2023年美联储会议声明（12月版）-英_市场营销策划_重点报告202301203_

FEDERAL RESERVEcress releaseForrelease at2:00p.m.ESTDecember13,2023Recent indicatorssuggest thatgrowth ofeconomic activityhas slowedfrom itsstrong pacein the thirdquarter.Job gainshave moderatedsince earlierin theyear butremain strong,and theunemploymentrate hasremained low.Inflation haseased overthe pastyear butremains elevated.The U.S.banking systemis soundand resilient.Tighter financialand creditconditions forhouseholdsand businessesare likelyto weighon economic activity,hiring,and inflation.Theextent of these effectsremains uncertain.The Committeeremains highlyattentive toinflationrisks.The Committeeseeks toachieve maximumemployment and inflation atthe rateof2percent overthe longerrun.In supportof thesegoals,the Committeedecided to maintain thetargetrange for the federalfunds rate at5-1/4to5-1/2percent.The Committeewill continueto assessadditionalinformation andits implicationsfor monetary policy.In determiningthe extentof anyadditionalpolicy firmingthat may be appropriate to returninflation to2percent overtime,theCommittee willtake intoaccount thecumulative tighteningof monetary policy,the lagswithwhich monetarypolicy affectseconomicactivityandinflation,and economicand financialdevelopments.In addition,the Committeewill continuereducing itsholdings ofTreasurysecurities and agency debt andagency mortgage-backed securities,as describedin itspreviouslyannounced plans.The Committeeis stronglycommitted toreturning inflationto its2percentobjective.In assessingthe appropriatestance of monetarypolicy,the Committeewill continuetomonitor theimplications ofincoming informationfortheeconomic outlook.The Committeewouldbe preparedto adjustthe stanceofmonetarypolicy asappropriate ifrisks emergethat couldimpedethe attainmentof theCommittees goals.The Committeesassessments willtake intoaccount awiderange ofinformation,including readingson labormarket conditions,inflation pressuresandinflation expectations,and financialand internationaldevelopments.Voting forthe monetarypolicy actionwere JeromeH.Powell,Chair;John C.Williams,Vice Chair;Michael S.Barr;Michelle W.Bowman;Lisa D.Cook;Austan D.Goolsbee;PatrickHarker;Philip N.Jefferson;Neel Kashkari;Adriana D.Kugler;Lorie K.Logan;and ChristopherJ.Waller.-0-For mediainquiries,please emailmedia@frb.gov orcall.AttachmentsFor releaseat2:00p.m.EST December13,2023Decisions RegardingMonetary PolicyImplementationThe Federal Reserve hasmade thefollowing decisionsto implementthe monetarypolicy stanceannouncedby the Federal Open Market Committeein itsstatement onDecember13,2023:•The Boardof Governorsof the Federal ReserveSystem votedunanimously tomaintain theinterestrate paidon reservebalances at

5.4percent,effective December14,

2023.•As partof itspolicy decision,the Federal Open MarketCommittee votedto directthe OpenMarketDesk atthe FederalReserve Bank of NewYork,until instructedotherwise,to executetransactionsintheSystem OpenMarket Accountin accordancewith thefollowing domesticpolicydirective:Effective December14,2023,the FederalOpenMarketCommittee directsthe Deskto:oUndertake openmarket operationsas necessarytomaintainthe federalfunds ratein atargetrange of5-1/4to5-1/2percent.Conduct standingovernight repurchase agreement operationswith aminimum bidorateof

5.5percent andwith anaggregate operationlimit of$500billion.Conduct standingovernight reverserepurchaseagreementoperations atan offeringorateof

5.3percent andwith aper-counterparty limitof$160billion perday.Roll overat auctionthe amount of principal payments fromtheFederal Reservesoholdings ofTreasury securitiesmaturing in each calendar month that exceeds a capof$60billion permonth.Redeem Treasurycoupon securitiesup tothis monthlycapand Treasurybills tothe extentthat couponprincipalpaymentsare lessthan themonthlycap.Reinvest intoagencymortgage-backed securitiesMBS theamountofprincipalopayments fromtheFederal Reserves holdingsof agencydebtandagency MBSreceivedineachcalendarmonththatexceedsacapof$35billion permonth.Allow modestdeviations fromstated amountsfor reinvestments,if neededforooperational reasons.Engage indollar rolland couponswap transactionsas necessaryto facilitateosettlementof theFederalReservesagency MBStransactions.n•In arelated action,the Boardof Governorsof theFederalReserveSystem votedunanimouslyto approvethe establishmentof theprimary creditrateatthe existinglevel of

5.5percent.This informationwill beupdated asappropriatetoreflect decisionsof theFederalOpenMarketCommittee orthe Boardof Governorsregarding detailsoftheFederalReservesoperational toolsandapproach usedto implementmonetarypolicy.More informationregarding openmarket operationsand reinvestmentsmaybefound ontheFederal ReserveBankofNew Yorkswebsite.。