美联储耶伦讲话稿
美联储耶伦讲话
美联储耶伦讲话篇一：耶伦,如何成为让全世界都在等她讲话的人？出生并且成长在纽约布鲁克林的耶伦是犹太人后裔，父亲是家庭医生，母亲是小学教师。
为了照顾耶伦兄妹，耶伦的母亲辞职当了家庭主妇。
而手握家中财政大权的母亲可以说是耶伦的经济学启蒙老师，她从母亲的身上培养出对股票和财经的兴趣。
看来股票是真的得从娃娃抓起！耶伦在母亲的熏陶下，对经济学痴迷到了一定的程度。
有多痴迷？1989年旧金山市发生7.1级大地震的时候耶伦正在伯克利大学任教授，听到校内警报大作的时候耶伦正好在办公室做研究，直到她的同事催促她赶紧逃难，耶伦却一动不动。
同事回忆说：“我感觉到楼马上就要塌了，我想自己马上就要死了，但她却一动不动，镇定得让人难以理解。
”从另一个角度来说，耶伦也就是旷世的淡定姐！耶伦是美联储体系内不折不扣的“老将”。
她曾于1977年进入美联储理事会，还曾先后担任克林顿政府经济顾问委员会主席、旧金山联储主席。
金融危机发生后，她于20XX年被奥巴马总统提名为美联储副主席。
耶伦宣誓就任美国联邦储备委员会副主席，任期4年。
同时，珍妮特·耶伦开始其14年的美国联邦储备委员会委员任期，至2024年1月31日完结。
20XX年10月9日，美国总统奥巴马提名美联储现任副主席珍妮特·耶伦接替伯南克出任下一任美联储主席。
20XX年1月6日，参议院以56票对26票的表决结果通过了对耶伦的提名。
20XX年2月3日，耶伦正式宣誓就职。
耶伦一家三口都是经济学家。
她和丈夫阿克洛夫1977年在联储的一次午餐会上认识，两人对经济议题的共同兴趣以及看法让他们惺惺相惜，两人交往不到一年便决定闪电结婚。
所以说，美联储是耶伦的“红娘”。
阿克洛夫他早年因为论文《柠檬市场》而闻名，并于20XX年获得诺贝尔经济学奖。
篇二：美联储主席耶伦新闻发布会翻译稿(高级笔译) TranscriptofchairYellen’sPressconferenceopeningRemarksJune15,20XXcHaiRYELLEn:Goodafternoon.Today,theFederalopenmarketcommittee(F omc)maintainedthetargetrangeforthefederalfundsrateat1/4to1/2percent.Th isaccommodativepolicyshouldsupportfurther progresstowardourstatutoryobjectivesofmaximumemploymentandpricesta bility.Basedontheeconomicoutlook,thecommitteecontinuestoanticipatethat gradualincreasesinthefederalfundsrateovertimearelikelytobeconsistentwit hachievingandmaintainingourobjectives.However,recenteconomicindicat orshavebeenmixed,suggestingthatourcautiousapproachtoadjustingmonetar ypolicyremainsappropriate.asalways,ourpolicyisnotonapresetcourseandiftheeconomicoutlookshifts,theappropriatepathofpolicywillshiftcorrespondi ngly.iwillcomebacktoourpolicydecision,butfirstiwillreviewrecenteconomi cdevelopmentsandtheoutlook.下午好，今天开放市场委员会保持联邦基准利率在0.25%至0.5%区间。
耶伦证词
美联储主席耶伦证词主要内容：如果经济数据符合预期，美联储可能审慎地削减购债规模，缩减QE的速度取决于就业、通用前景，美联储也将考虑购债的成本和效益。
（美联储货币政策并非预先设定的行动，将实现很好的延续性，可能会继续原定计划速度退出QE）美国就业市场复苏远未完成，将密切关注近期新兴市场的动荡。
最近的市场动荡并没有给美国经济前景带来实质性风险，在结束购债后，美联储仍将在很长一段时间内维持宽松政策。
即使率下降至6.5%以下也不会自动触发加息。
（新兴市场动荡幅度不及过去那次金融风暴）在评估劳动力市场时，我们必须考虑更多，而不仅仅是考虑失业率，如长期失业和兼职人数众多。
预计失业率降至6.5%以下，近零利率也将维持很长一段时间。
美联储将致力重返完全就业和2%通彻目标，造成近期通胀疲软的一些因素可能是暂时性的。
耶伦演讲内容整理：耶伦：在QE结束之后，高度宽松的货币政策是合适的，她强烈支持当前FOMC的政策。
全球市场波动对于美国经济增长预期不是一个很大的风险，预计今明两年经济和就业将会温和复苏，但即使失业率降至6.5%的门槛，联储仍会维持低利率。
美联储货币政策将实现很好的连续性，FOMC可能会继续按照原来制定的速度退出QE。
失业率并未体现整个就业市场的情况，通胀将会在未来几年内趋向于2%。
美联储购债并非预先设定的行动，仍有许多的美国人没有工作。
被问及未来缩减购债时，耶伦表示如果证实了经济前景，将继续按有序的步幅耶伦：国会应该考虑措施提振就业市场复苏，失业率下滑的一小部分原因可能是因结构性因素，就业市场更广泛指标显示还未回复正常。
购债计划已经推低了长期利率同时对失业率下滑起了作用。
很可能持续当前的缩减购债步伐，但并没有预先设定的程序，如果美联储看到经济前景出现变化，将对缩减购债重新考虑。
美联储的政策致力于实现国会设定的国内经济目标。
就业参与率下滑部分是由于结构性因素，部分是由于周期性，对1月和12月新增就业岗位较低感到意外，必须谨慎不能匆忙下结论。
美国财长耶伦就美中关系发表讲话
美国财长耶伦就美中关系发表讲话2021年3月18日，美国财长耶伦在特朗普政府时期开始的贸易战后首次公开发表了关于美中关系的讲话。
这一讲话引起了全球媒体和人们的广泛关注。
在这篇文章中，我将从三个方面探讨耶伦的讲话：一是耶伦对中美贸易战的回顾，二是她对中美经济关系的评价，三是她对中美未来合作的展望。
一、中美贸易战的回顾在讲话中，耶伦回顾了2018年开始的中美贸易战对两国和全球经济的影响。
她指出，贸易战造成了大量的经济损失，打击了全球贸易和投资，导致了很多公司和家庭承受了沉重的财务压力。
特别是在美国，农民和中小型企业特别受到了影响。
耶伦指出，这场贸易战给全球经济带来了巨大的不确定性，这对扩大贸易和投资的自由和开放的全球体系造成了极大的损害。
耶伦进一步指出，虽然特朗普政府在贸易问题上采取了强硬的立场，但这并没有带来预期的结果。
贸易战不仅没有消除美国的贸易逆差，反而造成了更多的失业和经济压力。
朝着更加合作和开放的方向前进，才是解决贸易问题的正确路径。
二、中美经济关系的评价在讲话中，耶伦对中美之间的经济关系发表了自己的看法。
她指出，美中经济关系是全球最重要的双边经济关系之一。
两国之间的贸易和投资关系相互支持，为全球经济增长做出了巨大贡献。
但由于两国之间存在的问题，如市场准入限制、知识产权保护等，这种关系并不完美。
耶伦表示，中美两国应该对经济关系进行全面评估，并着手解决与之相关的问题。
她指出，通过沟通和合作，两国之间能够找到更多的共同点，实现互利共赢的局面。
特别是在疫情爆发后，中美之间的合作更加紧密，这一局面应该得到更好的维护和推动。
三、中美未来合作的展望在讲话的最后，耶伦展望了中美未来合作的前景。
她指出，美中两国在经济、科技、环保、能源等方面存在着很多合作机会。
特别是在应对全球性问题时，中美之间的合作是必须的。
她呼吁两国之间加强沟通、减少误解，找到合作的平台和加强连接，增进两国之间的相互了解，建立长期合作的机制。
美联储：耶伦讲话
Transcript of Chair Yellen’s FOMC Press Conference Opening Statement March 18, 2015 CHAIR YELLEN. Good afternoon. As you know, the Federal Open Market Committee this afternoon reaffirmed the current 0 to 1/4 percent target range for the federal funds rate. We also updated our forward guidance, indicating that an increase in the target range for the federal funds rate remains unlikely at our next meeting in April. With continued improvement in economic conditions, however, we do not want to rule out the possibility that an increase in the target range could be warranted at subsequent meetings. Let me emphasize, however, that the timing of the initial increase in the target range will depend on the Committee’s assessment of incoming information. Today’s mo dification of our guidance should not be interpreted to mean that we have decided on the timing of that increase. In other words, just because we removed the word “patient” from the statement doesn’t mean we are going to be impatient. Moreover, even after the initial increase in the target funds rate, our policy is likely to remain highly accommodative to support continued progress toward our objectives of maximum employment and 2 percent inflation. I will come back to today’s policy decisions in a few mome nts, but first I would like to review economic developments and the outlook, which formed the basis for our policy decisions.We have seen continued progress toward our objective of maximum employment. The pace of employment growth has remained strong, with job gains averaging nearly 290,000 per month over the past three months. The unemployment rate was 5.5 percent in February; that’s three-tenths lower than the latest reading available at the time of our December meeting. Broader measures of job market conditions—such as those counting individuals who want and are available to work but have not actively searched recently and people who are working part time but would rather work full time—have shown similar improvement. As we noted in our statement, slack in the labor market continues to diminish. Meanwhile, the labor force participation rate—the percentage of working-age Americans either working or seeking work—is lower than most estimates of its trend and wage growth remains sluggish, suggesting that some cyclical weakness persists. So considerable progress clearly has been achieved, but room for further improvement in the labor market continues.(以上海北负责）We continue to expect sufficient underlying strength in economic growth to support ongoing improvement in the labor market. After averaging about 2-1/2 percent over 2014, growth of real gross domestic product appears to have slowed in the first quarter of this year, in part reflecting a moderation in household spending. In addition, the recovery in the housing sector remains subdued and export growth looks to have weakened. Looking ahead, however, the Committee continues to expect a moderate pace of GDP growth, with robust job gains and lower energy prices supporting household spending.Inflation has declined further below our longer-run objective, largely reflecting the lower energy prices I just mentioned. Declining import prices have also restrained inflation and, in light of the recent appreciation of the dollar, will likely continue to do so in the months ahead. My colleagues and I continue to expect that as the effects of these transitory factors dissipate and as the labor market improves further, inflation will move gradually back toward our 2 percent objective over the medium term. In making this forecast, we are attentive to the low levels of market-based measures of inflation compensation. In contrast, survey-based measures of longer-term inflation expectations have remained stable. The Committee will continue to monitor inflation developments carefully.This assessment of the outlook is reflected in the individual economic projections submitted for this meeting by the FOMC participants. As always, each participant’s projections are conditioned on his or her own view of appropriate monetary policy. The unemployment rate projections over the next few years and in the longer run are generally a bit lower than the December projections. At the end of this year, the central tendency for the unemployment rate stands at 5.0 to 5.2 percent, in line with participants’ estimates of the longer-run normal unemployment rate. Committee participants generally see the unemployment rate declining a little further over the course of 2016 and 2017. For economic growth, participants generally reduced their projections since December, with many citing a weaker outlook for net exports. Nonetheless, the central tendency of the growth projections for this year and next, at 2.3 to 2.7 percent, remains somewhat above estimates of the longer-run normal growth rate. Finally, FOMC participants project inflation to be quite low this year, largely reflecting lower energy and import prices. The central tendency of the inflation projections for this year is now below 1 percent, down noticeably since December. As the transitory factors holding down inflation abate, the central tendency rebounds to 1.7 to 1.9 percent next year and rises to 1.9 to 2.0 percent in 2017.（以上海东负责）Returning to monetary policy, as I noted at the outset, the Committee reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. But with economic conditions improving, and with further improvement expected in the months ahead, we have again modified our forward guidance. In December and January, the Committee judged that it could be patient in beginning to normalize the stance of monetary policy. That meant that we considered it unlikely that economic conditions would warrant an increase in the target range for the federal funds rate for at least the next couple of FOMC meetings. While it is still the case that we consider it unlikely that economic conditions will warrant an increase in the target range at the April meeting, such an increase could be warranted at any later meeting, depending on how the economy evolves.回到货币政策，就像我说的一样，委员会重申自己的观点，认为目前0至0.25%的联邦基准利率仍然是合适的。
货币政策正常化：前景展望——耶伦在加州联储会议上的讲话
今 天 主要 讨 论 影 响 当前 货 币 政策 调 整 决 策 的一 解 ，在过 去 ６ 年 多的时 间里 ，美 联储将 联邦基金 利率
些 可 能 因素 ，也 会 探 讨 为什 么 Ｆ Ｏ ＭＣ确信 联 邦 基金 始 终 维持 在 接 近零 的低 水平 ，并在 资产 组合 中累 积
利率 回归 正 常水 平 将 是一 个 平缓 的过 程 。 因此 ，我 了大 量 的长 期 证券 后 ，为什 么 现 在尤 其关 注 这 种偏
作者 简 介 ：本 文 为 ２ ０ １ ５ 年３ 月２ ７日美 联储 主席 耶伦 （ Ｊ ａ ｎ ｅ ｔ Ｙ ｅ ｌ ｌ ｅ ｎ ）在 加州联 储会 议上 的讲话 ；译 者 ：张建平 ，经 济学博 士 ，供职 于中国人民银行长春 中心支行 ，研究方 向为世界经济 、金 融监 管 ；郭佩颖 ，经济学博士 ，供职 于中国人 民银行 长春 中心 支行 ，研究 方 向为经 济增长与金 融结构 ；刘 璐 ，经 济学博士 ，供 职于 中国人 民银行长 春 中心支 行 ，研究方 向为世界经 济 ；景祥 云 ，供 职于中国人民银行长春 中心支行 。
或 者兼顾其 他 的因素 。
一
、
当前 的经 济基础 及前景
取决 于委 员会 对 即将公 布 的就业 、通货 膨 胀 以及其
他反 映 目前 经济 扩张程度 的数 据的解读 。
在 谈 这 个 问题 之 前 ，先来 回顾 当前 的经 济状 况 及 发 展 趋 势 。 作 为 一 个 背 景 ，这 将 有 利 于 我 们 理
的最 大 就业 目标 。需 要指 出的 是 ， 目前 的 失业 率 还
预 期指 数 将 持续 稳 定 。 尽管 基 于 市场 信 息得 到 的通
胀 补偿 ② （ ｉ ｎ ｌ ｆ ａ ｔ ｉ ｏ ｎ ｃ ｏ ｍｐ ｅ ｎ ｓ ａ ｔ ｉ ｏ ）指 数 自 ２ ０ １ ４ 年 夏 天
美联储主席耶伦讲话
美联储主席耶伦讲话今天XX提供给大家的是美联储主席耶伦讲话，仅供参考，希望对大家有用。
美国利率何去何从，还得观察耶伦于8月26日的讲话。
北京时间7月28日02:00，美联储发布了7月FOMC货币政策声明。
虽然不出所料将基准联邦基金利率维持在%-%之间不变，且措辞没有明显的鸽派或鹰派倾向，但是市场反应有点强烈，美元、黄金和白银等资产出现了较大幅度的波动。
美国联邦公开市场委员会(FOMC)表示，由于美国6月份新增万个就业岗位，而5月份仅新增万个(修正值，初值为万个)，因而美国就业市场已转强。
这一评估较六周前“就业增长有所放缓”的评估更为乐观。
另外，美联储官员形容家庭支出“一直增长强劲，经济活动温和扩张”，这一评述较6月份的声明也有小幅改善，当时美联储表示“家庭支出已转强，经济活动也似乎已经升温”。
不过，最令市场注意的还是“经济前景的近期风险有所消退”的措辞，再次暗示官员们倾向于在未来几个月内上调短期利率。
美联储对风险的评估是其政策倾向的一个潜在指标。
当美联储认为风险走强时，通常维持利率不变或降息。
美联储在过去两次会议上没有作出风险评估，这次称风险有所消退，意味着美联储已经走出了疲软的5月就业报告、第一季度经济增长放缓以及英国脱欧公投连续发生造成的不安;但他们仍认为欧洲会在中长期带来威胁，而中国经济放缓也是令美联储内部感到不安的又一项因素。
因而这番言论似乎表明未来几个月内有可能加息，但并不是确定的。
对此，加拿大帝国商业银行(CIBC)首席经济学家Avery Shenfeld认为，仅一个月的乐观数据还不足以彻底扭转美联储的基调，而在此前的经济状况反复造成美联储不得不后退之后，美联储更倾向于少说几句。
因而，美联储是否以及何时上调短期利率的决定主要取决于未来几周的经济数据，7月政策声明既有效地保留了美联储在9月20-21日的会议上采取行动的余地，又未发出强烈的行动决心信号。
值得注意的是，大鹰派堪萨斯联储主席乔治(Esther GEorge)对FOMC的政策行动投下反对票，因她倾向于立即上调利率。
耶伦的经济政策观点
耶伦的经济政策观点——现代供给侧经济学用耶伦的话说，现代供给侧经济学旨在“通过增加劳动力供应、提高生产率、减少不平等和环境破坏来促进经济增长”。
这是美国财政部长珍妮特·耶伦（Janet L. Yellen）在斯坦福经济政策研究所2022年经济峰会上的讲话。
现代供给侧经济学旨在通过提高生产力的投资和促进劳动力供应的政策来扩大我们国家的经济潜力。
就总生产函数而言，这种方法通过更深层次的有形资本（包括公共资本和私人资本）提高劳动生产率;更高的人力资本;以及科学技术的进步。
此外，基于税收的激励措施和亲家庭的劳动政策旨在提高劳动力参与率。
相比之下，传统的供给侧经济学主要侧重于通过降低资本使用成本的政策来增加私人资本存量，主要是通过减税投资。
除了关注更广泛的生产要素外，现代供给侧经济学还关注跨部门、跨人员和跨地方的投资分配。
在传统方法下，降低资本使用成本的减税通常首先使资本所有者受益;如果这些削减导致更广泛的投资，那么这些好处就会更广泛地传播——这是一个有争议的假设。
尽管去年面临金融环境收紧和全球经济不确定性加剧，但美国金融体系仍然具有弹性。
美国银行体系整体健全，拥有强大的资本和流动性状况。
——更高的利率对国家有利这位前美联储主席表示，总统的计划每年将总额约为4000亿美元，她认为这一支出水平不足以造成通胀超支。
“如果我们最终的利率环境略高，这实际上对社会观点和美联储的观点来说都是一个加分项，”耶伦告诉彭博社。
“十年来，我们一直在与过低的通货膨胀和过低的利率作斗争，”她说。
她补充说，如果这些一揽子计划有助于“缓解问题，那么这不是一件坏事——这是一件好事。
——有弹性的消费者阻止了经济衰退出人意料的有弹性的美国消费者阻止了经济衰退——现在美联储可以在更长时间内保持较高的利率。
美国财政部长珍妮特·耶伦（Janet Yellen）表示，尽管有经济衰退预测，但美国经济“已被证明比预期更具弹性”，并表示希望该国能够在保持劳动力市场强劲的同时降低通胀。
美联储主席耶伦演讲
美联储主席耶伦演讲：让我们终生受益的品质Sexton校长，非常感谢您让我代表荣誉博士的获得者们，表达我们对纽约大学的感激和对2014届的同学们及你们的家人们的祝贺。
今天是特别的一天。
我们在今天，庆祝你们的成就、展望你们的未来。
我希望纽约大学不仅仅为你们提供了基础知识，还给你们带来了对知识的热爱之心和持久的好奇心。
人生是一个不断探索的旅程，如果将你们求知的火焰点燃，那它的熊熊烈火将点亮你们的人生道路。
在纽约大学的学习中，正是这样的好奇心，带领着埃里克·坎德尔达到了他人生的最高成就——他发现了人类记忆的化学机制的和细胞基础。
在他毕业后的几年，他首先用猫来作为研究对象。
但他有个想法：为什么不去关注那些有着更简单、更基本的大脑的动物，例如加州海蜗牛呢？他的同事们起初都嘲笑他的想法。
他们自以为知道，研究这种低等的海蜗牛对理解人类记忆是无关紧要的。
更雪上加霜的是，坎德尔的有着丰富解剖经验的重要合作者也离开了他。
但坎德尔坚持住了。
为了加快对海蜗牛的研究，他去了国外学习。
在2000年，他的好奇心使他赢得诺贝尔奖。
你一定已经猜到了，他的海蜗牛的研究为我们揭示了人类记忆的化学机制。
我相信，坎德尔的人生，为我们展示了即使路上有巨大困难的阻拦，持续的好奇心可以帮助我们达到看似不可能的雄心壮志。
第二个让我们终身受益的品质是倾听他人的意愿。
如今，科学技术让我们可以用一个宽广的视角去看世界，但它也可以让我们缩小范围去倾听那些我们觉得最愉悦的声音。
倾听他人的声音，尤其是那些与我们有分歧的声音，能检验我们自己的理念和信仰。
这让我们意识到，谦卑的心态，让真理不会被任何人垄断。
洋基球场教给我们另外一个道理：你不会一直成功。
甚至连露丝、格里克和迪马吉奥这样的棒球巨星站在球场上的大多数时间里都会以失败告终。
在寻找真理的人生道路中，往往会涉及一些失误。
当我们努力去解决威胁到全球经济的金融和经济危机时，我的我美联储的同事们都共同经历了这样或那样的挫折。
美联储耶伦
美联储耶伦：美国加息宜谨慎
据外媒30日报道，美国联邦储备委员会（FED/美联储）主席耶伦周二表示，美联储在加息问题上仍宜“谨慎”行事，因美国经济仍面临全球风险，通胀是否会持续攀升仍不确定。
美联储在两周前的政策会议上决定维持利率不变，这是耶伦在那之后的首次公开讲话。
耶伦再次指出，低油价威胁着美国经济。
较之近期数位美联储同僚更偏鹰派的评论，耶伦今日的讲话显得没那么激进。
受此影响，美国股市和公债价格上涨。
“海外情势发展暗示，要达到我们的就业和通胀目标，联邦基金利率路径可能需要比12月预期的慢一些，”耶伦在纽约经济俱乐部（The Economic Club of New York）发表讲话称。
耶伦还表示，“鉴于经济前景风险，我认为委员会在调整政策时宜谨慎行事。
”她所指的委员会是联邦公开市场委员会（FOMC）。
在3月的政策会议上，美联储认为鉴于海外经济成长疲弱、年初金融市场动荡，应暂停收紧货币政策。
同时，联储官员还下调了经济增长预期，预计今年仅加息两次，去年12月时预计加息四次。
美国耶伦讲话
美国耶伦讲话关于美国耶伦讲话分享给大家，欢迎阅读借鉴。
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上周，美联储在6月会议上维持利率不变，符合预期。
尽管官员利率预测中位值显示今年加息两次，但有6名官员预计年内加息一次，3月会议时为1名官员。
美联储全面下调未来几年加息次数预期。
耶伦指出，美国经济前景存在相当大的不确定性，例如雇佣放缓、投资疲软。
经济低速增长可能是新常态。
尽管她个人对美国经济长期前景表示乐观，但称不能排除一些著名经济学家指出的可能性：近年来美国低迷的生产率增速还将持续下去，这将抑制工资和收入增长。
此前，前美国财政部长Lawrence Summers表示，抑制经济增长和利率上升的因素，将是长久的。
耶伦还提到了美国经济面临的几个潜在威胁，包括中国经济增长、英国退欧公投等。
耶伦称，如果英国退出欧盟，那么对经济的影响将是显著的。
中国在改革的过程中面临相当大的挑战，要把出口为导向的经济增长模式转变为让内需和消费刺激增长。
此外，投资者的风险情绪变化非常快。
值得一提的是，美联储在新近报告中警告称，少数资产估值压力加大，特别提到美国股市，称当前股市的估值比过去三十年中位值水平还高，在回归正常溢价水平过程中容易受到冲击。
纳指随后明显走低。
如果经济真的衰退，耶伦称美联储将依赖于金融危机后所依赖的工具，如资产购买，来维持低利率。
耶伦称美联储不打算、也不需要像日本和欧洲央行那样采用负利率。
尽管列举了经济的诸多不足，耶伦依然认为有理由乐观，并且她称不认为近期经济会面临衰退。
耶伦表示近期经济数据显示，美国经济在二季度会出现显著的反弹。
耶伦指出了支出增加、房地产市场复苏等积极方面。
不过即使二季度经济增速加速，XX年上半年经济的年化增长仍旧不会超过2%。
劳动力市场方面，耶伦承认雇佣在放缓，5月非农就业报告反映出这点，不过她表示不应过度看重一份报告，此外还有几项重要的劳动力市场指标显示情况还不错。
耶伦对劳动力市场前景表示乐观。
周二的听众会上，民主党议员敦促耶伦让美联储在董事会和领导12个地区联储方面，更为多样化。
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For release on delivery10:00 a.m. EDTJuly 15, 2014Statement byJanet L. YellenChairBoard of Governors of the Federal Reserve Systembefore theCommittee on Banking, Housing, and Urban AffairsU.S. SenateJuly 15, 2014Chairman Johnson, Ranking Member Crapo, and members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today, I will discuss the current economic situation and outlook before turning to monetary policy. I will conclude with a few words about financial stability.Current Economic Situation and OutlookThe economy is continuing to make progress toward the Federal Reserve’s objectives of maximum employment and price stability.In the labor market, gains in total nonfarm payroll employment averaged about 230,000 per month over the first half of this year, a somewhat stronger pace than in 2013 and enough to bring the total increase in jobs during the economic recovery thus far to more than 9 million. The unemployment rate has fallen nearly 1-1/2 percentage points over the past year and stood at 6.1 percent in June, down about 4 percentage points from its peak. Broader measures of labor utilization have also registered notable improvements over the past year.Real gross domestic product (GDP) is estimated to have declined sharply in the first quarter. The decline appears to have resulted mostly from transitory factors, and a number of recent indicators of production and spending suggest that growth rebounded in the second quarter, but this bears close watching. The housing sector, however, has shown little recent progress. While this sector has recovered notably from its earlier trough, housing activity leveled off in the wake of last year’s increase in mortgage rates, and readings this year have, overall, continued to be disappointing.Although the economy continues to improve, the recovery is not yet complete. Even with the recent declines, the unemployment rate remains above Federal Open Market Committee (FOMC) participants’ estimates of its longer-run normal level. Labor force participation appears weaker than one would expect based on the aging of the population and the level ofunemployment. These and other indications that significant slack remains in labor markets are corroborated by the continued slow pace of growth in most measures of hourly compensation.Inflation has moved up in recent months but remains below the FOMC’s 2 percent objective for inflation over the longer run. The personal consumption expenditures (PCE) price index increased 1.8 percent over the 12 months through May. Pressures on food and energy prices account for some of the increase in PCE price inflation. Core inflation, which excludes food and energy prices, rose 1.5 percent. Most Committee participants project that both total and core inflation will be between 1-1/2 and 1-3/4 percent for this year as a whole.Although the decline in GDP in the first quarter led to some downgrading of our growth projections for this year, I and other FOMC participants continue to anticipate that economic activity will expand at a moderate pace over the next several years, supported by accommodative monetary policy, a waning drag from fiscal policy, the lagged effects of higher home prices and equity values, and strengthening foreign growth. The Committee sees the projected pace of economic growth as sufficient to support ongoing improvement in the labor market with further job gains, and the unemployment rate is anticipated to continue to decline toward its longer-run sustainable level. Consistent with the anticipated further recovery in the labor market, and given that longer-term inflation expectations appear to be well anchored, we expect inflation to move back toward our 2 percent objective over coming years.As always, considerable uncertainty surrounds our projections for economic growth, unemployment, and inflation. FOMC participants currently judge these risks to be nearly balanced but to warrant monitoring in the months ahead.Monetary PolicyI will now turn to monetary policy. The FOMC is committed to policies that promote maximum employment and price stability, consistent with our dual mandate from the Congress.Given the economic situation that I just described, we judge that a high degree of monetary policy accommodation remains appropriate. Consistent with that assessment, we have maintained the target range for the federal funds rate at 0 to 1/4 percent and have continued to rely on large-scale asset purchases and forward guidance about the future path of the federal funds rate to provide the appropriate level of support for the economy.In light of the cumulative progress toward maximum employment that has occurred since the inception of the Federal Reserve’s asset purchase program in September 2012 and the FOMC’s assessment that labor market conditions would continue to improve, the Committee has made measured reductions in the monthly pace of our asset purchases at each of our regular meetings this year. If incoming data continue to support our expectation of ongoing improvement in labor market conditions and inflation moving back toward 2 percent, the Committee likely will make further measured reductions in the pace of asset purchases at upcoming meetings, with purchases concluding after the October meeting. Even after the Committee ends these purchases, the Federal Reserve’s sizable holdings of longer-term securities will help maintain accommodative financial conditions, thus supporting further progress in returning employment and inflation to mandate-consistent levels.The Committee is also fostering accommodative financial conditions through forward guidance that provides greater clarity about our policy outlook and expectations for the future path of the federal funds rate. Since March, our postmeeting statements have included a description of the framework that is guiding our monetary policy decisions. Specifically, our decisions are and will be based on an assessment of the progress--both realized and expected--toward our objectives of maximum employment and 2 percent inflation. Our evaluation will not hinge on one or two factors, but rather will take into account a wide range of information,including measures of labor market conditions, indicators of inflation and long-term inflation expectations, and readings on financial developments.Based on its assessment of these factors, in June the Committee reiterated its expectation that the current target range for the federal funds rate likely will be appropriate for a considerable period after the asset purchase program ends, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal and provided that inflation expectations remain well anchored. In addition, we currently anticipate that even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the federal funds rate below levels that the Committee views as normal in the longer run.Of course, the outlook for the economy and financial markets is never certain, and now is no exception. Therefore, the Committee’s decisions about the path of the federal funds rate remain dependent on our assessment of incoming information and the implications for the economic outlook. If the labor market continues to improve more quickly than anticipated by the Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned. Conversely, if economic performance is disappointing, then the future path of interest rates likely would be more accommodative than currently anticipated.The Committee remains confident that it has the tools it needs to raise short-term interest rates when the time is right and to achieve the desired level of short-term interest rates thereafter, even with the Federal Reserve’s elevated balance sheet. At our meetings this spring, we have been constructively working through the many issues associated with the eventual normalization of the stance and conduct of monetary policy. These ongoing discussions are a matter of prudent planning and do not imply any imminent change in the stance of monetary policy. TheCommittee will continue its discussions in upcoming meetings, and we expect to provide additional information later this year.Financial StabilityThe Committee recognizes that low interest rates may provide incentives for some investors to “reach for yield,” and those actions could increase vulnerabilities in the financial system to adverse events. While prices of real estate, equities, and corporate bonds have risen appreciably and valuation metrics have increased, they remain generally in line with historical norms. In some sectors, such as lower-rated corporate debt, valuations appear stretched and issuance has been brisk. Accordingly, we are closely monitoring developments in the leveraged loan market and are working to enhance the effectiveness of our supervisory guidance. More broadly, the financial sector has continued to become more resilient, as banks have continued to boost their capital and liquidity positions, and growth in wholesale short-term funding in financial markets has been modest.SummaryIn sum, since the February Monetary Policy Report, further important progress has been made in restoring the economy to health and in strengthening the financial system. Yet too many Americans remain unemployed, inflation remains below our longer-run objective, and not all of the necessary financial reform initiatives have been completed. The Federal Reserve remains committed to employing all of its resources and tools to achieve its macroeconomic objectives and to foster a stronger and more resilient financial system.Thank you. I would be pleased to take your questions.。