聯準會凌晨將公佈四月會議紀錄2015.05.20

2015年5月21日凌晨美國聯準會將公佈四月27-28日兩天的會議紀錄，這一次的會議紀錄將公開兩天的討論內容，但是值得一提的是四月的會後聲明與過去有明顯的不同

首先第一是文章結構的改變，聯準會同樣提到勞動市場、房地產、企業投資與通膨預期，但是對於勞動市場的說明卻和以往有些差異，並認為家庭實質所得提高了

1月
 Labor market conditions have improved further, with strong job gains and a lower unemployment rate.  On balance, a range of labor market indicators suggests that underutilization of labor resources continues to diminish.  Household spending is rising moderately; recent declines in energy prices have boosted household purchasing power.

3月
Labor market conditions have improved further, with strong job gains and a lower unemployment rate. A range of labor market indicators suggests that underutilization of labor resources continues to diminish. Household spending is rising moderately; declines in energy prices have boosted household purchasing power.

4月
The pace of job gains moderated, and the unemployment rate remained steady. A range of labor market indicators suggests that underutilization of labor resources was little changed. Growth in household spending declined; households' real incomes rose strongly, partly reflecting earlier declines in energy prices, and consumer sentiment remains high

第二關於何時升息? 聯準會表示考量勞動市場和通膨，聯準會有信心中期會回到2%的目標，

1月

The Committee continues to see the risks to the outlook for economic activity and the labor market as nearly balanced.  Inflation is anticipated to decline further in the near term, but the Committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves further and the transitory effects of lower energy prices and other factors dissipate.  The Committee continues to monitor inflation developments closely.

3月 

The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. This change in the forward guidance does not indicate that the Committee has decided on the timing of the initial increase in the target range

4月 

The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.

其餘的變化聲明不大