【英文學習】看懂Fed記者會系列之2021年7月19日至28日重貼現率(discount rate)會議記錄

聯準會在2021年8月24日發布7月19日至28日折現率(discount rate)會議的會議紀錄，單字、讀後心得及翻譯如下：

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單字

financial developments：金融發展

policy actions：政策執行

advances：放款

preliminary：初步的

primary credit program：一級信用系統

hourly workers：臨時工

residential real estate：住宅房地產

hiring and retaining workers：招募及留才

consumer goods and services：消費品及勞務

foster：促進

sentiment：情緒

seasonal credit：季節性信用

basis points：基點

心得

雖然利率不變，但是如果暫時性通膨不斷延續下去，可能近幾年就會升息，因為任何東西都可以是「暫時性」的，誰知道供應鏈吃緊會持續多久，如果供應鏈吃緊是常態，那所造成的通貨膨脹就不是只是暫時性的。

翻譯

Today, Board members discussed economic and financial developments and issues related to possible policy actions. In connection with this discussion, Board members considered discounts and advances under the primary credit program (the primary credit rate) and discussed, on a preliminary basis, their individual assessments of the appropriate rate and its communication, which would be discussed at the joint meeting of the Board and the Federal Open Market Committee (FOMC) next week.

今天，聯準會成員討論了關於金融發展及問題跟可能的新政策，會議中針對一級信用系統(u一級信用利率)下的重貼現及放款事項實施討論，也初步討論了重貼現率及放款利率的合理性及其背後的涵義，在下週聯邦公開市場委員會聯合會議會再進一步討論。

Subject to review and determination by the Board of Governors, the directors of the Federal Reserve Banks of New York, Cleveland, Richmond, Atlanta, and Dallas had voted on July 8, 2021, and the directors of the Federal Reserve Banks of Boston, Philadelphia, Chicago, St. Louis, Minneapolis, Kansas City, and San Francisco had voted on July 15, to establish the primary credit rate at the existing level of 0.25 percent.

7月8日時，紐約、克利夫蘭、里奇蒙、亞特蘭大及達拉斯聯邦儲備銀行完成投票，7月15日時，波士頓、費城、芝加哥、聖路易斯、明尼亞波利斯、堪薩斯及舊金山聯邦儲備銀行完成投票，並經過聯邦理事會審核同意一級信用利率維持在0.25%。

Overall, Federal Reserve Bank directors were positive about the economic outlook and continued to report strengthening activity across sectors and Districts. Most directors reported that businesses were still having difficulty hiring and retaining workers of all skill levels, but particularly hourly workers, and that labor shortages were putting upward pressure on wages. Several directors noted strong demand for residential real estate and consumer goods and services. Many directors commented on constraints

on economic activity and price increases related to ongoing supply-chain disruptions. While some directors noted that inflation had picked up recently, the increase was largely viewed as transitory.

整體來說，各區聯邦銀行理事皆樂觀看待經濟前景，並回報各產業經濟活動持續增強。大多的區域在各人力技術等級的人事上，都有人才招募及留才不易的困擾，尤其是臨時工，更嚴重。缺工導致薪資有上漲的壓力。多數地區回報其住宅房地產、消費品及勞務有強大的需求。有些地區聯邦銀行理事也提到持續性的供應鏈吃緊有造成經濟活動限制及物價上漲，通貨膨脹近期雖然有加快，不過應該只是暫時性的。

The directors of all twelve Federal Reserve Banks favored maintaining the current primary credit rate at the existing level (0.25 percent). In light of the uncertainties associated with the economic outlook, the directors judged that it would be appropriate for the FOMC to maintain the current stance of policy to continue to support economic recovery and foster progress toward the FOMC's long-run goals of maximum employment and stable prices.

所有12個聯邦營銀行理事一致認同一級信用利率應維持在0.25%，鑒於經濟前景不明，理事們認為聯儲公開市場委員會理當維持原態勢，持續刺激經濟復甦，推動達成其就業極大化及物價穩定的長期目標。

No sentiment was expressed by the Board at today's meeting for changing the primary credit rate at this time, and the Board approved the establishment of the primary credit rate at the existing level of 0.25 percent. The Board's action today on the primary credit rate also included renewal of the existing formulas for calculating the rates applicable to discounts and advances under the secondary and seasonal credit programs. As specified by the formula for the secondary credit rate, this rate would be

set 50 basis points above the primary credit rate. As specified by the formula for the seasonal credit rate, this rate would be reset every two weeks as the average of the daily effective federal funds rate and the rate on three-month CDs over the previous 14 days, rounded to the nearest 5 basis points.

今天的會議中，沒人認為需要調整既有利率，並同意一級信用利率維持在0.25%及計算次級信用利率及季節性利率的重貼現率及放款利率。次級信用利率將比一級信用利率高50個基點，季節性利率等同過去2週有效聯邦基金利率及過去14天3月期定存利率的總平均，並5個基點為單位取最接近的數值計算。

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