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Statement on Longer-Run Goals and Monetary Policy Strategy
關(guān)于長期目標(biāo)與貨幣政策策略的聲明

Adopted effective January 24, 2012; as amended effective August 22, 2025
于2012年1月24日通過生效；于2025年8月22日修訂生效

The Federal Open Market Committee (FOMC) is firmly committed to fulfilling its statutory mandate from Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society.

聯(lián)邦公開市場(chǎng)委員會(huì)（FOMC）堅(jiān)定地致力于履行國會(huì)授予的法定使命，即促進(jìn)充分就業(yè)、穩(wěn)定物價(jià)和溫和的長期利率。委員會(huì)力求盡可能清晰地向公眾解釋其貨幣政策決定。這種清晰性有助于家庭和企業(yè)做出信息充分的決策，減少經(jīng)濟(jì)和金融不確定性，提高貨幣政策的有效性，并增強(qiáng)透明度和問責(zé)制，這在一個(gè)民主社會(huì)中至關(guān)重要。

The Committee’s monetary policy strategy is designed to promote maximum employment and stable prices across a broad range of economic conditions. Employment, inflation, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Monetary policy plays an important role in stabilizing the economy in response to these disturbances. The Committee’s primary means of adjusting the stance of monetary policy is through changes in the target range for the federal funds rate. The Committee is prepared to use its full range of tools to achieve its maximum employment and price stability goals, particularly if the federal funds rate is constrained by its effective lower bound.

委員會(huì)的貨幣政策策略旨在在廣泛的經(jīng)濟(jì)條件下促進(jìn)充分就業(yè)和穩(wěn)定物價(jià)。就業(yè)、通脹和長期利率會(huì)隨著經(jīng)濟(jì)和金融的擾動(dòng)而隨時(shí)間波動(dòng)。貨幣政策在應(yīng)對(duì)這些擾動(dòng)以穩(wěn)定經(jīng)濟(jì)方面扮演著重要角色。委員會(huì)調(diào)整貨幣政策立場(chǎng)的主要方式是改變聯(lián)邦基金利率的目標(biāo)區(qū)間。委員會(huì)準(zhǔn)備好使用其全部工具來實(shí)現(xiàn)其充分就業(yè)和價(jià)格穩(wěn)定的目標(biāo)，特別是在聯(lián)邦基金利率受到其有效利率下限約束的情況下。

Durably achieving maximum employment fosters broad-based economic opportunities and benefits for all Americans. The Committee views maximum employment as the highest level of employment that can be achieved on a sustained basis in a context of price stability. The maximum level of employment is not directly measurable and changes over time owing largely to nonmonetary factors that affect the structure and dynamics of the labor market. Consequently, it would not be appropriate to specify a fixed goal for employment; rather, the Committee’s policy decisions must be informed by assessments of the maximum level of employment, recognizing that such assessments are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments.

持久地實(shí)現(xiàn)充分就業(yè)能為所有美國人帶來基礎(chǔ)廣泛的經(jīng)濟(jì)機(jī)會(huì)和利益。委員會(huì)將充分就業(yè)視為在價(jià)格穩(wěn)定的背景下可以持續(xù)實(shí)現(xiàn)的最高就業(yè)水平。充分就業(yè)的水平無法直接衡量，并且會(huì)因主要影響勞動(dòng)力市場(chǎng)結(jié)構(gòu)和動(dòng)態(tài)的非貨幣因素而隨時(shí)間變化。因此，為就業(yè)設(shè)定一個(gè)固定的目標(biāo)是不合適的；相反，委員會(huì)的政策決定必須基于對(duì)充分就業(yè)水平的評(píng)估，同時(shí)認(rèn)識(shí)到此類評(píng)估必然具有不確定性并可能被修正。委員會(huì)在進(jìn)行這些評(píng)估時(shí)會(huì)考慮廣泛的指標(biāo)。

Price stability is essential for a sound and stable economy and supports the well-being of all Americans. The inflation rate over the longer run is primarily determined by monetary policy, and hence the Committee can specify a longer-run goal for inflation. The Committee reaffirms its judgment that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory maximum employment and price stability mandates. The Committee judges that longer-term inflation expectations that are well anchored at 2 percent foster price stability and moderate long-term interest rates and enhance the Committee’s ability to promote maximum employment in the face of significant economic disturbances. The Committee is prepared to act forcefully to ensure that longer-term inflation expectations remain well anchored.

價(jià)格穩(wěn)定是健全穩(wěn)定經(jīng)濟(jì)的基礎(chǔ)，并支持所有美國人的福祉。長期來看，通貨膨脹率主要由貨幣政策決定，因此委員會(huì)可以為通脹設(shè)定一個(gè)長期目標(biāo)。委員會(huì)重申其判斷，即以個(gè)人消費(fèi)支出價(jià)格指數(shù)的年變化率衡量的2%的通脹率，在長期內(nèi)最符合美聯(lián)儲(chǔ)促進(jìn)充分就業(yè)和價(jià)格穩(wěn)定的法定使命。委員會(huì)判斷，良好錨定在2%的長期通脹預(yù)期能促進(jìn)價(jià)格穩(wěn)定和溫和的長期利率，并增強(qiáng)委員會(huì)在面臨重大經(jīng)濟(jì)擾動(dòng)時(shí)促進(jìn)充分就業(yè)的能力。委員會(huì)準(zhǔn)備好采取有力行動(dòng)，以確保長期通脹預(yù)期保持良好錨定。

Monetary policy actions tend to influence economic activity, employment, and prices with a lag. Moreover, sustainably achieving maximum employment and price stability depends on a stable financial system. Therefore, the Committee’s policy decisions reflect its longer-run goals, its medium-term outlook, and its assessments of the balance of risks, including risks to the financial system that could impede the attainment of the Committee’s goals.

貨幣政策行動(dòng)對(duì)經(jīng)濟(jì)活動(dòng)、就業(yè)和物價(jià)的影響往往存在時(shí)滯。此外，可持續(xù)地實(shí)現(xiàn)充分就業(yè)和價(jià)格穩(wěn)定依賴于一個(gè)穩(wěn)定的金融體系。因此，委員會(huì)的政策決定反映了其長期目標(biāo)、中期展望以及對(duì)風(fēng)險(xiǎn)平衡的評(píng)估，包括可能妨礙委員會(huì)實(shí)現(xiàn)其目標(biāo)的金融體系風(fēng)險(xiǎn)。

The Committee’s employment and inflation objectives are generally complementary. However, if the Committee judges that the objectives are not complementary, it follows a balanced approach in promoting them, taking into account the extent of departures from its goals and the potentially different time horizons over which employment and inflation are projected to return to levels judged consistent with its mandate. The Committee recognizes that employment may at times run above real-time assessments of maximum employment without necessarily creating risks to price stability.

委員會(huì)的就業(yè)和通脹目標(biāo)通常是互補(bǔ)的。然而，如果委員會(huì)判斷這兩個(gè)目標(biāo)不互補(bǔ)，它將采取一種平衡的方法來促進(jìn)它們，同時(shí)考慮到偏離其目標(biāo)的程度以及預(yù)計(jì)就業(yè)和通脹回歸到被判斷為符合其使命的水平可能需要的不同時(shí)間跨度。委員會(huì)認(rèn)識(shí)到，就業(yè)有時(shí)可能會(huì)高于對(duì)充分就業(yè)的實(shí)時(shí)評(píng)估，而不必然對(duì)價(jià)格穩(wěn)定構(gòu)成風(fēng)險(xiǎn)。

The Committee intends to review these principles and to make adjustments as appropriate at its annual organizational meeting each January, and to undertake roughly every 5 years a thorough public review of its monetary policy strategy, tools, and communication practices.

委員會(huì)計(jì)劃在每年一月的年度組織會(huì)議上審查這些原則并酌情做出調(diào)整，并大約每五年對(duì)其貨幣政策策略、工具和溝通實(shí)踐進(jìn)行一次徹底的公開評(píng)估。