Notes on FED Press Release

事由：

• Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up.
  
• Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed.
  
• Business investment in equipment and software continues to expand.
  
• Longer-term inflation expectations have remained stable.

作為：

• Decided today to keep the target range for the federal funds rate at 0 to 1/4 percent.
  
• Anticipates that economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through mid-2013.
  
• Will maintain its existing policy of reinvesting principal payments from its securities holdings.

維持利率區間的「理由」(而非「結果」)，決定資本市場的未來。接下來就看彭總裁如何接招。央行之前對「S&P調降美國長期債信評等」的看法是：投資人勿需過度恐慌，信評公司的評等，僅係參考資料之一，仍應自行審慎評估判斷。

大家對美國還是很有信心，我想央行不會有太大的動作。