核心提示：美联储29日宣布彻底结束第三轮量化宽松(QE)政策，维持0-0.25%联邦基金利率不变，并重申有必要把联邦基金利率接近于零的水平保持相当一段时间。延伸阅读：美联储退出QE 对中国货币政策影响有限 美联储如期退出QE 何时进入加息通道 美联储退出QE3 量化宽松是非功过谁来评说

　　北京(CNFIN.COM / XINHUA08.COM)--美国联邦公开市场委员会当地时间10月29日公布利率决议，宣布削减购债规模150亿美元，彻底结束第三轮量化宽松(QE)政策，维持0-0.25%联邦基金利率不变，并重申有必要把联邦基金利率接近于零的水平保持相当一段时间。

　　美联储政策声明中指出，9月以来，美国经济活动温和扩张，劳动力市场进一步改善，新增就业人数强劲，失业率继续降低。总的来说，劳动力市场的一系列指标显示，劳动力资源利用率不足的状况在好转。家庭支出以温和速度增长，企业固定投资在上涨，但房地产部门复苏仍然缓慢。

　　声明称，通胀水平仍持续低于美联储长期目标，长期通胀预期仍保持稳定。基于市场的通胀指标显示通胀预期略有下滑，基于调查的更长期通胀预期仍保持稳定。

　　在此次发布的政策措辞中，美联储对经济的看法却总体乐观，一方面强调就业市场好转，一方面也认为美国未来的物价水平仍将保持稳定，这使得投资者重新看好其政策措施在日后继续趋向恢复正常的前景。虽然，美联储仍然强调会把低利率政策延续“相当长一段时间”，但基于美联储官员此前的言论，这之中仍有相当大的模糊空间。

　　美国公布利率决议后，美元指数急剧飙升，触及86整数关口，10年期美债收益率上涨，原油及黄金价格下跌，标普500指数先迅速下跌，后小幅反弹。

　　核心提示：美联储29日宣布彻底结束第三轮量化宽松(QE)政策，维持0-0.25%联邦基金利率不变，并重申有必要把联邦基金利率接近于零的水平保持相当一段时间。

　　附：美联储10月29日货币政策声明全文（英文）

　　Information received since the Federal Open Market Committee met in September suggests that economic activity is expanding at a moderate pace. Labor market conditions improved somewhat further， with solid job gains and a lower unemployment rate. On balance， a range of labor market indicators suggests that underutilization of labor resources is gradually diminishing. Household spending is rising moderately and business fixed investment is advancing， while the recovery in the housing sector remains slow. Inflation has continued to run below the Committee's longer-run objective. Market-based measures of inflation compensation have declined somewhat; survey-based measures of longer-term inflation expectations have remained stable.

　　Consistent with its statutory mandate， the Committee seeks to foster maximum employment and price stability. The Committee expects that， with appropriate policy accommodation， economic activity will expand at a moderate pace， with labor market indicators and inflation moving toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced. Although inflation in the near term will likely be held down by lower energy prices and other factors， the Committee judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat since early this year.

　　The Committee judges that there has been a substantial improvement in the outlook for the labor market since the inception of its current asset purchase program. Moreover， the Committee continues to see sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Accordingly， the Committee decided to conclude its asset purchase program this month. 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. This policy， by keeping the Committee's holdings of longer-term securities at sizable levels， should help maintain accommodative financial conditions.

　　To support continued progress toward maximum employment and price stability， the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate. In determining how long to maintain this target range， the Committee will assess progress--both realized and expected--toward 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 developments. The Committee anticipates， based on its current assessment， that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program this month， especially if projected inflation continues to run below the Committee's 2 percent longer-run goal， and provided that longer-term inflation expectations remain well anchored. However， if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects， then increases in the target range for the federal funds rate are likely to occur sooner than currently anticipated. Conversely， if progress proves slower than expected， then increases in the target range are likely to occur later than currently anticipated.

　　When the Committee decides to begin to remove policy accommodation， it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that， even after employment and inflation are near mandate-consistent levels， economic conditions may， for some time， warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.

　　Voting for the FOMC monetary policy action were: Janet L. Yellen， Chair; William C. Dudley， Vice Chairman; Lael Brainard; Stanley Fischer; Richard W. Fisher; Loretta J. Mester; Charles I. Plosser; Jerome H. Powell; and Daniel K. Tarullo. Voting against the action was Narayana Kocherlakota， who believed that， in light of continued sluggishness in the inflation outlook and the recent slide in market-based measures of longer-term inflation expectations， the Committee should commit to keeping the current target range for the federal funds rate at least until the one-to-two-year ahead inflation outlook has returned to 2 percent and should continue the asset purchase program at its current level.

　　核心提示：美联储29日宣布彻底结束第三轮量化宽松(QE)政策，维持0-0.25%联邦基金利率不变，并重申有必要把联邦基金利率接近于零的水平保持相当一段时间。

　　美联储10月29日货币政策声明全文（中文）

　　自FOMC 9月份政策制定会议以来所收到的信息表明，经济活动正在适度扩张。就业市场状况在某种程度上进一步改善，就业岗位稳固增长，失业率下降。整体而言，一系列就业市场指标表明就业市场上劳工资源利用率不足的现象正在逐步减少。家庭支出正在适度增长，企业固定投资也正在上升，而住房部门的复苏进程则仍旧缓慢。通胀继续低于FOMC的长期目标。以市场为基础的通胀补偿指标在某种程度上有所下降；以调查报告为基础的长期通常预期则仍旧保持稳定。

　　FOMC正依据其法定使命来寻求培育最大程度上的就业和物价稳定性。FOMC预计，通过合适的政策融通性措施，经济活动将以适度的步伐扩张，就业市场指标和通胀率将朝着FOMC判定为符合其双重使命的方向发展。FOMC认为，经济活动和就业市场前景所面临的风险已几乎达到平衡。虽然近期内通胀很可能仍将由于能源价格下跌及其他因素而受到压制，但FOMC判断自今年年初以来，通胀率持续低于2%的可能性已在某种程度上有所下降。

　　FOMC目前判断，自引入现有资产购买计划以来，就业市场前景已经取得了重大改善。此外，FOMC继续观察到，更广泛经济中拥有充足的潜在力量，可在物价稳定的环境下为正在朝着最大就业方向所取得的进展提供支持。据此，FOMC决定在本月终止其资产购买计划。

　　FOMC将维持现有的政策，将来自于所持机构债和机构抵押贷款支持债券的本金付款再投资到机构抵押贷款支持债券中去，以及在国债发售交易中对即将到期的美国国债进行展期。这项政策令FOMC的长期债券持有量保持在可观水平，应可帮助保持融通性的金融状况。

　　为了支持朝着最大就业和物价稳定性的方向的继续进展，FOMC今天重申此前的观点，即目前联邦基金利率的0到0.25%目标区间仍是合适的。为了判定需在多长时间里保持这一目标区间，FOMC将对有关其最大就业和2%通胀目标的进展——包括已实现进展和预计将有的进展——进行评估。这种评估将把一系列广泛的信息考虑在内，包括有关就业市场状况的指标、通胀压力和通胀预期指标、以及有关金融发展的读数等。

　　基于对这些因素的评估，FOMC预计在本月终结资产购买计划以后的相当长时间里，继续将联邦基金利率维持在0到0.25%目标区间很可能仍将合适；尤其是，如果预期通胀率继续低于FOMC的2%长期目标，并假设长期通胀预期仍很稳定的情况下就更是如此。但是，如果未来获得的信息表明，朝着FOMC就业和通胀目标所取得的进展快于FOMC目前预期，则上调联邦基金利率目标区间的发生时间很可能将早于当前预期。相反的，如果这种进展慢于预期，则上调目标区间的发生时间很可能将晚于当前预期。

　　当FOMC决定开始取消政策融通性措施时，将会采取平衡的举措，这种举措将符合其最大就业和保持2%通胀率的长期目标。FOMC目前预计，即使是在就业和通胀率均达到接近符合其双重使命的水平以后，经济状况可能仍将在一段时间里令FOMC有理由把目标联邦基金利率维持在较低水平，这一水平低于FOMC视为正常的长期水平。

　　在此次政策制定会议上投票支持FOMC货币政策行动的委员有：主席珍妮特-耶伦(Janet L. Yellen)、副主席威廉-杜德利(William C. Dudley)、莱尔-布莱恩纳德(Lael Brainard)、斯坦利-费希尔(Stanley Fischer)、理查德-费舍尔(Richard W. Fisher)、洛丽塔-梅斯特(Loretta Mester)、查尔斯-普罗索(Charles I. Plosser)、杰罗姆-鲍威尔(Jerome H. Powell)和丹尼尔-塔鲁洛(Daniel K. Tarullo)。

　　纳拉亚拉-柯薛拉柯塔(Narayana Kocherlakota)则投了反对票。他认为，鉴于仍旧迟滞的通胀前景和最近以来以市场为基础的长期通胀预期指标下降的形势，FOMC应承诺至少在未来一到两年时间里继续保持当前的联邦基金利率目标区间，直到通胀前景重返2%时为止；并应继续以当前水平实施资产购买计划。