日本時間　2012/06/21 （木） 01:30ごろ発表

Press Release
　
Release Date: June 20, 2012

For immediate release

Information received since the Federal Open Market Committee met in April suggests that the economy has been expanding moderately this year. However, growth in employment has slowed in recent months, and the unemployment rate remains elevated. Business fixed investment has continued to advance. Household spending appears to be rising at a somewhat slower pace than earlier in the year. Despite some signs of improvement, the housing sector remains depressed. Inflation has declined, mainly reflecting lower prices of crude oil and gasoline, and 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 economic growth to remain moderate over coming quarters and then to pick up very gradually. Consequently, the Committee anticipates that the unemployment rate will decline only slowly toward levels that it judges to be consistent with its dual mandate. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee anticipates that inflation over the medium term will run at or below the rate that it judges most consistent with its dual mandate.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy. In particular, the Committee decided today to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014. （予想どおりの金利据え置き、2014年まで異例の低金利を続ける）

The Committee also decided to continue through the end of the year its program to extend the average maturity of its holdings of securities. Specifically, the Committee intends to purchase Treasury securities with remaining maturities of 6 years to 30 years at the current pace and to sell or redeem an equal amount of Treasury securities with remaining maturities of approximately 3 years or less. This continuation of the maturity extension program should put downward pressure on longer-term interest rates and help to make broader financial conditions more accommodative. 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. The Committee is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Dennis P. Lockhart; Sandra Pianalto; Jerome H. Powell; Sarah Bloom Raskin; Jeremy C. Stein; Daniel K. Tarullo; John C. Williams; and Janet L. Yellen. Voting against the action was Jeffrey M. Lacker, who opposed continuation of the maturity extension program.（いつものおじちゃんが反対）

FRB: Press Release--Federal Reserve issues FOMC statement --June 20, 2012
http://www.federalreserve.gov/newsevents/press/monetary/20120620a.htm

3:00ごろ　FOMC経済見通し発表 　　　

3:15ごろ　バーナンキ議長会見

「長期金利に下振れ圧力。オペレーション・ツイストは長期金利を押し下げる。」
「景気拡大は緩やか。企業、家計の消費は緩やかに上昇。ここ数ヵ月、雇用増加は小さくなった。」
「欧州問題が加わった。」
「経済に一段の支援必要なら追加資産買い入れを検討。」
「金融政策は万能薬ではない。」
「安全志向のフローが金利を押し下げている。更なる金利引き下げも可能。」
「オペレーション・ツイストは意味がある。」
「欧州は問題に対処する上で十分なリソース有する。建設的なら欧州と協力する用意。現時点では話し合いの状況。」
「財政の崖めぐる不透明性、年内に経済に影響すると予想。」
「欧州情勢が米成長を緩めている。」
「労働市場が持続的に回復しているか否かを把握するため、全ての労働関連指標を注視。」
「欧州情勢悪化なら、FRBは米経済、金融システムを守る用意。」
「大規模な資産購入は解除過程を引き延ばす。」
「非標準的な金融政策は十分な認識はなく、コストとリスクを併せ持つ。」
「FRBは欧州ソブリン債買い入れない。」

市場予想どおりの実質ゼロ金利据え置きでした。

そして、前回と同様、例の2014年終盤まで異例の低金利を続けることが明記されました。

そしてこれも前回と同様、反対票を投じたのは１名で、

理由はmaturity extension program＝いわゆるオペレーション・ツイストの期限延長に反対するというものでした。

その後のバーナンキ会見では、

希望あふれる前回とは打って変わって、

総悲観とも言える内容でした。　

常識的、ファンダメンタル分析的に考えると、

FOMC金利では、株、ドル相場、ともにさほど動かず、

バーナンキ議長会見で、やっぱりダメだこりゃとなって、

株　 暴落

ドル　暴落

となるのが自然に思えます。

では、この材料を受けて、机上の空論ならぬ現実のマーケットはどのように動いたのでしょうか？

↓のチャートを見る前に１分間想像してみてください。

・NYダウ　の値動き　→　上昇？下落？

・ドル円　の値動き　→　上昇？下落？

・ユーロドル　の値動き　→　上昇？下落？

・ユーロ円　の値動き　→　上昇？下落？

・ポンドドル　の値動き　→　上昇？下落？

・ポンド円　の値動き　→　上昇？下落？

・原油　の値動き　→　上昇？下落？

・金　の値動き　→　上昇？下落？