1999.06.30-2000.05.16 FOMC加息过程

1999.06.30-2000.05.16 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（%）
1998.11.17	00	4.75
1999.06.30	+25	5.00
1999.08.24	+25	5.25
1999.11.16	+25	5.50
2000.02.02	+25	5.75
2000.03.21	+25	6.00
2000.05.16	+50	6.50

（根据美国联邦储备系统官方网站http://www.federalreserve.gov资料整理）

简短评论：上调175个基点，5次上25个基点，1次上调50个基点。历时12个月。

公告日期：1999年6月30日

立即发布

联邦公开市场委员会今天决定将联邦基金利率提高25基点，上升到它的目标位5%。

去年秋天，委员会减息以应对美国的金融市场明显的中止情形。在那之后，金融紧张局面已经得到大大缓解，外国经济强劲，美国经济活动也进入强劲增长的轨道，因此，我们断定不必再作充分的调整。

过去几个季度，劳动力市场持续偏紧，但是，劳动生产率的强劲增长已经抑制了通货膨胀。

由于未来经济受诸多相互冲突的力量的作用，其综合的不确定性，FOMC决定采取一个指导思想包括不再偏好短期政策行为。不过，委员会意识到，当前的动态环境，必须对即将发生的，或者潜在即将发生的，可能对经济增长带来隐患的通货膨胀保持警觉。

附：原文

Release Date: June 30, 1999

For immediate release

The Federal Open Market Committee today voted to raise its target for the federal funds rate 25 basis points to 5 percent.

Last fall the Committee reduced interest rates to counter a significant seizing-up of financial markets in the United States. Since then much of the financial strain has eased, foreign economies have firmed, and economic activity in the United States has moved forward at a brisk pace. Accordingly, the full degree of adjustment is judged no longer necessary.

Labor markets have continued to tighten over recent quarters, but strengthening productivity growth has contained inflationary pressures.

Owing to the uncertain resolution of the balance of conflicting forces in the economy going forward, the FOMC has chosen to adopt a directive that includes no predilection about near-term policy action. The Committee, nonetheless, recognizes that in the current dynamic environment it must be especially alert to the emergence, or potential emergence, of inflationary forces that could undermine economic growth.

公告日期：1999年8月24日

立即发布

联邦公开市场委员会今天决定将联邦基金利率提高25基点，上升到它的目标位5%。

委员会相信，甚至在这次行动以后，货币政策的态势仍然保持适当并且，与正在强劲提高的劳动生产率相适应，将为经济活动提供支持。在最近几个月，经济增长得以改进，劳动力市场状况的改善也放慢了。这种放缓看来应该归咎于能源价格的显著上升。不过，经济总体上讲还是均衡的，未来增长将继续保持强劲态势。今年的通货膨胀已经有所抬头，虽然价格上升的部分原因反映了某些暂时性因素的影响。

委员会认为，在未来的几个季度，追求同时实现持续的增长以及价格稳定目标，其上升和下降的风险是大致相当的。潜在的通货膨胀仍然如期待中的那样低，委员会相信政策调整是可以被测量的并以某一速度被转移。尽管如此，委员会将对经济前景的变化做出及时的反应，必要时，它将履行了维持价格稳定的义务。

参加FOMC货币政策行动投票的有：阿伦·格林斯潘主席；T·F·盖特勒副主席；B·S·B伯南克；苏珊·S·比斯；罗杰·W·小弗格森；爱德华·M·格兰里奇；托马斯·M·何力格；唐纳德·L·库恩；凯茜·E·明汉；马克·W·奥尔逊；桑德拉·皮亚纳托；以及威廉·普尔。

同时，与加息相关联的行动，委员会一致同意将贴现率提高25个基点，增加到2.50%。联邦公开市场委员会采取这次行动，是采纳了下列各个联邦储备银行的董事局提交的请求，即波士顿，纽约，费拉德尔菲亚，克利夫兰，里士满，亚特兰大，芝加哥，圣.路易斯，明尼阿波利斯，堪萨斯城，达拉斯和旧金山。

附：原文

Release Date: August 24, 1999

For immediate release

The Federal Open Market Committee today voted to raise its target for the federal funds rate by 25 basis points to 5-1/4 percent. In a related action, the Board of Governors approved a 25 basis point increase in the discount rate to 4-3/4 percent.

With financial markets functioning more normally, and with persistent strength in domestic demand, foreign economies firming and labor markets remaining very tight, the degree of monetary ease required to address the global financial market turmoil of last fall is no longer consistent with sustained, noninflationary, economic expansion.

Todays increase in the federal funds rate, together with the policy action in June and the firming of conditions more generally in U.S. financial markets over recent months, should markedly diminish the risk of rising inflation going forward. As a consequence, the directive the Federal Open Market Committee adopted is symmetrical with regard to the outlook for policy over the near term.

In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, 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.

Release Date: October 5, 1999

For immediate release

The Federal Open Market Committee decided today to leave its target for the federal funds rate unchanged.

Strengthening productivity growth has been fostering favorable trends in unit costs and prices, and much recent information suggests that these trends have been sustained.

Nonetheless, the growth of demand has continued to outpace that of supply, as evidenced by a decreasing pool of available workers willing to take jobs. In these circumstances, the Federal Open Market Committee will need to be especially alert in the months ahead to the potential for costs to increase significantly in excess of productivity in a manner that could contribute to inflation pressures and undermine the impressive performance of the economy.

Against this background, the Committee adopted a directive that was biased toward a possible firming of policy going forward. Committee members emphasized that such a directive did not signify a commitment to near-term action. The Committee will need to evaluate additional information on the balance of aggregate supply and demand and conditions in financial markets.

Release Date: November 16, 1999

For immediate release

The Federal Open Market Committee today voted to raise its target for the federal funds rate by 25 basis points to 5-1/2 percent. In a related action, the Board of Governors approved a 25 basis point increase in the discount rate to 5 percent.

Although cost pressures appear generally contained, risks to sustainable growth persist. Despite tentative evidence of a slowing in certain interest-sensitive sectors of the economy and of accelerating productivity, the expansion of activity continues in excess of the economys growth potential. As a consequence, the pool of available workers willing to take jobs has been drawn down further in recent months, a trend that must eventually be contained if inflationary imbalances are to remain in check and economic expansion continue.

Todays increase in the federal funds rate, together with the policy actions in June and August and the firming of conditions more generally in U.S. financial markets over the course of the year, should markedly diminish the risk of inflation going forward. As a consequence, the directive the Federal Open Market Committee adopted is symmetrical with regard to the outlook for policy over the near term.

In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, Cleveland, Richmond and Kansas City. The discount rate is the rate charged depository institutions when they borrow short-term adjustment credit from their district Federal Reserve Banks.

Release Date: December 21, 1999

For immediate release

The Federal Open Market Committee made no change today in its target for the federal funds rate.

Based on the available evidence, however, the Committee remains concerned with the possibility that over time increases in demand will continue to exceed the growth in potential supply, even after taking account of the remarkable rise in productivity growth. Such trends could foster inflationary imbalances that would undermine the economys exemplary performance.

Nonetheless, in light of market uncertainties associated with the century date change, the Committee decided to adopt a symmetric directive in order to indicate that the focus of policy in the intermeeting period must be ensuring a smooth transition into the Year 2000. At its next meeting the Committee will assess available information on the likely balance of supply and demand, conditions in financial markets, and the possible need for adjustment in the stance of policy to contain inflationary pressures.

Release Date: February 2, 2000

For immediate release

The Federal Open Market Committee voted today to raise its target for the federal funds rate by 25 basis points to 5-3/4 percent. In a related action, the Board of Governors approved a 25 basis point increase in the discount rate to 5-1/4 percent.

The Committee remains concerned that over time increases in demand will continue to exceed the growth in potential supply, even after taking account of the pronounced rise in productivity growth. Such trends could foster inflationary imbalances that would undermine the economys record economic expansion.

Against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the Committee believes the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future.

In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City and San Francisco. The discount rate is the rate charged depository institutions when they borrow short-term adjustment credit from their district Federal Reserve Banks.

Release Date: March 21, 2000

For immediate release

The Federal Open Market Committee voted today to raise its target for the federal funds rate by 25 basis points to 6 percent. In a related action, the Board of Governors approved a 25 basis point increase in the discount rate to 5-1/2 percent.

Economic conditions and considerations addressed by the Committee are essentially the same as when the Committee met in February. The Committee remains concerned that increases in demand will continue to exceed the growth in potential supply, which could foster inflationary imbalances that would undermine the economys record economic expansion.

In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City and San Francisco. The discount rate is the rate charged depository institutions when they borrow short-term adjustment credit from their district Federal Reserve Banks.

Release Date: May 16, 2000

For immediate release

The Federal Open Market Committee voted today to raise its target for the federal funds rate by 50 basis points to 6-1/2 percent. In a related action, the Board of Governors approved a 50 basis point increase in the discount rate to 6 percent.

Increases in demand have remained in excess of even the rapid pace of productivity-driven gains in potential supply, exerting continued pressure on resources. The Committee is concerned that this disparity in the growth of demand and potential supply will continue, which could foster inflationary imbalances that would undermine the economys outstanding performance.

Against the background of its long-term goals of price stability and sustainable economic growth and of the information already available, the Committee believes the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future.

In taking the discount rate action, the Federal Reserve Board approved requests submitted by the Boards of Directors of the Federal Reserve Banks of Boston, Cleveland, Richmond, and San Francisco. The discount rate is the rate charged depository institutions when they borrow short-term adjustment credit from their district Federal Reserve Banks.