主文（判決）を後に回し、先に理由を述べる意味

先ほど発表されたFRB SATEMENT　MENTをあげておきます。

日本においても最近重大な判決を下す前に理由（趣旨）を先に述べるスタイルがとられますが

今回のFOMCの発表をみて、おや？という印象を受けました。

判決は　FRB　全力で債券買い捲りまっせという内容をうけて

米国１０年債　50bp　と　ものすごいぶっとび

agency mortgage-backed securities　（（住宅の）抵当のついた証券）買い入れ枠を7500億ドル　追加

最大で1兆2500億ドルとする。

agency debt （住宅公社債例のファニーメイ・フレディマックなど）についても　1000億ドル追加し総枠を

2000億ドルとする

Moreover,さらにさらにいえば、

the Committee decided to purchase up to$300 billion of longer-term Treasury securities

FOMCは3000億ドルの長期国債を向こう6ヶ月にわたり購入することを決意した！！！

ということです。

FEDは　本気で買い支えに入ったようです。

FOMC声明文全文

http://www.federalreserve.gov/newsevents/press/monetary/20090318a.htm

Press Release

Release Date: March 18, 2009

For immediate release
Information received since the Federal Open Market Committee met in January
indicates that the economy continues to contract.
Job losses, declining equity and housing wealth, and tight credit conditions
have weighed on consumer sentiment and spending.
Weaker sales prospects and difficulties in obtaining credit have led businesses
to cut back on inventories and fixed investment.
U.S. exports have slumped as a number of major trading partners have also fallen
into recession.
Although the near-term economic outlook is weak, the Committee anticipates
that policy actions to stabilize financial markets and institutions,
together with fiscal and monetary stimulus, will contribute to a gradual resumption
of sustainable economic growth.

In light of increasing economic slack here and abroad, the Committee expects
that inflation will remain subdued.
Moreover, the Committee sees some risk that inflation could persist for a time
below rates that best foster economic growth and price stability in the longer term.

In these circumstances, the Federal Reserve will employ all available tools
to promote economic recovery and to preserve price stability.

The Committee will maintain the target range for the federal funds rate

at 0 to 1/4 percent

and anticipates that economic conditions are likely to warrant exceptionally
low levels of the federal funds rate for an extended period.
To provide greater support to mortgage lending and housing markets,
the Committee decided today to increase the size of the Federal Reserve’s
balance sheet further by purchasing up to an additional $750 billion of
agency mortgage-backed securities, bringing its total purchases of these securities
to up to $1.25 trillion this year, and to increase its purchases of agency debt
this year by up to $100 billion to a total of up to $200 billion.

Moreover, to help improve conditions in private credit markets,
the Committee decided to purchase up to $300 billion of longer-term Treasury securities
over the next six months.
The Federal Reserve has launched the Term Asset-Backed Securities Loan Facility
to facilitate the extension of credit to households and small businesses and anticipates
that the range of eligible collateral for this facility is likely to be expanded
to include other financial assets.
The Committee will continue to carefully monitor the size and composition of
the Federal Reserve's balance sheet in light of evolving financial and economic
developments.

Voting for the FOMC monetary policy action were
:Ben S. Bernanke, Chairman
; William C. Dudley, Vice Chairman
; Elizabeth A. Duke
; Charles L. Evans
; Donald L. Kohn
; Jeffrey M. Lacker
; Dennis P. Lockhart
; Daniel K. Tarullo
; Kevin M. Warsh
; and Janet L. Yellen.

over the next six months.