1995.07.06-1998.11.17FOMC减息过程
1995.07.06-1998.11.17 美国联邦基金利率变化情况
|
变动时间 |
变动（基点） |
变动后利率（%） |
|
1995.02.01 |
00 |
6.00 |
|
1995.07.06 |
—25 |
5.75 |
|
1995.12.19 |
—25 |
5.50 |
|
1996.01.31 |
—25 |
5.25 |
|
1997.03.25 |
+25 |
5.50 |
|
1998.09.29 |
—25 |
5.25 |
|
1998.10.15 |
—25 |
5.00 |
|
1998.11.17 |
—25 |
4.75 |
（根据美国联邦储备系统官方网站http://www.federalreserve.gov资料整理）
说明：由于www.federalreserve.gov网站没有提供1996年1月31日之前历次详细的减息公告，笔者只对1996年1月31日之后情况作分析，待资料充实之后，将相关分析补充进来。
简短评论：下调125个基点，6次下调1次上调，6次下调25个基点，中间有1次上调25个基点。历时16个月。
公告日期：1996年1月31日
立即发布
联邦储备局今天宣布采取下列政策行动：
理事会同意将贴现率从5.25%下降为5.00%，此决议立即生效。
联邦公开市场委员会同意这一下降将在准备金市场的利率中得到充分的反应，预期联邦基金利率将下降25个基点，即从5.5%降为5.25%。
最近几个月的稳健的经济扩张缓解了未来通货膨胀压力。由于价格和成本趋势已经被抑制，稍微放松货币政策与被控制的通货膨胀以及可持续增长的目标是一致的。
对贴现率采取上述行动，联邦公开市场委员会是应如下联邦储备银行董事局的请求：纽约，费城，克利夫兰，亚特兰大，明尼阿波利斯和达拉斯。（作者注：这次只有六家请求，另外六家没有提出降息请求。）
附：原文
Release Date: January 31, 1996
For immediate release
The Federal Reserve today announced the following policy actions:
The Board of Governors approved a reduction in the discount rate from 5-1/4 percent to 5 percent, effective immediately.
In a related move, the Federal Open Market Committee agreed that the reduction would be reflected fully in interest rates in the reserve markets. This is expected to result in a reduction in the federal funds rate of 25 basis points, from about 5-1/2 percent to about 5-1/4 percent.
Moderating economic expansion in recent months has reduced potential inflationary pressures going forward. With price and cost trends already subdued, a slight easing of monetary policy is consistent with contained inflation and sustainable growth.
In taking the discount action, the Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, Cleveland, Atlanta, Minneapolis, and Dallas.
公告日期：1997年3月25日
立即发布
联邦公开市场委员会今天决定轻微紧缩货币市场条件，同意将联邦基金利率上调0.25个百分点，使之达到5.5%。
采取这一行动是考虑到需求持续增强，已经在不断地增加了通货膨胀性的失衡的风险，这将给经济的长期增长埋下隐患。
在这种情况之下，对货币条件的轻微紧缩，可以被看成是一个谨慎的步骤，即为当前经济扩张提供较大的保障，并使今年和此后经济在低通货膨胀的环境中持续增长。过去几年的经验强化了我们的信念，即低通货膨胀是实现经济增长潜力的重要条件。
联邦储备系统的贴现率不作任何改变，仍然维持5%不变。
附：原文
Release Date: March 25, 1997
For immediate release
The Federal Open Market Committee decided today to tighten money market conditions slightly, expecting the federal funds rate to rise 1/4 Percentage point to around 5-1/2 percent.
This action was taken in light of persisting strength in demand, which is progressively increasing the risk of inflationary imbalances developing in the economy that would eventually undermine the long expansion.
In these circumstances, the slight firming of monetary conditions is viewed as a prudent step that affords greater assurance of prolonging the current economic expansion by sustaining the existing low inflation environment through the rest of this year and next. The experience of the last several years has reinforced the conviction that low inflation is essential to realizing the economys fullest growth potential.
No change was made in the Federal Reserve discount rate, which remains at 5 percent.
公告日期：1998年9月29日
立即发布
联邦公开市场委员会今天决定轻微放松货币政策，同意将联邦基金利率下调0.25个百分点，使之达到5.25%。
采取这一行动是为了缓和由于日益增长的外部经济疲软和国内金融市场条件不佳对美国经济增长前景带来的效应。最近全球经济以及美国金融市场调整的变化需要轻微降低联邦基金利率，这在当前应该被看成是与保持低通货膨胀和未来实现可持续增长的目标是一致的。
贴现率维持不变仍为5%。
附：原文
Release Date: September 29, 1998
For immediate release
The Federal Open Market Committee decided today to ease the stance of monetary policy slightly, expecting the federal funds rate to decline 1/4 percentage point to around 5-1/4 percent.
The action was taken to cushion the effects on prospective economic growth in the United States of increasing weakness in foreign economies and of less accommodative financial conditions domestically. The recent changes in the global economy and adjustments in U.S. financial markets mean that a slightly lower federal funds rate should now be consistent with keeping inflation low and sustaining economic growth going forward.
The discount rate remains unchanged at 5 percent.
公告日期：1998年10月15日
立即发布
联邦储备局今天宣布如下政策行动：
理事会决定将贴现率（贴现率是存款机构向地区联邦储备银行借款时所支付的利率）下调25个基点，即从5%降为4.75%。
将联邦基金利率下调25个基点，即从5.25%降为5%。
金融市场的不确定性状态和贷款人的忧虑不断增长，看来会抑制未来的总需求。为了克服这一点，进一步放松货币政策可以看成是在通货膨胀受到控制条件下实现可持续增长的保证。
对贴现率采取上述行动，联邦公开市场委员会是应如下联邦储备银行董事局的请求：纽约，费城，亚特兰大，芝加哥，圣路易斯，明尼阿波利斯，堪萨斯城和旧金山。（作者注：这次只有八家请求，另外四家没有提出降息请求。）
贴现率是存款机构向地区联邦储备银行借款时所支付的利率。
附：原文
Release Date: October 15, 1998
For immediate release
The Federal Reserve today announced the following set of policy actions:
The Board of Governors approved a reduction in the discount rate by 25 basis points from 5 percent to 4-3/4 percent.
The federal funds rate is expected to fall 25 basis points from around 5-1/4 percent to around 5 percent.
Growing caution by lenders and unsettled conditions in financial markets more generally are likely to be restraining aggregate demand in the future. Against this backdrop, further easing of the stance of monetary policy was judged to be warranted to sustain economic growth in the context of contained inflation.
In taking the discount rate action, the Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and San Francisco. The discount rate is the interest rate that is charged depository institutions when they borrow from their district Federal Reserve Banks.（贴现率是存款机构向地区联邦储备银行借款时所支付的利率。）
公告日期：1998年11月17日
立即发布
联邦储备局今天宣布如下政策行动：
理事会决定将贴现率（贴现率是存款机构向地区联邦储备银行借款时所支付的利率）下调25个基点，即从4.75%降为4.5%。
将联邦基金利率下调25个基点，即从5%降为4.75%。
自10月中旬以来虽然金融市场状况有了实质改变，但是，不同寻常的紧张局面仍然存在。自9月份以来联邦基金利率已经下调75个基点，可以适当地预期金融条件是与实现可持续增长的同时并通货膨胀受到控制条件的目标一致的。
对贴现率采取上述行动，联邦公开市场委员会是应如下联邦储备银行董事局的请求：纽约，费城和达拉斯。（作者注：这次只有3家请求，另外9家没有提出降息请求）
贴现率是存款机构向地区联邦储备银行借款时所支付的利率。
附：原文
Release Date: November 17, 1998
For immediate release
The Federal Reserve today announced the following set of policy actions:
The Board of Governors approved a reduction in the discount rate by 25 basis points from 4-3/4 percent to 4-1/2 percent.
The federal funds rate is expected to fall 25 basis points from around 5 percent to around 4-3/4 percent.
Although conditions in financial markets have settled down materially since mid-October, unusual strains remain. With the 75 basis point decline in the federal funds rate since September, financial conditions can reasonably be expected to be consistent with fostering sustained economic expansion while keeping inflationary pressures subdued.
In taking the discount rate action, the Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, and Dallas. The discount rate is the interest rate that is charged depository institutions when they borrow from their district Federal Reserve Banks.