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Statement on Longer-Run Goals and Monetary Policy Strategy
關于長期目標與貨幣政策策略的聲明

Adopted effective January 24, 2012; as amended effective August 22, 2025
于2012年1月24日通過生效；于2025年8月22日修訂生效

The Federal Open Market Committee (FOMC) is firmly committed to fulfilling its statutory mandate from Congress of promoting maximum employment, stable prices, and moderate long-term interest rates. The Committee seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decisionmaking by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy, and enhances transparency and accountability, which are essential in a democratic society.

聯邦公開市場委員會（FOMC）堅定地致力于履行國會授予的法定使命，即促進充分就業、穩定物價和溫和的長期利率。委員會力求盡可能清晰地向公眾解釋其貨幣政策決定。這種清晰性有助于家庭和企業做出信息充分的決策，減少經濟和金融不確定性，提高貨幣政策的有效性，并增強透明度和問責制，這在一個民主社會中至關重要。

The Committee’s monetary policy strategy is designed to promote maximum employment and stable prices across a broad range of economic conditions. Employment, inflation, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Monetary policy plays an important role in stabilizing the economy in response to these disturbances. The Committee’s primary means of adjusting the stance of monetary policy is through changes in the target range for the federal funds rate. The Committee is prepared to use its full range of tools to achieve its maximum employment and price stability goals, particularly if the federal funds rate is constrained by its effective lower bound.

委員會的貨幣政策策略旨在在廣泛的經濟條件下促進充分就業和穩定物價。就業、通脹和長期利率會隨著經濟和金融的擾動而隨時間波動。貨幣政策在應對這些擾動以穩定經濟方面扮演著重要角色。委員會調整貨幣政策立場的主要方式是改變聯邦基金利率的目標區間。委員會準備好使用其全部工具來實現其充分就業和價格穩定的目標，特別是在聯邦基金利率受到其有效利率下限約束的情況下。

Durably achieving maximum employment fosters broad-based economic opportunities and benefits for all Americans. The Committee views maximum employment as the highest level of employment that can be achieved on a sustained basis in a context of price stability. The maximum level of employment is not directly measurable and changes over time owing largely to nonmonetary factors that affect the structure and dynamics of the labor market. Consequently, it would not be appropriate to specify a fixed goal for employment; rather, the Committee’s policy decisions must be informed by assessments of the maximum level of employment, recognizing that such assessments are necessarily uncertain and subject to revision. The Committee considers a wide range of indicators in making these assessments.

持久地實現充分就業能為所有美國人帶來基礎廣泛的經濟機會和利益。委員會將充分就業視為在價格穩定的背景下可以持續實現的最高就業水平。充分就業的水平無法直接衡量，并且會因主要影響勞動力市場結構和動態的非貨幣因素而隨時間變化。因此，為就業設定一個固定的目標是不合適的；相反，委員會的政策決定必須基于對充分就業水平的評估，同時認識到此類評估必然具有不確定性并可能被修正。委員會在進行這些評估時會考慮廣泛的指標。

Price stability is essential for a sound and stable economy and supports the well-being of all Americans. The inflation rate over the longer run is primarily determined by monetary policy, and hence the Committee can specify a longer-run goal for inflation. The Committee reaffirms its judgment that inflation at the rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with the Federal Reserve’s statutory maximum employment and price stability mandates. The Committee judges that longer-term inflation expectations that are well anchored at 2 percent foster price stability and moderate long-term interest rates and enhance the Committee’s ability to promote maximum employment in the face of significant economic disturbances. The Committee is prepared to act forcefully to ensure that longer-term inflation expectations remain well anchored.

價格穩定是健全穩定經濟的基礎，并支持所有美國人的福祉。長期來看，通貨膨脹率主要由貨幣政策決定，因此委員會可以為通脹設定一個長期目標。委員會重申其判斷，即以個人消費支出價格指數的年變化率衡量的2%的通脹率，在長期內最符合美聯儲促進充分就業和價格穩定的法定使命。委員會判斷，良好錨定在2%的長期通脹預期能促進價格穩定和溫和的長期利率，并增強委員會在面臨重大經濟擾動時促進充分就業的能力。委員會準備好采取有力行動，以確保長期通脹預期保持良好錨定。

Monetary policy actions tend to influence economic activity, employment, and prices with a lag. Moreover, sustainably achieving maximum employment and price stability depends on a stable financial system. Therefore, the Committee’s policy decisions reflect its longer-run goals, its medium-term outlook, and its assessments of the balance of risks, including risks to the financial system that could impede the attainment of the Committee’s goals.

貨幣政策行動對經濟活動、就業和物價的影響往往存在時滯。此外，可持續地實現充分就業和價格穩定依賴于一個穩定的金融體系。因此，委員會的政策決定反映了其長期目標、中期展望以及對風險平衡的評估，包括可能妨礙委員會實現其目標的金融體系風險。

The Committee’s employment and inflation objectives are generally complementary. However, if the Committee judges that the objectives are not complementary, it follows a balanced approach in promoting them, taking into account the extent of departures from its goals and the potentially different time horizons over which employment and inflation are projected to return to levels judged consistent with its mandate. The Committee recognizes that employment may at times run above real-time assessments of maximum employment without necessarily creating risks to price stability.

委員會的就業和通脹目標通常是互補的。然而，如果委員會判斷這兩個目標不互補，它將采取一種平衡的方法來促進它們，同時考慮到偏離其目標的程度以及預計就業和通脹回歸到被判斷為符合其使命的水平可能需要的不同時間跨度。委員會認識到，就業有時可能會高于對充分就業的實時評估，而不必然對價格穩定構成風險。

The Committee intends to review these principles and to make adjustments as appropriate at its annual organizational meeting each January, and to undertake roughly every 5 years a thorough public review of its monetary policy strategy, tools, and communication practices.

委員會計劃在每年一月的年度組織會議上審查這些原則并酌情做出調整，并大約每五年對其貨幣政策策略、工具和溝通實踐進行一次徹底的公開評估。