发布日期(美国时间)

利率动向

会后声明重点

会后声明重点(英文)

备注提示

2008/08/05

10：1通过维持基准利率在2.0%的决定，费舍尔要求升息。一致通过维持窗口贴现率在2.25%的决定。

金融市场：金融市场依旧承受重压

Financial markets：financial markets remain under considerable stress

美联储认为通胀面临的上行风险令人担忧，但同时也表示经济增长下行风险尤存，暗示美联储希望平衡上述两种风险。会后声明基本中性。

总体经济：经济活动在第二季度出现扩张，这部分反映了消费支出和出口的强劲增长。不过，劳动力市场已经进一步疲软，而且金融市场仍承受着相当大的压力。信贷条件的收紧、房市紧缩的持续不断以及能源价格的高涨可能会在未来几个季度令经济增长承压。

Economy：Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports. However, labor markets have softened further and financial markets remain under considerable stress. Tight credit conditions, the ongoing housing contraction, and elevated energy prices are likely to weigh on economic growth over the next few quarters.

通货膨胀：受能源以及其他大宗商品价格此前大幅上涨的推动，通胀一直处于高位，而一些通胀预期指标也已经上升。FOMC预计，通胀会在今年晚些时候和明年放缓，但通胀前景仍面临相当大的不确定性。

Inflation: Inflation has been high, spurred by earlier increases in the prices of energy and some other commodities, and some indicators of inflation expectations have been elevated. The Committee expects inflation to moderate later this year and next year, but the inflation outlook remains highly uncertain.

2008 / 06/ 25

9：1通过维持基准利率在2.0%的决定，费舍尔要求升息。一致通过维持窗口贴现率在2.25%的决定。

金融市场：金融市场依旧承受重压

Financial markets：financial markets remain under considerable stress

尽管认为通胀上身风险已经增加，但仍表示今年晚些时候通胀将缓和，同时称经济面临的下行风险也有所降低。政策声明比较中性。

总体经济：近期公布的经济数据表明整体经济活动在持续扩张。不过，劳动力市场已经进一步走软。信贷状况紧张、房市萎缩持续、以及能源价格高涨可能在未来几个季度拖累经济增长。

Economy：Recent information indicates that overall economic activity continues to expand,. However, labor markets have softened further Tight credit conditions, the ongoing housing contraction, and the rise in energy prices are likely to weigh on economic growth over the next few quarters

通货膨胀：通胀和通胀预期的上升风险已经增加。通胀将在今年晚些时候及明年缓和，但鉴于能源和其他一些商品价格继续上涨、以及部分通胀预期指标上扬，通胀前景的不确定性仍很高。

Inflation: Upside risks to inflation and inflation expectations have increased, Inflation to moderate later this year and next year. However, in light of the continued increases in the prices of energy and some other commodities and the elevated state of some indicators of inflation expectations, uncertainty about the inflation outlook remains high.

2008 / 4 / 30

8：2通过调降基准利率25个基点，至2.00%，两名成员投票维持利率不变；一致通过调降窗口贴现率25个基点，至2.25%。

金融市场：继续面临巨大压力

Financial markets：remain under considerable stress

基调和措辞与上次会议相当，对通胀的重视增加，但明显表现出对经济前景的担忧。

总体经济：保持疲软，信贷环境紧缩和房屋市场萎缩，将对未来几个季度经济增长带来压力

Economy：economic activity remains weak; tight credit conditions and the deepening housing contraction are likely to weigh on economic growth over the next few quarters

通货膨胀：核心通胀有所上升，预计未来几个季度通胀温和，继续保持关注，必要时采取行动稳定物价和维持经济

Inflation: core inflation have improved somewhat; expects inflation to moderate in coming quarters; continue to monitor inflation developments carefully; will act as needed to promote sustainable economic growth and price stability

2008 / 3 / 18

8：2通过调降基准利率75个基点，至2.25%，两名成员倾向于更小幅度的降息；一致通过调降窗口贴现率75个基点，至2.50%。

金融市场：继续面临巨大压力

Financial markets：remain under considerable stress

经济增长进一步恶化，通胀压力也在加大；表现出对“滞涨”的担忧；但总体政策仍偏向经济增长。

总体经济：前景进一步减弱，信贷环境紧缩和房屋市场萎缩，将对未来几个季度经济增长带来压力

Economy：outlook for economic activity has weakened further; tightening of credit conditions and the deepening of the housing contraction are likely to weigh on economic growth over the next few quarters

通货膨胀：通胀抬头，不确定性增加，继续密切关注，必要时采取行动稳定物价和维持经济

Inflation：elevated; uncertainty about the inflation outlook has increased; continue to monitor inflation developments carefully; act in a timely manner as needed to promote sustainable economic growth and price stability

2008 / 01 / 30(临时会议)

9：1通过调降基准利率50个基点，至3.00%，一名成员投票维持利率不变；一致通过调降窗口贴现率50个基点，至3.50%

金融市场：继续面临巨大压力，一些商业和家庭信贷状况紧缩

Financial markets：remain under considerable stress, and credit has tightened further for some businesses and households

金融市场对总体经济的影响扩大，货币政策主要针对经济下滑风险；对通胀前景保持关注。

总体经济：房屋市场萎缩加深，劳动力市场显示疲软，经济增长面临下行风险，必要时将采取及时措施

Economy：indicates a deepening of the housing contraction as well as some softening in labor markets; downside risks to growth remain; act in a timely manner as needed to address those risks

通货膨胀：未来几个季度保持温和，但需要密切关注

Inflation：moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.

2008 / 01 / 2(临时会议)

8：1通过调降基准利率75个基点，至3.50%，一名成员投票反对降息，一名成员缺席；通过调降窗口贴现率75个基点，至4.00%。

金融市场：利率市场短期紧张状况好转，但整体金融市场继续恶化，一些商业和家庭信贷状况紧缩

Financial markets：strains in short-term funding markets have eased somewhat, broader financial market conditions have continued to deteriorate and credit has tightened further for some businesses and households

房产市场的描述由“调整”改为“萎缩”；提及劳动力市场疲软；没有提及通胀问题。

总体经济：经济增长前景减弱，下行的风险增加；房屋市场将更深度萎缩，劳动力市场显示疲软

Economy：weakening of the economic outlook and increasing downside risks to growth; indicates a deepening of the housing contraction as well as some softening in labor markets.

通货膨胀：没有提及

Inflation：

2007 / 02 / 11

9：1通过调降基准利率25个基点，至4.25%，一名成员投票降息50个基点；一致通过调降窗口贴现率25个基点，至4.75%

金融市场：金融市场紧缩状加剧

Financial markets：strains in financial markets have increased

金融和房产市场的紧缩，已经影响到商业和消费者支出；政策关注的重点偏向经济前景，但对通胀保持关注。

总体经济：经济增长正在放缓，房屋市场调整加剧，商业和消费者支出减弱，经济和通胀前景的不确定性增加，必要时采取措施稳定物价和增长

Economy：economic growth is slowing; intensification of the housing correction and some softening in business and consumer spending; increased the uncertainty surrounding the outlook for economic growth and inflation; act as needed to foster price stability and sustainable economic growth

通货膨胀：能源和商品价格上涨将对通胀带来压力，密切关注通胀发展

Inflation：energy and commodity prices, among other factors, may put renewed upward pressure on inflation; the upside risks to inflation roughly balance the downside risks to growth

2007 / 10 / 31

9：1通过调降基准利率25个基点，至4.50%，一名成员投票维持利率不变；一致通过调降窗口贴现率25个基点，至5.00%。

金融市场：金融市场紧缩状况有所缓解

Financial markets：strains in financial markets have eased somewhat on balance

政策在通胀和增长之间权衡，当前认为两者面临的风险相当。

总体经济：第三季度经济增长稳固，但短期内经济增长将放缓，当前政策有助于金融市场的混乱传递到其它领域，将关注经济发展，必要时采取行动稳定物价和维持经济

Economy：solid in the third quarter; likely slow in the near term; help forestall some of the adverse effects on the broader economy; will act as needed to foster price stability and sustainable economic growth

通货膨胀：能源和商品价格上涨将对通胀带来压力，密切关注通胀发展，当前通胀和增长面临的风险相当

Inflation：energy and commodity prices, among other factors, may put renewed upward pressure on inflation; the upside risks to inflation roughly balance the downside risks to growth

2007 / 09 / 18

一致通过调降基准利率50个基点，至4.75%；调降窗口贴现率50个基点，至5.25%。

金融市场：信贷紧缩将加速房产市场的调整

Financial markets：tightening of credit conditions has the potential to intensify the housing correction

政策的重点由偏向通胀转向经济增长可能面临的风险；暗示未来可能进一步采取行动。

总体经济：金融市场的变化对经济前景带来不确定性，防止经济其它领域受到影响，将关注金融和其它经济领域的动向，决定下一步政策

Economy：continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy

通货膨胀：核心通胀温和，通胀仍存在风险，将密切关注

Inflation：core inflation have improved modestly; some inflation risks remain; continue to monitor inflation developments carefully

2007 / 08 / 17(临时会议)

维持基准利率5.25%不变；调降窗口贴现率50个基点，至5.75% 。

金融市场：金融市场恶化，信贷状况紧缩，对经济造成潜在影响

Financial markets：depository institutions may experience unusual funding needs because of dislocations in money and credit markets

临时会议，未提及通胀，强调金融市场动荡对经济的影响，并暗示更多措施

总体经济：下行风险有所增加，准备采取更多措施

downside risks to growth have increased appreciably; is prepared to act as needed

2007/ 08 / 10(临时会议)

维持基准利率不变，但通过公开市场操作增加市场流动性。

金融市场：货币和信贷市场混乱，金融机构可能需要额外的资金

Financial markets：depository institutions may experience unusual funding needs because of dislocations in money and credit markets

临时会议，强调金融市场的动荡。

2007 /08 / 07

一致通过维持利率5.25%不变

金融市场：波动性加剧，家庭和企业信贷状况紧缩；房屋市场的调整仍在继续

Financial markets： have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing

对房产市场的关注扩大到整个金融市场；对未来经济增长的评估不变；政策的重点仍旧放在通胀前景。

总体经济：未来几个季度温和扩张，收到就业和国际市场的支持

Economy：continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy

通货膨胀：通胀超出可能预期水平仍旧是美联储关注的重点，需要更多数据判断前景

Inflation：Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the outlook for both inflation and economic growth

2007/ 06/ 28

一致通过维持利率5.25%不变

房产市场：调整还在继续

Housing market：the ongoing adjustment in the housing sector

维持对房产市场正在调整的看法；维持经济增长将温和扩张的看法；对通胀维持观望的态度。

总体经济：上半年经济增长放缓，但未来几个季度温和扩张

Economy：have been moderate during the first half of this year; continue to expand at a moderate pace over coming quarters

通货膨胀：核心通胀略有上升，通胀压力保持温和，需要更多数据来判断前景

Inflation：core inflation have been somewhat elevated; depend on the evolution of the outlook for both inflation and economic growth

2007/ 05 / 09

一致通过维持利率5.25%不变

房产市场：调整还在继续

Housing market：adjustment in the housing sector is ongoing

维持对房产市场的看法；提出经济增长放缓，但对未来的预期不变；对通胀仍旧保持观望。

总体经济：上半年经济增长放缓，但未来几个季度温和扩张

Economy：Economic growth slowed in the first part of this year; continue to expand at a moderate pace over coming quarters

通货膨胀：核心通胀略有上升，通胀压力保持温和，需要更多数据来判断前景

Inflation：core inflation have been somewhat elevated; depend on the evolution of the outlook for both inflation and economic growth

2007/ 03 / 21

一致通过维持利率5.25%不变

房产市场：好坏难辨，调整还在继续

Housing market：mixed and the adjustment in the housing sector is ongoing

对房产市场的乐观看法降低，但维持总体经济的乐观看法；指出核心通胀上升，但保持观望的态度。

总体经济：未来几个季度继续温和扩张

Economy：continue to expand at a moderate pace over coming quarters

通货膨胀：核心通胀略有加剧，通胀压力保持温和，需要更多数据来判断前景

Inflation：core inflation have been somewhat elevated; depend on the evolution of the outlook for both inflation and economic growth

2007 / 01 / 31

一致通过维持利率5.25%不变

房产市场：试探性的回稳迹象

Housing market: some tentative signs of stabilization have appeared

对房产市场、总体经济和通胀均保持乐观的看法。

总体经济：略显稳固，未来几个季度将温和扩张

Economy: somewhat firmer; seems likely to expand at a moderate pace over coming quarters

通货膨胀：核心通胀和通胀压力温和，需要更多数据来判断前景

Inflation: core inflation have improved modestly in recent months, and inflation pressures seem likely to moderate over time; depend on the evolution of the outlook for both inflation and economic growth