080122 美联储出猛招应对经济衰退
公告内容如下：
联邦公开市场委员会今天决定将目标利率下降75个基点，使联邦基金利率达到3.5%。
委员会采取该项行动，是因为经济前景在恶化以及增长率在加速下降，同时，短期基金市场压力已经缓解，企业和家庭信用环境和广义金融市场条件在恶化。以及，当前信息表明住房紧缩加深和劳动力市场出现缓和。
委员会预期未来几个季度的通货膨胀将温和，但是，有必要继续密切监视通货膨胀的发展。
经济增长进一步下滑的风险依然存在，委员会将继续评估金融市场效应和其他发展的影响，并将及时采取措施应对这些风险。
为FOMC货币政策行动投票的理事：本•S•伯南克主席；T•F•盖特勒副主席；查尔斯•伊文思；托马斯•M•何力格；唐纳德•L•库恩；南代尔•S•克罗斯内尔；艾里克•S•罗森格林；凯文•M•沃西。威廉•普尔投了反对票，他认为当前情况不适合采取这样的政策行动，最好是在下周例会（2008年1月29-30日）上讨论之后再做决定；弗雷德里克•S•米西金缺席会议并且没有参加投票。
与此相关的政策行动是，委员会还决定将贴现率降低75个BP，使之达到4%，采取该项决定是同意芝加哥和明尼阿波利斯联邦储备银行的理事所提交的请求。
鉴于此次例会行动决心很大，说明美国经济所面临的衰退问题已经非常严重。由此，我们可以断定，目前的FOMC的技术官僚们正在全力以赴对付可能出现的经济衰退这个棘手的问题。不过，威廉•普尔投反对票，也说明美联储内部存在分歧。
在此前的分析中，我预测美联储可能在月底的例会上降息50个基点，这个预测没有充分考虑到金融市场形势加速恶化的情况，所以，出现了时间和幅度的偏差。而美联储从市场形势的演变过程中看到了可能发生不愿面对的僵化局面，所以，破天荒地下了一道猛药，这是伯南克极其决策团队不同于格林斯潘的地方，他是否还继续按照渐进主义原则实施货币政策，还不得而知。如此急迫降息，无异于一剂“强心针”，效果如何，还有待观察。
http://www.federalreserve.gov/monetarypolicy/fomc.htm#2008
Release Date: January 22, 2008
For immediate release
The Federal Open Market Committee has decided to lower its target for the federal funds rate 75 basis points to 3-1/2 percent.
The Committee took this action in view of a weakening of the economic outlook and increasing downside risks to growth. While 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. Moreover, incoming information indicates a deepening of the housing contraction as well as some softening in labor markets.
The Committee expects inflation to moderate in coming quarters, but it will be necessary to continue to monitor inflation developments carefully.
Appreciable downside risks to growth remain. The Committee will continue to assess the effects of financial and other developments on economic prospects and will act in a timely manner as needed to address those risks.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Charles L. Evans; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Eric S. Rosengren; and Kevin M. Warsh. Voting against was William Poole, who did not believe that current conditions justified policy action before the regularly scheduled meeting next week. Absent and not voting was Frederic S. Mishkin.
In a related action, the Board of Governors approved a 75-basis-point decrease in the discount rate to 4 percent. In taking this action, the Board approved the requests submitted by the Boards of Directors of the Federal Reserve Banks of Chicago and