sep Information received since the Federal Open Market Committee met in July suggests that economic activity has been expanding at a moderate pace. Some indicators of labor market conditions have shown further improvement in recent months, but the unemployment rate remains elevated. Household spending and business fixed investment advanced, and the housing sector has been strengthening, but mortgage rates have risen further and fiscal policy is restraining economic growth. Apart from fluctuations due to changes in energy prices, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable. dec Information received since the Federal Open Market Committee met in October indicates that economic activity is expanding at a moderate pace. Labor market conditions have shown further improvement; the unemployment rate has declined but remains elevated. Household spending and business fixed investment advanced, while the recovery in the housing sector slowed somewhat in recent months. Fiscal policy is restraining economic growth, although the extent of restraint may be diminishing. Inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable. sep Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished, on net, since last fall, but the tightening of financial conditions observed in recent months, if sustained, could slow the pace of improvement in the economy and labor market. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term. Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases. dec Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the risks to the outlook for the economy and the labor market as having become more nearly balanced. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, and it is monitoring inflation developments carefully for evidence that inflation will move back toward its objective over the medium term. Taking into account the extent of federal fiscal retrenchment since the inception of its current asset purchase program, the Committee sees the improvement in economic activity and labor market conditions over that period as consistent with growing underlying strength in the broader economy. In light of the cumulative progress toward maximum employment and the improvement in the outlook for labor market conditions, the Committee decided to modestly reduce the pace of its asset purchases. monthly employment:http://www.bls.gov/web/empsit/ceseesummary.htm Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft http://research.stlouisfed.org/fred2/series/NEWORDER?cid=32431 jan feb maraprmayjunejuly aug sep oct Personal consumption expenditures: Current dollars0.1 0.7 0.2-0.20.2 0.60.10.30.20.3 Chained (2009) dollars0.1 0.3 0.3 0 0.1 0.20.0 0.20.10.3 disposalbale income current dollars-5.2 1.30.3-0.10.30.3 0.30.60.5-0.2 Chained (2009) dollars-5.20.9 0.40.2 0.2 -0.1 0.20.50.4-0.2 peraonal saving rate 3.6 4.2 4.3 4.6 4.8 4.6 4.8 5.0 5.2 4.8 existing home sales tumble post first annual decline 29 months day after taper begin http://www.zerohedge.com/news/20 ... y-after-taper-begin 奥巴马再会金融巨头zerohedge发警告 https://bbs.pinggu.org/home.php?mod=spaceuid=720513do=blogid=221404 美媒：美国道德权威正在衰退 https://bbs.pinggu.org/home.php?mod=spaceuid=720513do=blogid=235288 官方力证黄金暴跌人为操纵 “头号嫌疑犯”浮出水面 http://xinyuanxiyu2010.blog.163.com/blog/static/131179796201332710523858/ 专家：钱荒凸显经济结构性问题 中国的银行缺钱 几乎在美联储宣布缩减购债规模的同时，美国传来马克斯・鲍卡斯将出任住 中国大使的消息（20日已获奥巴马正式提名）。马克斯・鲍卡斯是美国国会 参议院财政委员会主席（也有译为金融委员会的，笔者查阅后发现原文虽为 committeeon finance，原来有兼管金融和财政，后来银行和金融委员会成立 后，就只管财政了。）奥巴马任命一位并无安全背景精通财政的政治人物出任 驻华大使一职显示美国在经过一番博弈后更希望用和平的沟通方式取得中国 在美债问题上的支持，对中国十分有利（日本外相立即与中国驻华大使举行了 安倍政权上台以来的首次正式会谈，并表示日方重视对华关系，愿意努力使两国 关系重新回到战略互惠关系的原点中国驻日大使会见日本外相 http://news.sina.com.cn/o/2013-12-21/033929042968.shtml ）。而从中国的立场来看，在面临产能过剩，企业资产 负债率偏高，非金融上市公司税息折旧及摊销前利润（EBITDA）与债务规模之比 低于贷款成本，等难题的情况下也十分需要同美国开展互惠互利的经济合作。但 具体到美债问题上，虽然美国财政有巨大的改革空间，以医保为例美国用于医保的 花费远远高于OECD的平均数。但由于日本即将开始减持美债，中国增持美债的结果 是互惠双赢，还是会使外汇储备大幅贬值依然十分不确定。此外，欧元区的反应也 值得关注，今年在习近平主席访美前夕，欧盟突然决定对来自中国的光伏产品征收 反倾销税，牵制中国过分倒向美国的意图十分明显。总体上看由于美元和欧元之间 的激烈竞争中国目前处于有利地位，但由于美欧的力量都明显强于中国，加上经济 形势错综复杂，中国需要开展深入的研究和广泛的讨论，在集思广益的基础上谨慎 应对。
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