλ񸻤ϡӾΤˡ٤Фʤ­Ƥ

ȯŸӾ񤬡Ԥ䥢ȯԤ¾ˤȿɬפȤƤΤǤ礦

ˤϤϻפޤ󡣤ˡԤ䥢ȯԤκ⸻Ǥ­ȤΤǤΤʤ顢ä񤬺ϥȯԤͻʤǤϤʤޤǤ˼ڤꤿ򤵤ä֤Сľˤ⸻ϳݤǤΤǤ

äơĹ餯ȯԤͻǤäʤΤǤդ˸С񤬥ȯԤ´Ȥ뤳ȤˤʤСȯԤζ̳ष̾ƤޤۤɤʤΤǤ顣

Ǥ礦

ĤޤꡢեԤϡ餪ڤΤ¸ߤȤ⡢񤬤ζԤ¾ۤ뤳Ȥˤꡢ񤬤ʤΩɤʹˤʤäǧᤵ뤿֤˲᤮ʤȤȤʤΤǤ

ܤΤ褦ʵؤ˻ạ̈ɤˤΤǤ礦


եԤʤơ̱Ƕ٤ǤϤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

ǯ9ǤϹ辡70ǯˤǰԻ򳫺Ť餷ΤǤ񤬤ιԻ˲椬ΰԤ󤸤Ƥޤ

ɤפޤ

󡢰ϽʤʤȻפƤΤǤ

ǤϡԾФϡʤȻפäơİϡȤʤߤȻפäƾԾФΤǤ礦

ʤȤϤޤ͡

򤷤餱ܤ¿γ׿ͤȤȤˡפȾФΤˤȤȤǤ͡

ۤȤȤϡ

©ǤǤ

ΰǡι̱ϡܤƿӴʤɤäƵ롢ȡ

ɤʤäƤΤȤ

䤿ϡʹȤɤդ礤餤ΤǤ礦

䤬Ƕᡢ񤬼Ƴߤ褦ȤƤ륢եԤؤλäȿФͳʬǤ礦

ɤơȹäƤȤǤǤ礦

ˤ⹴餺̳ʤؤεѶϤ³ƤΤǤ񤫤ƤǤ硩¦ѤôƤΤǤ衣

ɤƤʤȤ򤹤ɬפΤȸ

辡ˤŵǤϤʤʿ¤ꤦŵȤΤǤСʤܤԤƤʬΤǤ

ϡΤ褦Ψľʵ쥯Ȥ¦ϤɬפȻפޤ

äѤ椪ʤäƤ褦ʵޤ



Τ뤳ȤϷ̣Ȼפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

եԤФʹ٤ˤ礭ѤϤ᤿褦ʤΤǤ

äơƹޤǤ⤬äβǽмᤫƤΤǤ

ƹΥĺ̳Τ褦˽Ҥ٤󤸤Ƥޤ

ֹݶͻζˤĤʤ뿷ͻؤϴޤ롣Ԥ䥢ȯԤʤɤδ¸εؤȶƱͻȤԤȤ⤤ŰˤĤʤ

ƹ٤ѲƤɤΤޤ󤬡ȯ̯ˤʤäƤƤޤ

֤줬ޤǿ夲Ƥ뤳Ȥȳݤ뤫ɤ򸫶ˤʤȤʤäˤ϶ˤƿŤΩ

֥ե̤­ʤȤȤ˴ؤƤϤߤǧƤ롣γȯե˴ؤơξǰˤäƤȤطǤ˾ޤ롼뤬㤨ФʤʤäȤˤʤʤ

֡ʻäβݤˤĤơ˥ޥȤХĤȤʳˤϤʤ

ɤפޤ

ϡޥ뤫ХĤʤСϤäȥХĤȸ٤ȻפΤǤäơޥĤͳ⸫ʤǤ

䤬ʤȤȡʤܤΩƤޤȤͤȻפޤ

ΤˡϤΥեԤؤλäѶŪˤʤäƤΤϻ¤Ǥϲ椬㤦餽Τ褦٤ǤΤǤ

ĤޤꡢѹϤȤ벤ϡΥեԤ˻ä뤳ȤˤäƲ⼺Ȥʤɤ⤷äʤΤ»ʤ줬ΤǤ

Ǥϡ椬Ϥɤ椬ϡ⤷ΥեԤ˻äʤС椬濴ȤʤäƱĤԤäƤ륢¸߰յƤޤޤˤäƲ椬Υץ쥼󥹤礭㲼ƤޤǤ礦

ơΰǡȤƤϡեԤܤäʤƤʤȡ

Ĥޤꡢϴܤפ򿯳԰٤˽ФƤΤˡפˤʤ褦ʤȤ򤹤ΤȤȤʤΤǤ

Ǥ礦ƹϡեԤ顢ޤΩǧƤ⤤ȤʤäƤΤǤ줬ʬ礭طԤIMFȶ礹ȿǤСʤưפϤʤΤǤ

ĤޤꡢƤϡܤȤδطȤδطŻ뤷ȤȤʤΤǤ

Ǥ顢ƤեԤ˻ä뤫Ȥäơܤ⻲äФʤäˤϤʤʤΤǤषեԤ˻ä뤳Ȥˤäơ¸߰յ㲼ܤΥץ쥼󥹤㲼롢ȡ

ϡȥեԤδطϡ֥ǤϤʤפȸäƤޤ

⤽פޤ

Ϥϻפޤ󤷡ïܤߤƤΰտޤϡˤ볫ȯͻΥ꡼ܤåȤƤ뤳Ȥ餫ǤϤʤǤ

ʬäˤʤäФƲ֤򤹤ɤζ夲褦ȤƤ

ǤΤǤ礦

ʤȤǤסʤФǤ


եԤܤϻä٤ǤϤʤȻפå򤪴ꤤפޤ

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Υȥ꡼ϤƤʥ֥åޡɲ

пʹ2̤ˤϡ礭ʻǡַʵؤ褯ʤ36%פȽФƤޤʤǤ⡢пʹȥƥĴԤäΤȤ

䡢Υȥߤơο͡Ϸʵ褯ʤȴƤͤ¿ΤȰֻפޤ

⤽פޤ󤫡

礭ʻ٤ˡջٻԻٻǺפȤ񤤤Ƥޤ

ʸɤǤȡ

ֺηʵˤĤơջٻؤǤ57%ؤ褯ʤȻפ٤ؤ褯ʤȤϻפʤ٤26%ΥפȤ⡣

θ塢ԻٻؤǤϡؤ褯ʤȻפ٤10%ˤȤɤޤꡢػפʤ٤79%ãפȡ

ǤϡΤȤƤϤɤʤΤȸСĤʤȡ֤褯ʤȤϻפʤפ47%Ǥꡢ֤褯ʤȻפפ36%ʤΤȤ

ɤפޤ

η̤ǸʤСʵ֤褯ʤʤפ47Ƚ񤯤Τ̤ʤΤǤϤʤΤǤ礦

ȤǡĴǤ¾夲ˤδԤ˴ؤƤ򤷤Ƥޤ

Ǥϡη̤ϤɤʤäȸСջٻؤǤ⡢69%οִ͡ԤǤʤפȡΤǤ77%οִ͡ԤǤʤפƤΤǤ

ήФˡǤ¾夲ˤؤδԤˤĤ礭ʻ󤸤ʤȻפޤ

ƻ򤹤СФդ˵ȤäƤʤȻפʤΤǤǡǤ礦

¾夲ˤؤδԤ礭ȤȤʬäʤС餯礭夲ƤȻפΤǤ



Ƕοʹƻϡ˥ХäƤʤȻפå򤪴ꤤפޤ

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ǤFRBˤ2ĤΥޥǡȤݤƤȤ褯ޤ¸ΤǤ礦

ޥǡȤϡߥåȸƤ⤤Ǥ礦Ĥޤꡢ2Ĥλᡢ2ĤǤ̳ͿƤȤȤǤ

Ǥϡ2ĤǤ̳ˤʤΤ

ǤѤκ粽ʪΰ꤬Ϣ2ĤΥޥǡȤʤΤǤ

FOMCʸʤɤɤǤ⡢2ĤΥޥǡȤȤդˤ˽ФƤޤ

ȯɽˤʤäʸ򸫤Ƥߤޤ礦

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.

FRBˡŪǤ̳˽ѰϸѤκ粽ʪΰɵ᤹

The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate.

ѰϡŬڤʴβǡѻԾλɸѰ2ĤǤ̳˹פƤȽǤ٥ظäƲ³кѳưϴˤ䤫ʥڡdz礹ͽۤ

ȤȤǡʸƤߤСΤ褦˸Ѥʪ˴ؤ뤳ȤȾƤΤǤ

Labor market conditions have improved further, with strong job gains and a lower unemployment rate.

ָѤ¤϶¾Ψ㲼ѻԾϤ˲򼨤Ƥ

A range of labor market indicators suggests that underutilization of labor resources continues to diminish.

ְϢθѤλɸ̤ѤϫƯ񸻤³Ƥ뤳Ȥ򼨤Ƥ

Inflation has declined further below the Committee's longer-run objective, largely reflecting declines in energy prices.

֥եΨϡͥ륮ʤ㲼ȿǤѰĹɸ礭äƤ

ǤϡFRBϡ夲ͤݤȽǺȤƸѤʪΤȤͤ򤷤ƤΤ

Ǥ⡢ɤ⤽ǤϤʤ褦ʤΤǤ

ȤΤ⡢ĹΤ褦ʤȤäƤ뤫Ǥ

Export growth has weakened. Probably the strong dollar is one reason for that.

͢ФƤ롣¿ʬɥ⤬ͳΰĤǤ

  On the other hand, the strength of the dollar also in part reflects the strength of the U.S. economy.

¾ɥϤ̣ƹкѤ϶ȿǤƤ⤤

 (A strong dollar also) is holding down import prices and, at least on a transitory basis, at this point pushing inflation down.

ֶɥϡ͢ʤʤƤŪˤϥեΨ㲼

ǡǤ礦

ɥ⤬кѤˤȤäƥޥʥʤϪʸϤޤ󤬡͢ФˤȤäƥץ饹ǤʤȤϤϤäǧƤΤǤξ塢ɥϥեΨȤ⡣

ϡʾΤ褦ʥĹȯ顢奼Υߥ󥰷äưؤưפǤˤʤȹͤޤ

ɤԤ⡢ܲȷȤʬƤȻפå򤪴ꤤפޤ

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ϡĤƤοͤȥեԤ˱ѹ񤬻ɽȤ˴ؤƥͥåȾä򤷤Ƥޤѹˤϥץ饤ɤϤʤΤȡޤDZѹΤȡ

ݡϤʤˤ񤬤뤳ȤȿФ򤷤褦ȤΤǤϤʤΤǤ񤬿ʹݶͻؤꤿΤǤСˡȡǤ⡢ΤˤΤ褦ʿȿɬפʤΤȡ¿ȯԤΤäƤΤȡɡڤΤȤͤƤȤ⡢񤬤ʹ򤷤ȿǤϤʤΤȡ

ʤʸ򤹤СȯԤȤΤʤ顢δƲ岰Ťͤ褦ʤȤ򤹤ɬפΤȤȤʤΤǤ

˸СǤϥȯԤμͻǤΤǤĤޤꡢϡȯԤ餪ڤʤ顢¾ΥˤߤȸäƤΤΤǤ

¾ߤ⤬Τʤ顢ȯԤμڤߤ٤ʤΤǤ

פޤ󤫡

⡢ФƤϡٽΰĤȤƸȤۤɤǤϤʤǤ

͸ˤĤƤϴƿޤ󤬡ºݤܤ濴˱ƶڤǤ絤ꡣˡ͡ʹڤƤΤǤ

ɤƤΤ褦ʹߤ褦ȤեԤʤΤٻ뤳ȤǤȤΤ

ѹ䤽ʳβθȤΤǤСˡ

Ǥ⡢ŷФޤǤʤο͸ФʸդƤ񤬡ñ٤𲽤뤳ȤǤΤȤؤޤϵ岹Ȳ˴ؤƤ⤽Ǥפϵ岹Ȳн褹뤳ȤǤʤθΰĤϡˤ뤳Ȥ򡣤դĤʤΤȸ

ޤǤ礦Ǥ⡢ܤϥեԤʤΤٻ٤ǤϤʤȹͤƤȤ

Τ褦ʤȤäƤΤǤ

ïͻꤹ뤫ʤɤ϶ˤƽפס֤ȤݤСʤȤ⤳äƶĤˤʤǽϤ

Ǥ礦ޤǡդʤܤΥեԤؤββǽ򼨺ƤΤǤ

ɤפޤ

եԤʤΤߤ졢ܤλä뤳ȤȤʤСǤζԤ˽лȤ뤳ȤˤʤΤǤ

ǤϤʤǤŤʷǤʤΤˡȯԤΤˡΤΤ褦ʿȿɬפʤΤȡ⡢ζԤ񤬼Ƴ򰮤Ǥ顣

»ưˤ⤦󤶤Ǥܤ⤽ɿ魯ȤϡƳɤޤ



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Υȥ꡼ϤƤʥ֥åޡɲ

ϡƤޤɤƤʤΤǤ礦NYϾ夲Ƥˤ⹴餺Ǥ

Ǥ⡢Τ褦˹ͤΤŬǤϤʤ⤷ޤ󡣤ǤϤʤNY餳ܳƤΤǤ

ǤϡNYϺͤ夲Τ

ϡFRBΥλФꤵ줽ȤäʤΤǤĤޤꡢĹȤȤǡԾ줬ޤȡơˤäƥɥ߰¤ΰϤޤꡢԾǤϷȤȤʤΤǤ礦

Ǥ⡢ǰ´򴶤ͤ뤫⤷ޤ󡣤ȤΤ⡢FOMCϡʸΤʤpatientȤǤpatientȤ礬줿ȤȤϡβޤȤȤǤϤʤΤȡ

ǤϲΤȤʬʤͤ¿ȻפޤפˡäǦѶԤĵǤFRBޤǸäƤΤˡΡǦѶפȤ礬줿ȤȤϡβޤ򤹤Τ̤ȤȤǤ

Ǥ礦

Ǥ⡢FOMCϤ虜虜patient Ȥʤ⡢¾ǡĹϼΤ褦˽Ҥ٤ƤΤǤ

Just because we removed the word patient from the statement doesnt mean we are going to be impatient

ʸǦѶפȤʸȤäơ桹äˤʤȤȤ̣ʤ

פΤǤä򤷤ʤФ褫äΤ򡢤ȡ

ˤƤʸɤΤ褦ѤäΤ褺ǧ뤳Ȥˤޤ礦

ʸ

To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.

ָѤκ粽ʪΰٱ礹뤿ˡѰեǥեɥ졼Ȥ0%0.25% ϰϤͶƳ븽ߤݻ뤳ȤŬǤȺƳǧ


In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward its objectives of maximum employment and 2 percent inflation.  

֤ɤΰ̰ݻ뤫ꤹäơѰϸѤκ粽2%Υեɸ˸ɤٿŸ졢ޤ븫̤뤫ɾ뤳ȤȤ

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.

֤ɾäƤϡѾե찵ϡեͽۡڤӶͻ¤Ӥ˹ݾοŸޤ򴪰Ƥ뤳ȤȤ

Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy.

ѰϡξȽǤ˴Ťͻﲽ򳫻ϤäǦѶԤĤȤǤȽǤ

㺣ʸ
To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate.

In determining how long to maintain this target range, the Committee will assess progress--both realized and expected--toward 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.

Consistent with its previous statement, the Committee judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting.

Ѱϡʸ˰פեǥեɤͶƳɸΰ夲4FOMCǷꤵ뤳ȤϤꤽˤʤȤȽǤݻ

The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.

ѰϡѻԾ줬˲եΨŪ2%ɸͤ뤳Ȥ˹ŪʼƤȤΰ夲ԤȤŬǤͽۤ

This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range.

֥եɥ󥹤˴ؤ뤳ѲϡѰκǽΰ夲˴ؤƲꤷȤ̣ʤ

ǡǤ礦

ȤƤϡǤȤǤ

ΤˡեͽǤʤɥΰƶǰƤ븽餹С˿ŤˤʤΤϤʤȤ⤷ޤ

Ǥ⡢ƤĤޤǤ۾ʶͻ³ˡ۾ʤȤ̤˻פ褦ˤʤäƤΤǤ

ϡΤȤ礭褦ʵޤ

ƤȸФιͤݤǤ


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