Release Date: December 14, 2016
For release at 2:00 p.m. EST
Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been expanding at a moderate pace since mid-year. Job gains have been solid in recent months and the unemployment rate has eclined.
11月會議以來，美國聯邦公開市場委員會（FOMC）得到的信息顯示，勞動力市場持續表現強勁，經濟活動自年中以來以溫和速度擴張（11月原文：已從今年上半年的溫和擴張速度中復甦），近幾個月裡就業穩健增長，失業率已經下滑。（11月原文：儘管失業率在最近幾個月中幾乎沒有變化，但就業增長已經穩定）。
Household spending has been rising moderately but business fixed investment has remained soft. Inflation has increased since earlier this year but is still below the Committee's 2 percent longer-run objective, partly reflecting earlier declines in energy prices and in prices of non-energy imports. Market-based measures of inflation compensation have moved up considerably but still are low; most survey-based measures of longer-term inflation expectations are little changed, on balance,in recent months.
家庭支出一直穩步增長，但企業固定投資仍然疲軟。通脹自今年初以來上升（12月去掉了「有所上升」），但仍低於委員會2%的長期目標水平，部分反映了早些時候的能源價格以及非能源進口價格的下降。基於市場的通脹指標已經顯著上升但仍保持低位，大部分基於調查的較長期通脹預期在近幾個月總體而言變化不大。
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with gradual adjustments in the stance of monetary policy,economic activity will expand at a moderate pace and labor market conditions will strengthen somewhat further. Inflation is expected to rise to 2 percent over the medium term as the transitory effects of past declines in energy and import prices dissipate and the labor market strengthens further. Near-term risks to the economic outlook appear roughly balanced. The Committee continues to closely monitor inflation indicators and global economic and financial developments.
與美聯儲法定職責相一致，FOMC委員會旨在促進就業水平最大化和價格穩定。委員會預計，隨著貨幣政策的逐步調整，經濟活動將溫和擴張，勞動力市場指標將進一步加強。隨著過去能源及進口價格的下降等暫時性因素消退，以及勞動力市場的進一步加強，預計中期通脹將上升至2%的水平。經濟前景面臨的近期風險表現得大致平衡。委員會繼續密切關注通脹指標，以及全球經濟和金融形勢。
In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 1/2 to 3/4 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a return to 2 percent inflation.
基於勞動力市場狀況和通脹的當前表現以及未來預期，委員會決定將聯邦基金利率的目標區間增加至0.5%-0.75%（11月原文：在此背景之下，委員會決定將聯邦基金利率的目標區間維持在0.25-0.5%）。貨幣政策的立場仍然保持寬鬆，從而支持勞動力市場狀況的進一步有所加強（11月原文：從而支持勞動力市場狀況的進一步改善），以及通脹重新回歸2%。（12月刪去：「委員會認為，上調聯邦利率的理由已經持續加強，但暫時決定等待進一步證據表明持續接近其政策目標。）
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 objectives of maximum employment and 2 percent inflation. 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.
至於未來聯邦基金利率目標區間調整的時間和規模，委員會將評估實際與預期的經濟條件相對於就業最大化和2%的通脹目標的情況。委員會在評估過程中，將考慮各種信息，包括勞動力市場狀況指標、通脹壓力和通脹預期指標、金融和國際市場發展的數據等。
In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. The Committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; 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.
鑑於目前通脹率與2%的差距，委員會將密切關注，實際和預期的通脹進展。委員會預計，經濟狀況將以保證利率僅漸進式提高的方式發展，在一段時間內，聯邦基金利率可能保持在低於預期的長期利率的水平。然而，聯邦基金利率的實際路徑將取決於未來數據顯示的經濟前景。
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. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions.
委員會將維持美聯儲持有機構債券、機構抵押貸款支持證券（MBS）和到期國債拍賣後再投資本金的滾動投資政策。委員會預計，會維持該政策直至聯邦基金利率水平的正常化取得順利進展。該政策下，委員會將持有大量長期證券，有助於維持市場寬鬆的金融環境。
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard;James Bullard; Stanley Fischer; Esther L. George; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo.
在此次會議上投票支持聯邦公開市場委員會貨幣政策行動的委員有：主席珍妮特·耶倫（Janet L. Yellen）、副主席威廉·杜德利（William C. Dudley）、萊爾·布萊恩納德（Lael Brainard）、詹姆斯·布拉德（James Bullard）、斯坦利·費希爾（Stanley Fischer）、埃絲特·喬治（Esther L. George）、洛麗塔·梅斯特（Loretta J. Mester）、傑羅姆·鮑威爾（Jerome H. Powell）、埃裡克·羅森格倫（Eric Rosengren）和丹尼爾·塔魯洛（Daniel K. Tarullo）。
（Esther L. George和Loretta J. Mester在11月曾投票反對美聯儲維持利率不變，並傾向於將聯邦基金利率目標區間上調至0.5-0.75%。）
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