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What is the Federal Open Market Committee (FOMC)?

What is the Federal Open Market Committee (FOMC)?

什么是联邦公开市场委员会(FOMC)?
moomoo Courses ·  2021/12/15 20:55

Key takeaways

主要外卖

  • The Federal Open Market Committee (FOMC) is a branch of the Federal Reserve System that sets the course of monetary policy specifically by carrying out open market operations.

  • The FOMC is composed of seven members from the Board of Governors and five Federal Reserve Bank presidents.

  • The committee has eight regularly scheduled meetings each year that are the subject of much speculation on Wall Street.

  • 联邦公开市场委员会(FOMC)是联邦储备系统的一个分支,专门通过实施公开市场操作来确定货币政策的方向。

  • 联邦公开市场委员会由七名理事会成员和五名联邦储备银行行长组成。

  • 该委员会每年有八次定期会议,这是华尔街大量猜测的主题。

Understanding the Federal Open Market Committee (FOMC)

了解美国联邦公开市场委员会(FOMC)

The Federal Open Market Committee (FOMC) is a branch of the Federal Reserve System that sets the course of monetary policy specifically by carrying out open market operations (OMOs). 

联邦公开市场委员会(FOMC)是联邦储备系统的一个分支,专门通过实施公开市场操作(OMO)来确定货币政策的进程。

Open market operations involve the buying and selling of securities on the open market. Securities bought by the FOMC are deposited in the Fed's System Open Market Account (SOMA), which consists of both domestic securities and foreign currency portfolios. The domestic portion holds U.S. Treasuries and federal agency securities, while the foreign portfolio holds investments denominated in euros and Japanese yen.

公开市场操作包括在公开市场上买卖证券。联邦公开市场委员会购买的证券存入美联储的系统公开市场账户(SOMA),该账户包括国内证券和外币投资组合。国内部分持有美国国债和联邦机构证券,而外国投资组合持有以欧元和日元计价的投资。

The FOMC can hold these securities until maturity or sell them at the right timing. This right is granted by the Federal Reserve Act of 1913 and the Monetary Control Act of 1980. A percentage of the Fed's SOMA holdings are held in each of the 12 regional Reserve Banks. However, the Federal Reserve Bank of New York executes all of the Fed's open market transactions.

联邦公开市场委员会可以持有这些证券到到期日,也可以在合适的时机出售它们。这一权利是由1913年的联邦储备法和1980年的货币控制法授予的。美联储持有的SOMA资产中,有一定比例存在于12家地区性储备银行中的每一家。不过,美联储的所有公开市场交易都是由纽约联邦储备银行执行的。

Simply put, there are several steps involved in the FOMC’s open market operations. The process begins with the FOMChaving one of its regular meetings. Next, the decisions made at the meeting are communicated to the SOMA manager, who then relays them to the trading desk at the Federal Reserve Bank of New York. The Reserve Bank then conducts transactions of securities on the open market to adjust the supply of reserve balances so as to keep the federal funds rate around the target established by the FOMC.

简而言之,联邦公开市场委员会的公开市场操作涉及几个步骤。这一过程始于联邦公开市场委员会的一次定期会议。下一步,会议上做出的决定将传达给SOMA经理,后者随后将这些决定传达给纽约联邦储备银行(Federal Reserve Bank Of New York)的交易部门。然后,储备银行在公开市场上进行证券交易,以调整储备余额的供应,从而使联邦基金利率保持在联邦公开市场委员会设定的目标附近。

FOMC Members

联邦公开市场委员会成员

The Federal Open Market Committee (FOMC) consists of 12 members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.

联邦公开市场委员会(FOMC)由12名成员组成--联邦储备系统理事会的7名成员;纽约联邦储备银行总裁;以及其余11名储备银行行长中的4名,他们轮流任职一年。

The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.

轮值席位由以下四组银行组成,每组一名银行行长:波士顿、费城和里士满;克利夫兰和芝加哥;亚特兰大、圣路易斯和达拉斯;明尼阿波利斯、堪萨斯城和旧金山。

Nonvoting Reserve Bank presidents attend the meetings of the committee, participate in the discussions, and contribute to the committee's assessment of the economy and policy options.

无投票权的储备银行行长出席委员会的会议,参与讨论,并为委员会对经济和政策选择的评估做出贡献。

Members of the committee typically fall into three types: hawks favoring tighter monetary policies, doves who support stimulus packages, and centrists/moderates who are somewhere in between. 

委员会成员通常分为三种类型:支持收紧货币政策的鹰派,支持刺激计划的鸽派,以及介于两者之间的中间派/温和派。

Traditionally, the chair of the FOMC is also the chair of the Board of Governors. Currently, the chair of the Federal Reserve Board is Jerome Powell, who was sworn in on Feb. 5, 2018, and is serving a four-year term. Powell is considered a moderate. 

传统上,联邦公开市场委员会主席也是理事会主席。目前,美联储主席是杰罗姆·鲍威尔,他于2018年2月5日宣誓就职,任期四年。鲍威尔被认为是温和派。

FOMC Meetings

联邦公开市场委员会会议

The Federal Open Market Committee (FOMC) has eight regularly scheduled meetings each year, but they can meet more often if it's necessary. 

联邦公开市场委员会(FOMC)每年有八次定期会议,但如果有必要,他们可以更频繁地开会。

During the meeting, FOMCdiscuss developments in the local and global financial markets and economic forecasts. All participants—the Board of Governors and all 12 Reserve Bank presidents—share their views on the country's economic status and discuss which monetary policy would benefit the US most.

会议期间,联邦公开市场委员会讨论本地及全球金融市场的发展和经济预测。所有与会者--理事会和所有12位储备银行行长--都分享了他们对美国经济地位的看法,并讨论了哪种货币政策对美国最有利。

After much deliberation by all participants, only designated FOMC members have the right to vote on the monetary policy, which will result in either buying or selling securities on the open market.

经过所有参与者的深思熟虑,只有指定的联邦公开市场委员会成员才有权对货币政策进行投票,这将导致在公开市场上买卖证券。

The meetings are not held in public and thus are closely watched and even speculated by Wall Street. The stock market generally reacts strongly to any changes in monetary policy. In recent years, FOMC minutes have been made public after each meeting.

这些会议不是公开举行的,因此受到华尔街的密切关注,甚至是猜测。股市通常会对货币政策的任何变化做出强烈反应。近年来,联邦公开市场委员会的会议记录在每次会议后都会公之于众。

For more investment knowledge and trends, welcome to Courses in the Community.

欲了解更多投资知识和趋势,欢迎访问课程在社区里。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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