美國聯準會再度升息3碼，今年以來累計升息2.25%

聯準會7月27日決策會議決議升息3碼(0.75%)，調升後指標聯邦基金利率區間來到2.25%~2.5%，自7月28日起實施，這次會議當中12位委員一致同意升息3碼。聯準會2022年至今累計升息9碼(2.25%)，前3次升息宣布時間與幅度分別為3月16日(1碼)、5月4日(2碼)、6月15日(3碼)。

聯準會在聲明中表示，近來支出與生產指標已經走軟，但就業近幾個月仍強勁成長，失業率保持在相對低點。通貨膨脹居高不下，反映疫情大流行、食品與能源價格上漲。俄羅斯入侵烏克蘭(烏俄戰爭)正在造成巨大的人力與經濟困難，戰爭等相關因素都持續推升通膨壓力，並對全球經濟產生影響，委員會高度關注通膨風險，持續尋求長期通膨率恢復到2%的目標。聯準會主席鮑威爾表示，下回9月的決策會議可能會再次不尋常的大幅升息，會依據當時經濟數據而定，這個說法應該可理解為幫市場打預防針。

關於縮減資產負債表計畫，仍然維持自2022年6月開始每月目標縮減475億美元，當中美國政府債券目標300億美元，抵押貸款證券(MBS)目標175億美元；自9月起每月目標縮減950億美元，當中美國政府債券目標600億美元，抵押貸款證券(MBS)目標350億美元。

2022年6月1日美國聯準會資產負債表總額為8兆9,646億美元，自肺炎疫情爆發初期，2020年3月11日執行無上限量化寬鬆(QE)到2022年6月1日，資產負債表共計增加4兆6,046億美元，資產負債表成長106%；當中購入美國政府債券金額為3兆2,477億美元，美國政府債券規模成長129%，購入抵押貸款證券(MBS)金額為1兆3,356億美元，MBS規模成長97%。

Federal Reserve issues FOMC statement (July 27, 2022)

Recent indicators of spending and production have softened. Nonetheless, job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures.

Russia's war against Ukraine is causing tremendous human and economic hardship. The war and related events are creating additional upward pressure on inflation and are weighing on global economic activity. The Committee is highly attentive to inflation risks.

The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.

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 public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.

Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Lael Brainard; James Bullard; Susan M. Collins; Lisa D. Cook; Esther L. George; Philip N. Jefferson; Loretta J. Mester; and Christopher J. Waller.

Decisions Regarding Monetary Policy Implementation ( July 27, 2022)

The Federal Reserve has made the following decisions to implement the monetary policy stance announced by the Federal Open Market Committee in its statement on July 27, 2022:

• The Board of Governors of the Federal Reserve System voted unanimously to raise the interest rate paid on reserve balances to 2.4 percent, effective July 28, 2022.
• As part of its policy decision, the Federal Open Market Committee voted to authorize and direct the Open Market Desk at the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the System Open Market Account in accordance with the following domestic policy directive:

"Effective July 28, 2022, the Federal Open Market Committee directs the Desk to:

。Undertake open market operations as necessary to maintain the federal funds rate in a target range of 2-1/4 to 2-1/2 percent.

。Conduct overnight repurchase agreement operations with a minimum bid rate of 2.5 percent and with an aggregate operation limit of $500 billion; the aggregate operation limit can be temporarily increased at the discretion of the Chair.

。Conduct overnight reverse repurchase agreement operations at an offering rate of 2.3 percent and with a per-counterparty limit of $160 billion per day; the per-counterparty limit can be temporarily increased at the discretion of the Chair.

。Roll over at auction the amount of principal payments from the Federal Reserve's holdings of Treasury securities maturing in the calendar months of July and August that exceeds a cap of $30 billion per month. Redeem Treasury coupon securities up to this monthly cap and Treasury bills to the extent that coupon principal payments are less than the monthly cap.

。Starting in the calendar month of September, roll over at auction the amount of principal payments from the Federal Reserve's holdings of Treasury securities maturing in each calendar month that exceeds a cap of $60 billion per month. Redeem Treasury coupon securities up to this monthly cap and Treasury bills to the extent that coupon principal payments are less than the monthly cap.

。Reinvest into agency mortgage-backed securities (MBS) the amount of principal payments from the Federal Reserve's holdings of agency debt and agency MBS received in the calendar months of July and August that exceeds a cap of $17.5 billion per month.

。Starting in the calendar month of September, reinvest into agency MBS the amount of principal payments from the Federal Reserve's holdings of agency debt and agency MBS received in each calendar month that exceeds a cap of $35 billion per month.

。Allow modest deviations from stated amounts for reinvestments, if needed for operational reasons.

。Engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency MBS transactions."

• In a related action, the Board of Governors of the Federal Reserve System voted unanimously to approve a 3/4 percentage point increase in the primary credit rate to 2.5 percent, effective July 28, 2022. In taking this action, the Board approved requests to establish that rate submitted by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Dallas, and San Francisco.

This information will be updated as appropriate to reflect decisions of the Federal Open Market Committee or the Board of Governors regarding details of the Federal Reserve's operational tools and approach used to implement monetary policy.