FOMC statement
Release Date: August 7, 2007
The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent.(17차례 연속 금리인상 이후 9차례 연속 금리동결)
Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses(<--신용경색 우려와 최근 시장 변동성 인지 부분이 추가됨), and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy.(<-- 고용 및 소득증가와 왕성한 세계경제에 대한 언급 추가됨)
Readings on core inflation have improved modestly in recent months. However, a sustained moderation in inflation pressures has yet to be convincingly demonstrated. Moreover, the high level of resource utilization has the potential to sustain those pressures.
Although the downside risks to growth have increased somewhat(<-- 경기하방 리스크가 다소 강화되었음을 인정하는 문구 추가. 주목됨), the Committee's predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the outlook for both inflation and economic growth, as implied by incoming information.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; Timothy F. Geithner, Vice Chairman; Thomas M. Hoenig; Donald L. Kohn; Randall S. Kroszner; Frederic S. Mishkin; Michael H. Moskow; William Poole; Eric Rosengren(<--보스턴, 7월 23일부로 캐시 미네한 총재에서 교체); and Kevin M. Warsh.












