[Fed Watch]4월 FOMC 회의 “통화정책에 정치적 고려는 없다" > Fed Watch

​​<1> 금주의 T-Bill 수익률 곡선(Yield Curve) : 연준 4월 정기회의 직후  소폭 상승

​

 ■ 4월 25일-5월 2일 주간 미국 재무성 증권 수익률은 1년 만기 물을 제외하고 모든

    만기 물에서 1bp-3bp 상승.

• 3월 물 및 3년 물은 3bp 상승, 2년 물 및 7년 물은 2bp 상승
• 이는 4월 18일-25일 조정 이후 상승세로의 반전을 의미
• “통화정책에 정치적 고려는 없다”는 파월 의장의 기자회견(5월 1일)으로 금리인하에 대한 기대감이 손상된 것에 기인한 것으로 보임.

 

 

 

<2> Fed 4월 정기회의(4월30-5월1일)의 Press Release (2019년 5월 1일 발표)

 

Information received since the Federal Open Market Committee met in March indicates that the labor market remains strong and that economic activity rose at a solid rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Growth of household spending and business fixed investment slowed in the first quarter. On a 12-month basis, overall inflation and inflation for items other than food and energy have declined and are running below 2 percent. On balance, market-based measures of inflation compensation have remained low in recent months, and survey-based measures of longer-term inflation expectations are little changed.

 

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. In support of these 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.

 

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.

 

<의결> 찬성: Jerome H. Powell, Chair(의장,이사)

             John C. Williams, Vice Chair(부의장, 뉴욕연방은행장) 

             Michelle W. Bowman(이사)

             Lael Brainard(이사)

             James Bullard(FRB 세인트 루이스) 

             Richard H. Clarida(부의장, 이사)

             Charles L. Evans(FRB 시카고)

             Esther L. George(FRB 캔자스 시티)

             Randal K. Quarles (부의장, 이사) and 

             Eric S. Rosengren.(FRB 보스톤)

 

 

■ 후속 조치 

  (Decisions Regarding Monetary Policy Implementation, May 1, 2019)

 

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on May 1, 2019:

 

The Board of Governors of the Federal Reserve System voted unanimously to set the interest rate paid on required and excess reserve balances at 2.35 percent, effective May 2, 2019. Setting the interest rate paid on required and excess reserve balances 15 basis points below the top of the target range for the federal funds rate is intended to foster trading in the federal funds market at rates well within the FOMC's target range.

 

As part of its policy decision, the Federal Open Market Committee voted to authorize and direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

 

"Effective May 2, 2019, the Federal Open Market Committee directs the Desk to undertake open market operations as necessary to maintain the federal funds rate in a target range of 2-1/4 to 2-1/2 percent, including overnight reverse repurchase operations (and reverse repurchase operations with maturities of more than one day when necessary to accommodate weekend, holiday, or similar trading conventions) at an offering rate of 2.25 percent, in amounts limited only by the value of Treasury securities held outright in the System Open Market Account that are available for such operations and by a per-counter party limit of $30 billion per day.

 

 Effective May 2, 2019, the Committee directs the Desk to roll over at auction    the amount of principal payments from the Federal Reserve's holdings of        Treasury securities maturing during each calendar month that exceeds $15       billion. The Committee directs the Desk to continue reinvesting in agency        mortgage-backed securities the amount of principal payments from the Federal   Reserve's holdings of agency debt and agency mortgage-backed securities       received during each calendar month that exceeds $20 billion. Small deviations   from these amounts for operational reasons are acceptable.

 

The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions."

 

In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 3.00 percent. This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach used to implement monetary policy.

 

<3> 연준 부의장 존 윌리엄즈( John Williams, 1962. 6. 12 ∽ )

 

존 윌리엄즈는 새크라멘토에서 출생해서 1984년 UC 버클리에서 경제학사를 우등으로 졸업하고 1989년 런던경제대학(LSE)에서 경제학 석사를 마친 다음 스탠포드대학에서 1994년 경제학박사 학위를 취득했다. 학위를 마친 뒤 1994년 바로 미국연방은행 이사회(the Board of Governors of the Federal Reserve System)에서 연구원으로 입사했으며 8년 뒤인 2002년 고향인 샌프란시스코 연방은행의 이사가 되었다.

 

FRB 샌프란시스코 연방은행 제넛 옐런 총재(2004-2010) 밑에서 연구부장 및 부총재를 역임한 그는 2011년 3월 연준 부의장으로 옮겨 간 제넛 옐런의 후임으로 샌프란시스코 연방은행 총재로 부임했다. 2018년 4월 윌리엄 더들리의 후임으로 뉴욕연방은행 총재로 부임했다. 

금융학자인 윌리엄는 The American Economic Review 의 부편집인 역할을 수행 했으며 스탠포드 대학에서 강의를 하기도 했다. 현재도 International Journal of Central Banking의 편집인으로 활동하고 있다. 부인 오드리 린든 윌리엄즈 또한 UCSF에서 가정의학교수로 재직 중에 있다. 뉴욕연방은행 총재는 FOMC의 당연직 부의장이 되므로 윌리엄즈는 FOMC 의 부의장이 되었다. 

 

연방은행법에 따르면 연방은행 총재의 임기는 1 혹은 6으로 끝나는 해의 2월 말일에 종료되도록 되었다. 또한 65세가 되면 원칙적으로 은퇴해야만 한다. 다만 55세 이후에 총재가 된 경우에는 연준 이사회가 의결을 하면 10년 근속하거나 혹은 70세가 될 때 까지 근무할 수 있다.  

 

 

추천 8 비추천 0