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2012年08月25日

Wall Street Journalの英文サイトではこの書簡の全文7ページ(PDF)が見れます。

書簡原文： Bernanke's Letter to Rep. Darrell Issa　

iPhone4Sならそのまま全部読めます。

http://online.wsj.com/article/SB10000872396390444358404577609231770784446.html?mod=WSJ_hp_LEFTWhatsNewsCollection#project=bernankeletter0822&articleTabs=interactive

以下は書簡そのものではなく、「この書簡についての記事」です。↓↓

これまでの刺激策は正当、追加策実施の余地もある＝米FRB議長 2012年 8月 25日 8:01 JST

バーナンキ米連邦準備制度理事会（FRB）議長は24日、議会監督委員会の委員長を務めるダレル・イッサ

追加措置の余地はあるとの見解を示した。

ウォール・ストリート・ジャーナル紙が入手した書簡の写しによると、バーナンキ議長は「金融状況の緩和と回復支援のためにFRBが追加措置を実施する余地はある」と記した。

FRBが短期国債を売却した資金で長期国債を買い入れる「オペレーションツイスト（ツイストオペ）」は今も「経済システムの中で順調に進んでいる」とバーナンキ議長は述べた。昨年9月に導入されたツイストオペは、今年6月に年末までの延長が決まっている。

追加の金融措置を検討するには時期尚早ではないかとのイッサ下院議員の質問に対してバーナンキ議長

は、「金融政策は遅行して作用するため」FRBは「今後の景気動向の見通しを踏まえて」政策を決定する必

要がある、と述べた。

ここ数年のFRBによる債券買い入れは「長期金利に押し下げ圧力を加え、より広範の金融状況の緩和をもた

らすことにより、より力強い回復を促し、デフレの回避を支えた」という。

最新の見解は、議会やメディアに対するこれまでの議長発言を繰り返すもの。バーナンキ議長は、米ワイオ

ミング州ジャクソンホールで31日に開かれる年次経済シンポジウムでの講演で、FRBが次に打ち出す可能性

のある追加措置に関して明確な手掛かりを示すことが期待されている。それもあって、同書簡の内容は注目

記事：Wall Street Journal

Updated August 24, 2012, 5:18 p.m. ET.
Bernanke Letter Defends Fed Actions

By JON HILSENRATH

Federal Reserve Chairman Ben Bernanke, in a letter responding to questions posed by U.S. Rep. Darrell Issa (R., Calif.), chairman of the House oversight committee, defended actions the Fed has taken to support the economy and said there is room for the Fed to do more.

The Fed's "Operation Twist" program—buying long-term Treasury bonds and selling short-term securities—is still "working its way through the economic system," Mr. Bernanke said. The program was first launched in September 2011 and in June 2012 was extended through the end of this year.

Asked by Mr. Issa if it were premature to consider additional monetary moves, Mr. Bernanke said that "because monetary policy actions operate with a lag," the Fed must make policy "in light of a forecast of the future performance of the economy."

Federal Reserve Chairman Ben Bernanke
.
The Fed chairman also said that the Fed's bond-buying of recent years has "helped to promote a stronger recovery than otherwise would have occurred, and to forestall the possibility of a slide into deflation…by putting downward pressure on longer-term interest rates and contributing to broader easing in financial conditions."

The written comments echo remarks that Mr. Bernanke has made to lawmakers and the media. They are notable, in part, because Mr. Bernanke is to deliver a highly anticipated speech on Aug. 31 at a Fed conference in Jackson Hole, Wyo., in which he could send clearer signals about what new steps the Fed might take.

Minutes of the Fed's July 31-Aug. 1 meeting, released this week, showed the Fed leaning strongly toward actions that could include a new round of bond buying, guidance that interest rates will stay low for even longer than previously thought, or other measures. The Fed next meets Sept. 12 and 13.

In an Aug. 1 letter to the Fed chairman, Mr. Issa raised several issues.

"Of particular concern to me is the persistent drumbeat of highly reputed academics, former government executives, and market participants, who express grave concern with regard to the actions of the Federal Reserve, its apparent use of monetary policy to generate short term solutions, and the resulting risky balance sheet that weakens the Federal Reserve's ability to withstand the next financial crisis."

In reply, Mr. Bernanke sought to allay concerns about potentially damaging consequences of the steps it has taken to date. The Fed, he said, is "keenly attuned to the risks of inflation." He also sought to play down worries that long-term interest rates, now very low, will shoot higher down the road when the Fed does one day start to reduce the size of its bond holdings. The Fed, he said, "will normalize the size of its balance sheet through gradual pre-announced sales in order to ensure that markets have an appropriate amount of time to make adjustments."

The Fed has held off on new action, in part, because officials wanted to see how markets and the economy responded to Operation Twist. One of several options on the table for the Fed's September meeting is for the central bank to replace Operation Twist with an outright bond-buying program.

Write to Jon Hilsenrath at jon.hilsenrath@wsj.com

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