Board of governors of the federal reserv
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Board of governors of the federal reserv
43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv ve SystemWashington, D.C., February 7, 2020The President of the SenateTur Speaker of the House of RepresentativesThe Board of Governors is pleased to submit its Monetary Policy Report pursuant to section 2B of the Federal Reserve Act.Sincerely.Jerome II. Powell. ChairmanStatement on Longer-Run Goals Board of governors of the federal reserv and Monetary Policy StrategyAdopted effective fanuary 24,20 Ỉ 2; as amended effective lanuary 29, 20 Ỉ 9The Federal Open Market Committee (FOMC) is fBoard of governors of the federal reserv
irmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest 43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv onmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society.Inflation, employment, and long-term interest rates fluctuate over time in resp Board of governors of the federal reserv onse to economic and financial disturbances Moreover, monetary policy actions lend to influence economic activity and prices with a lag. Therefore, thBoard of governors of the federal reserv
e Committees policy decisions reflect its longer-run goals, its mediumterm outlook, and its assessments of the balance of risks, including risks to th43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv policy, and hence the Committee has the ability to specify a longer-run goal for inflation The Committee reaffirms its judgment that inflation al the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures is most consistent over the longer run w Board of governors of the federal reserv ith the Federal Reserve’s statutory mandate. The Committee would be concerned if inflation were running persistently above or below this objective. CoBoard of governors of the federal reserv
mmunicating this symmetric inflation goal clearly to the public helps keep longer-term inflation expectations firmly anchored, thereby fostering price43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv ic disturbances. The maximum level of employment is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market. These factors may change over lime and may not be directly measurable. Consequently, it would not be appropriate to specify a fixed goal for emplo Board of governors of the federal reserv yment; rather, the Committee's policy decisions must be informed by assessments of the maximum level of employment, recognizing that such assessmentsBoard of governors of the federal reserv
are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments. Information about C43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv ry of Economic Projections. For example, in the most recent projections, the median of FOMC participants’ estimates of the longer-run normal rate of unemployment was 4.4 percent.In setting monetary policy, the Committee seeks to mitigate deviations of inflation from its longer-run goal and deviation Board of governors of the federal reserv s of employment from the Committee’s assessments of its maximum level These objectives are generally complementary However, under circumstances in whiBoard of governors of the federal reserv
ch the Committee judges that the objectives arc not complementary, it follows a balanced approach in promoting them, taking into account the magnitude43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv with its mandate.The Committee intends to reaffirm these principles and to make adjustments as appropriate at its annual organizational meeting each January.Non:: The Committee did not reaffirm this statement in January 2020 in light of its ongoing review of its monetary policy strategy, took, and Board of governors of the federal reserv communications practices. This statement is a reprint of the statement atfirmed in January 2019.ContentsSummary.......................................Board of governors of the federal reserv
...............................1Economic and Financial Developments......................................1Monetary Policy.............................43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv Board of governors of the federal reserv ents.............................5Domestic Developments.......................................................5Financial Developments.....................................................21International Developments.................................................26Part 2: Monetary Policy31Part 3: Su Board of governors of the federal reserv mmary of Economic Projections.......................................... 45The Outlook tor Real GDP Growth and Unemployment............................Board of governors of the federal reserv
...46The Outlook for Inflation......................................................4943868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal Reserv43868Monetary Policy ReportFebruary 7,2020Board of Governors of the Federal Reserve SystemLetter of TransmittalBoard or Governors OF THEFederal ReservGọi ngay
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