聯準會利率決策全文：經濟前景持穩但不確定性仍高

美國聯邦準備理事會（Fed）的利率決策機制「公開市場操作委員會」（FOMC）完成週二、週三（18日）的兩天會議後，決議維持基準利率不變，仍然是4.25%到4.5%。與上次相比，這次的利率決策聲明稍微降低了對經濟前景的不確定性，但還是顧慮通貨膨脹與失業一同上揚的風險。

聯準會對於美國總統川普關稅戰帶來的經濟、失業與通膨衝擊，持續抱持「按兵不動等著看」的態度。以下是FOMC決議聲明全文，粗體字是本次的新內容，括號內是上次的聲明內容：

儘管淨出口的大幅波動影響到資料，最近的指標顯示經濟活動持續以穩健的步伐進行扎實的擴張。近幾個月來失業率仍在低水準（穩定維持在低水準），勞動市場依舊堅實。通膨仍略微偏高。

Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated.

委員會尋求能在長期實現最大就業和2%的通膨率。關於經濟前景的不確定性已經消減，但仍然很高（已經進一步增加）。委員會仍密切關注對其雙重政策使命的兩面風險。（並且判斷失業變高、通膨變高的風險已經上升。）

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook has diminished but remains elevated. The Committee is attentive to the risks to both sides of its dual mandate.

為支持其目標，委員會決定把聯邦資金利率的目標區間維持在4.25%至4.5%。在考慮進一步調整聯邦資金利率目標區間的幅度與時機點時，委員會將仔細評估接下來公佈的經濟數據，經濟前景的變化，以及風險平衡。委員會將繼續減持美國國債、機構債務和機構抵押擔保證券。委員會強力支持最大就業並使通膨率回到2%的目標。

In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 4-1/4 to 4-1/2 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage‑backed securities. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective.

在評估適當的貨幣政策時，委員會將繼續監控最新經濟前景資訊的影響。若出現可能阻礙委員會達成目標的風險，委員會準備好視情況調整貨幣政策以妥善應對。委員會的評估將考慮廣泛的資訊，包括勞動市場數據、通膨壓力和通膨預期，以及金融與國際情勢的發展。

In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.