聯準會利率決策全文：經濟前景不確定性陡然升高

美國聯邦準備理事會（Fed）的利率決策機制「公開市場操作委員會」（FOMC）完成週三、週四的兩天會議後，決議基準利率維持不變。本次的會後聲明與上次相比，明顯對於經濟走向、通膨是否能夠持續放緩更不具信心，更加不確定。

這顯示聯準會已關注到川普關稅戰帶來的經濟、失業與通膨衝擊。聯準會有可能必須維持高利率壓制通膨，實施更久的高利率政策。

以下是FOMC決議聲明全文，粗體字是本次的新內容，括號內是上次的聲明內容：

最近的指標顯示經濟活動持續以穩健的步伐進行扎實的擴張。近幾個月來失業率維持在低水準，勞動市場依舊堅實。通膨仍略微偏高。

Recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate has stabilized at a low level in recent months, and labor market conditions remain solid. Inflation remains somewhat elevated.

委員會尋求在長期狀況中實現最大就業和2%的通膨率。經濟前景的不確定性已經增加（委員會認為，實現就業和通膨目標的風險大致平衡。經濟前景仍不確定）。委員會仍密切關注對其雙重政策使命的兩面風險。

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty around the economic outlook has increased. The Committee is attentive to the risks to both sides of its dual mandate.

為支持其目標，委員會決定把聯邦資金利率的目標區間維持在4.25%至4.5%。在考慮進一步調整聯邦資金利率目標區間的幅度與時機點時，委員會將仔細評估接下來公佈的經濟數據，經濟前景的變化，以及風險平衡。委員會將繼續減持美國國債、機構債務和機構抵押擔保證券。從4月開始，委員會將放緩縮減其證券持有量的速度，將美國國債的每月贖回上限從250億美元降至50億美元。委員會將維持機構債券和機構抵押貸款支持證券的每月贖回上限在350億美元不變。委員會強力支持最大就業並使通膨率回到2%的目標。

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. Beginning in April, the Committee will slow the pace of decline of its securities holdings by reducing the monthly redemption cap on Treasury securities from $25 billion to $5 billion. The Committee will maintain the monthly redemption cap on agency debt and agency mortgage-backed securities at $35 billion. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

在評估適當的貨幣政策時，委員會將繼續監控最新經濟前景資訊的影響。若出現可能阻礙委員會達成目標的風險，委員會準備好視情況調整貨幣政策以妥善應對。委員會的評估將考慮廣泛的資訊，包括勞動市場數據、通膨壓力和通膨預期，以及金融與國際情勢的發展。

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

本次決議遭到一名理事華勒（Christopher J. Waller）反對，他認為不該放緩縮減證券資產持有量的速度。上次的決議獲理事一致同意。