the Federal Open Market Committee reaffirmed the current zero to quarter percent target range for the federal funds rate.

美國聯邦公開市場委員會重申目前聯邦基金利率 0~0.25的標的範圍。

Recent global economic and financial developments are likely to put further downward pressure on inflation in the near term.

近期的國際經貿發展有可能降低這波通貨膨脹潮。

These developments may also restrain U.S. activity somewhat,

這樣的發展也可能在某種程度上限制美國的金融行為，

but if not led at this point to a significant change in the committee's outlook for the U.S. economy.

但若沒有，公開市場委員會也將對美國的經濟預測有所改觀。

The committee continues to anticipate that the first increase in the federal funds rate will be appropriate when it is seen some further improvement in the labor market

公開市場委員會認為當勞工市場有所進展時，第一波聯邦基金利率調整將維持在合理的範圍內，

and it's reasonably confident that inflation would move back to its 2% objective over the medium term.

此外，他們也合理認為通貨膨脹也將在中期回復到原先的2%通膨目標。

I will note that the importance of the initial increase should not be overstated,

然而，我也要特別在此說明，不應放大檢視第一波初期調漲的重要性。

the stance of monetary policy would likely remain highly accommodative for quite some time.

貨幣政策非常有可能維持寬鬆一陣子，

after the initial increase in the federal funds rate, the committee continues to expect the moderate pace

在第一波聯邦基金利率調整後，

of overall GDP growth, even though the restraint from net export is likely to persist for a time.

即便淨出口仍會持續受到限制一陣子，委員會仍對整體的GDP成長抱持樂觀的態度。

The labor market has shown further progress so far this year, the recovery from the great recession has advanced sufficiently far,

到目前為止，今年的勞動力市場有十足的長進

and domestic spending appears sufficiently robust,

看得出經濟衰退的現象已不復存在，內需開銷也有穩固的成長。

that an argument can be made for a rise in interest rates at this time.

此時，就開始有人對利率調漲提出質疑。

We discussed this possibility at our meeting.

我們在會議中討論到了這樣的可能性，

However, in light of the heightened uncertainties abroad, and a slightly softer expected path for inflation,

然而，考量到國外逐漸高漲的不確定性以及不被看好的通貨膨脹計畫

the committee judged it appropriate to wait for more evidence, including some further improvement in the labor market

我們委員會質疑它的正確性，並持續地找更多的例證，像是勞動力市場的成長

to bolster its confidence that inflation will rise to 2% in the medium term.

來提高對於中期通貨膨脹將提升兩個百分點的信心。