Release Date: December 16, 2015
For immediate release
Information received since the Federal Open Market Committee met in October suggests that economic activity has been expanding at a moderate pace.
L’activité économique a continué de progresser à un rythme modéré.
Household spending and business fixed investment have been increasing at solid rates in recent months, and the housing sector has improved further; however, net exports have been soft.
Les dépenses des ménages, les investissement des entreprises et le secteur du logement ont avancé à une rythme solide, les exports ont été molles.
A range of recent labor market indicators, including ongoing job gains and declining unemployment, shows further improvement and confirms that underutilization of labor resources has diminished appreciably since early this year.
L’emploi a été en amélioration la sous-utilisation des capacités de production s’est réduite
Inflation has continued to run below the Committee’s 2 percent longer-run objective, partly reflecting declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation remain low; some survey-based measures of longer-term inflation expectations have edged down.
L’inflation reste sous notre objectif de 2% à la fois à cause des prix du pétrole et des prix non pétroliers. Les anticipations d’inflation a long terme se sont érodées.
Consistent with its statutory mandate,the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will continue to expand at a moderate pace and labor market indicators will continue to strengthen.
Nous pensons qu’avec des ajustements graduels de la politique monétaire, l’expansion va continuer et que le marché du travail va poursuivre son renforcement.
Overall, taking into account domestic and international developments, the Committee sees the risks to the outlook for both economic activity and the labor market as balanced.
En prenant en compte la situation internationale, les risques sont balancés, équilibrés aussi bien pour l’activité économique que pour le marché du travail
Inflation is expected to rise to 2 percent over the medium term as the transitory effects of declines in energy and import prices dissipate and the labor market strengthens further. The Committee continues to monitor inflation developments closely.
The Committee judges that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise, over the medium term, to its 2 percent objective.
Le Comité exprime sa confiance sur ses objectifs y compris en matière d’inflation à moyen terme.
Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent. The stance of monetary policy remains accommodative after this increase, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.
Le Comité monte le taux des fed funds à 0,25/0,50% ; à ce niveau la politique monétaire sera encore accommodante
In determining the timing and size of fure adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its objectives of maximum employment and 2 percent inflation.
Pour l’avenir le Comité prendra en compte les réalisations et les anticipations en regard de ses objectifs
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.
Cette prise en compte se fera sur la base des informations disponibles y compris celles qui concerne les conditions financières et les développements internationaux.
In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal.
Nous porterons une attention particulière aux progrès en matière d’inflation
The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate;
Nos prévisions nous conduisent à n’anticiper que des hausses graduelles des taux.
the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data.
Ils resteront sous les normes habituelles, mais cela dépendra des informations économiques qui nous parviendront
The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction, and it anticipates doing so until normalization of the level of the federal funds rate is well under way.
Nous maintiendrons les réinvestissements de notre portefeuille lors des arrivées à maturité jusqu’à normalisation
This policy, by keeping the Committee’s holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.
Cette politique devrait maintenir les taux longs assez bas pour qu’ils restent accommodants
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jerome H. Powell; Daniel K. Tarullo; and John C. Williams.
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