美联储的目标进行货币政策

1、美联储的目标进行货币政策国会成立的法定货币政策目标充分就业、物价稳定 和温和长期利率在联邦储备法 。The Federal Open Market Committee (FOMC) is firmly committed to fulfilling this statutory mandate.联邦公开市场委员会 (FOMC) 是坚定地致力于履行这一法定 使命。In pursuing these objectives, the FOMC seeks to explain its monetary policy decisions to the public as clearly as poss

2、ible.追求这些目标 ,联邦公开市场委员会试图解释它的货币政策 决定向公众尽可能清楚地。Clarity in policy communications facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are ess

3、ential in ademocratic society.清晰的政策交流促进消息灵通的家庭和企业的决策,降低了经济和金融的不确定性 ,增加了货币政策的效力 ,并且增强透 明度和问责 ,而在民主社会是必要的。Following its meeting in January 2012, the FOMC issued a statement regarding its longer-run goals and monetary policy strategy.2012 年 1 月的会议之后 ,联邦公开市场委员会发表了一份声 明,关于它的长期目标和货币政策战略。The FOMC noted in

4、its statement that the Committee judges that inflation at the rate of 2 percent (as measured by the annual change in the price index for personal consumption expenditures, or PCE) is most consistent over the longer run with the Federal Reserve's statutory mandate.联邦公开市场委员会在声明中指出 ,委员会认为 ,通货膨胀率 为

5、2%（ 按年度变动价格指数的个人消费支出 , 或 PCE） 是最稳定的长期运行与美联储的法定使命Communicating this inflation goal clearly helps keep longer-term inflation expectations firmly anchored, thereby fostering price stability and moderate long-term interest rates and enhancing the FOMC's ability to promote maximum employment.传播这种通胀目标

6、显然有助于保持长期的通胀预期扎根 ,从 而促进价格稳定和温和的长期利率和提高联邦公开市场委 员会促进充分就业的能力。The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the job market.最大的就业水平 ,很大程度上取决于非货币影响因素 ,结构和 动力学的就业市场。These factors may change over time and may not be directly measurable

7、.这些因素可能会随着时间改变 ,不得直接测量。As a result, the FOMC does not specify a fixed goal for maximum employment; rather, the FOMC's policy decisions must be informed by its members' assessments of the maximum level of employment, though such assessments are necessarily uncertain and subject to revision.因此

8、 ,联邦公开市场委员会不指定一个固定目标就业最大化 相反 ,联邦公开市场委员会的政策决策必须依据其成员的评 估的最大级别的就业 ,不过这样的评估是一定不确定性和 修。In the FOMC's most recent Summary of Economic Projections, Committee participants' estimates of the longer-run normal rate of unemployment had a central tendency of 5.2 to 6.0 percent, roughly unchanged from A

9、pril 2011 but substantially higher than the corresponding interval several years earlier.在联邦公开市场委员会的最新经济预测的总结,委员会参与 者的估计长期正常失业率有一个中央的倾向 ,5.2 至 6.0%, 大 致持平于 2011 年 4 月 ,但大大高于相应的时间间隔几年前In setting monetary policy, the Committee seeks to mitigate deviations of inflation from its longer-run goal and devi

10、ations of employment from the Committee's assessments of its maximum level.在制定货币政策时 ,委员会寻求缓解通货膨胀的偏差和偏差 的中长期目标的就业委员会的评估它的最高水平。These objectives are generally complementary.这些目标通常是互补的。However, under circumstances in which the Committee judges that the objectives are not complementary, it follows a balanced approach in promoting them, taking into account the magnitude of the deviations and the potentially different time horizons over which employmen