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2012年9月14日 (金)

QE3 と言うよりも QE open-ended?


ポイントは次の3点(いずれもFRB プレスリリース原文の該当箇所をそのまま転記します)。


the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. The Committee also will continue through the end of the year its program to extend the average maturity of its holdings of securities as announced in June, and it 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. These actions, which together will increase the Committee’s holdings of longer-term securities by about $85 billion each month through the end of the year, should put downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.


If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its other policy tools as appropriate until such improvement is achieved in a context of price stability. In determining the size, pace, and composition of its asset purchases, the Committee will, as always, take appropriate account of the likely efficacy and costs of such purchases.


In particular, the Committee also decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that exceptionally low levels for the federal funds rate are likely to be warranted at least through mid-2015.



労働市場の見通しがしっかりと(substantially)改善するまで、毎月毎月400億ドルを購入し続ける(市場に資金放出し続ける)という、open-ended な内容になっているのが特徴。

一部にはこれは、QE3 ではなくて QE open-ended とでも呼ぶべきものとの声が出ています。


QE1:実施総額 1兆7500億ドル

    実施期間 09年3月~10年3月 (約1年)

QE2:実施総額 8500~9000億ドル


    実施期間 10年11月~11年6月 (約8ヶ月)

QE3:実施総額 月額400億ドル×?ヶ月

    実施期間 12年9月~


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