翻译：陈达飞
Federal Reserve issues FOMC statement（3.20）
美联储发布联邦公开市场委员会声明
Information received since the Federal Open Market Committee met in January indicates that the labor market remains strongbut that growth of economic activity has slowed from its solid rate in thefourth quarter. Payroll employment was little changed in February, but job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Recent indicators point to slower growth of household spending and business fixed investment in the first quarter. On a 12-month basis, overall inflation has declined, largely as a result of lower energyprices; inflation for items other than food and energy remains near 2 percent. On balance, market-based measures of inflation compensation have remained low inrecent months, and survey-based measures of longer-term inflation expectations are little changed.
1月会议以来，美国联邦公开市场委员会(FOMC)收到的信息显示，（美国的）就业市场依然强劲，但经济增速较去年四季度的稳定状态有所减弱。2月份的就业情况基本持平，近几个月的平均就业增长一直很稳定，失业率一直保持在低位。最新指标显示，第一季度的家庭支出和企业固定投资增速放缓。过去12个月来看，总体通货膨胀率下降，原因主要是能源价格下降；食品和能源以外的其他商品的通货膨胀率仍然接近2%。总的来说，以市场为基础的通胀补偿指标近几个月来一直处于低位，基于调查的长期通胀预期指标几乎没有变化。
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support ofthese goals, the Committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 percent. The Committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the Committee's symmetric 2 percent objective as the most likely outcomes. In light of global economic and financial developments and muted inflation pressures, the Committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes.
根据其法定职责，本委员会寻求促进最大限度的就业和价格稳定。为了实现这些目标，委员会决定将联邦基金利率的目标区间维持在2.25至2.5个百分点。FOMC继续认为，最有可能的结果是，经济活动持续扩张、劳动力市场状况强劲，以及通胀率接近其2%的对称目标。鉴于全球经济和金融形势的发展，以及通胀压力的减弱，美联储在决定未来对联邦基金利率目标区间进行何种调整以支持这些结果方面将保持耐心。
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation objective.This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international developments.
在确定联邦基金利率目标区间未来调整的时机和规模时，本委员会将评估相对于其最大就业目标和对称的2%通胀目标而言，已经实现和预期的经济状况。这一评估将考虑广泛的信息，包括劳动力市场状况的衡量指标、通胀压力和通胀预期的指标，以及金融和国际形势的信息。
Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Michelle W.Bowman; Lael Brainard; James Bullard; Richard H. Clarida; Charles L. Evans;Esther L. George; Randal K. Quarles; and Eric S. Rosengren.
投票支持联邦公开市场委员会货币政策行动的有:主席杰罗姆·鲍威尔;副董事长约翰·威廉姆斯;米歇尔·鲍曼;布雷纳德;詹姆斯·布拉德;克拉里达;埃文斯;乔治;夸尔斯;还有埃里克·S·罗森格林。
以下为美联储观测的核心变量的最新预测：
核心变量预测值：
GDP走势预：短期下行
失业率走势预测：中枢上行
核心通胀走势预测：略微下行
点阵图：维持当前位置（实际上并不能说明不加息）
本公号将会继续关注并翻译美联储后续议息会议声明
对于美联储货币政策正常化的逻辑、次序和节奏，可参考译者专栏“流动性经济学”：
1.流动性经济学 | 全球央行资产负债表周期的冲突之一：QE的得失
2.流动性经济学｜全球流动性周期的冲突（二）：美联储或提前结束加息周期
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