FRB 기준금리 또 0.25%p 인상
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미 연방준비제도이사회(FRB)는 29일 기준금리를 5년여 만에 최고치인 5.25%로 0.25%포인트 인상했읍니다.
DJ UPDATE: Fed Lifts Rates 25BPs To 5.25%;Signals May Pause
(Updates with details on discount rate decision and more details from statement.)
By Brian Blackstone
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. Federal Reserve on Thursday raised official rates a 17th-straight time by one quarter point but stepped back from its pre-commitment to further rate increases, suggesting it may pause the tightening campaign if inflation and economic growth readings subside.
The Federal Open Market Committee, as universally expected, voted unanimously to increase the federal funds rate by 0.25 percentage point to 5.25%, its highest level since March 2001. In a Dow Jones Newswires-CNBC survey taken before the meeting, all 21 primary dealers polled predicted that result.
Only 10 of a potential 12 FOMC members voted. Former Vice Chairman Roger Ferguson resigned in April, and Governor Mark Olson plans to leave the central bank.
The Board of Governors also unanimously approved an increase in the largely symbolic discount rate to 6.25% from 6%. Ten regional Fed banks made the request, versus 11 that requested last month's quarter-point discount rate increase.
"Although the moderation in the growth of aggregate demand should help limit inflation pressures over time, the Committee judges that some inflation risks remain," the FOMC said.
The FOMC deleted its May statement that "some further policy firming may yet be needed to address inflation risks," suggesting another rate increase isn't a done deal.
"The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information," officials added Thursday.
Officials acknowledged a spate of above-consensus core inflation numbers, saying core inflation "has been elevated in recent months." It repeated that inflation expectations remain contained.
In the two previous FOMC statements, in March and May, officials said higher energy and commodity prices had "only a modest effect" on core inflation.
The consumer price index excluding food and energy has posted three straight 0.3% monthly increases - two of those reports came after May 10 - and the Fed's preferred gauge, the core personal consumption expenditures price index, is running slightly above the Fed's 1% to 2% comfort zone.
Inflation expectations, measured by household surveys and nominal and inflation-linked bond yields, spiked in May but have come down some in the past month.
Officials also said for a fifth-straight time that possible increases in "resource utilization" - a nod to the 4.6% unemployment rate and rising industrial capacity usage - as well as higher energy prices, could boost underlying inflation.
And they reiterated that upcoming moves will be dependent on economic data. Against a backdrop of slower growth and rising price pressures, economists are split on whether the Fed will raise rates at its August meeting or pause for the first time in more than two years.
Indeed, reflecting the conflicting forces officials face, the FOMC also noted an economic slowdown to a more sustainable pace is underway.
Economists widely expect gross domestic product in the second quarter to slow markedly from the first quarter's rapid 5.6% pace - more than two full percentage points above the rate most economists consider to be the economy's noninflationary potential. Some economists expect growth in the current quarter to come in below 3%, which should take pressure off stretched resources.
Indeed, employment gains have cooled so far in the second quarter and consumer spending appears to be slowing.
The FOMC repeated its assessment that "a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices" would act to trim growth.
Fed Chairman Ben Bernanke will have a chance to further elaborate on the economy and interest-rate outlook when he presents the FOMC's semiannual monetary report and testimony to Congress on July 19.
-By Brian Blackstone; Dow Jones Newswires
DJ UPDATE: Fed Lifts Rates 25BPs To 5.25%;Signals May Pause
(Updates with details on discount rate decision and more details from statement.)
By Brian Blackstone
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. Federal Reserve on Thursday raised official rates a 17th-straight time by one quarter point but stepped back from its pre-commitment to further rate increases, suggesting it may pause the tightening campaign if inflation and economic growth readings subside.
The Federal Open Market Committee, as universally expected, voted unanimously to increase the federal funds rate by 0.25 percentage point to 5.25%, its highest level since March 2001. In a Dow Jones Newswires-CNBC survey taken before the meeting, all 21 primary dealers polled predicted that result.
Only 10 of a potential 12 FOMC members voted. Former Vice Chairman Roger Ferguson resigned in April, and Governor Mark Olson plans to leave the central bank.
The Board of Governors also unanimously approved an increase in the largely symbolic discount rate to 6.25% from 6%. Ten regional Fed banks made the request, versus 11 that requested last month's quarter-point discount rate increase.
"Although the moderation in the growth of aggregate demand should help limit inflation pressures over time, the Committee judges that some inflation risks remain," the FOMC said.
The FOMC deleted its May statement that "some further policy firming may yet be needed to address inflation risks," suggesting another rate increase isn't a done deal.
"The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information," officials added Thursday.
Officials acknowledged a spate of above-consensus core inflation numbers, saying core inflation "has been elevated in recent months." It repeated that inflation expectations remain contained.
In the two previous FOMC statements, in March and May, officials said higher energy and commodity prices had "only a modest effect" on core inflation.
The consumer price index excluding food and energy has posted three straight 0.3% monthly increases - two of those reports came after May 10 - and the Fed's preferred gauge, the core personal consumption expenditures price index, is running slightly above the Fed's 1% to 2% comfort zone.
Inflation expectations, measured by household surveys and nominal and inflation-linked bond yields, spiked in May but have come down some in the past month.
Officials also said for a fifth-straight time that possible increases in "resource utilization" - a nod to the 4.6% unemployment rate and rising industrial capacity usage - as well as higher energy prices, could boost underlying inflation.
And they reiterated that upcoming moves will be dependent on economic data. Against a backdrop of slower growth and rising price pressures, economists are split on whether the Fed will raise rates at its August meeting or pause for the first time in more than two years.
Indeed, reflecting the conflicting forces officials face, the FOMC also noted an economic slowdown to a more sustainable pace is underway.
Economists widely expect gross domestic product in the second quarter to slow markedly from the first quarter's rapid 5.6% pace - more than two full percentage points above the rate most economists consider to be the economy's noninflationary potential. Some economists expect growth in the current quarter to come in below 3%, which should take pressure off stretched resources.
Indeed, employment gains have cooled so far in the second quarter and consumer spending appears to be slowing.
The FOMC repeated its assessment that "a gradual cooling of the housing market and the lagged effects of increases in interest rates and energy prices" would act to trim growth.
Fed Chairman Ben Bernanke will have a chance to further elaborate on the economy and interest-rate outlook when he presents the FOMC's semiannual monetary report and testimony to Congress on July 19.
-By Brian Blackstone; Dow Jones Newswires
작성일2006-06-29 20:42
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