30 JUL. 2026 経済NEWS
２８─２９日に開いた連邦公開市場委員会（ＦＯＭＣ）は5会合連続で金利を据え置きしました。
FFレートは3.5~3.75%です。
１２人の委員のうち３人が０．２５％ポイントの利上げを主張し、金利据え置きに反対票を投じました。
今年、5月に就任したウォーシュ議長にとって厳しい状況でした。
アメリカ市場はインフレに見舞われており、物価が上がり続けています。
本来なら利上げをしてインフレを押さえたいところです。
しかし、トランプ大統領の意向は利下げのため、なかなか出来ません。
アメリカ市場は大幅な下落で反応しました。
市場は利下げを催促していました。
FRB原文です。
July 29, 2026
For release at 2:00 p.m. EDT
Federal Reserve issues FOMC statement
The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve’s dual mandate. The Committee is continuing its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee’s 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
Voting against the monetary policy action were Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who preferred to raise the target range for the federal funds rate by 1/4 percentage point at this meeting.
For media inquiries, please email media@frb.gov or call 202-452-2955.
Implementation Note issued July 29, 2026
Last Update: July 29, 2026
July 29, 2026
Chairman Warsh’s Press Conference
PRELIMNARY
Transcript of Chairman Warsh’s Press Conference Opening Statement
July 29, 2026
CHAIRMAN WARSH. Good day. My second FOMC Committee meeting as Chairman
has come quickly. It’s probably too early to call it a streak, but our discussions again were
collegial and constructive. I am truly lucky to work with colleagues so capable and mission
focused, and so determined, like I am, to sharpen the performance of the Federal Reserve.
Today, as you know, our Committee decided to vote by a 9 to 3 vote to maintain the target
range for the federal funds rate at 3-1/2 to 3-3/4 percent. The Committee is continuing its policy
of making ample reserves in the banking system. The economy is showing impressive resilience.
Even with recent shocks, the trends are positive and reveal solid growth. Job gains have kept
pace with the workforce, and the unemployment rate has changed little. Inflation remains
elevated relative to the Committee’s 2 percent goal. The Committee remains resolute. You’ve
heard this before, but we will deliver price stability.
As before, the policy statement conveys just the facts. It’s steering clear of forecasting, a
choice we consider especially prudent at these uncertain times. Uncertainty, however, does not
mean a lack of clarity. For some households, businesses, and market professionals, five years of
high inflation have left a mistaken impression that is hard to shake: that the Fed’s implicit
inflation target was somehow above 2 percent. Let me reiterate: There is no soft inflation target,
there is no soft implicit target —not on this Committee’s watch. There is only a target, and it is 2
percent. Not one of my FOMC colleagues is under any illusion. We have begun a new chapter,
and we understand that the five-plus years of inflation above target cannot be cured in nine
weeks—or by a single month of modest price decreases.
Page 1 of 3
July 29, 2026
Chairman Warsh’s Press Conference
PRELIMNARY
This Fed will not waver. Our credibility rests on performing our duties, and delivering on
our responsibilities. Americans are right to expect that, because our nation’s prosperity depends
on it. To the regulars here in the press room, today’s assessment might sound familiar. Yet there
was nothing inertial about our discussions, our policy, or our strategy.
Two economic developments are worth highlighting. The first is a very notable change
since our last meeting 42 days ago: nominal and real yields are materially higher across the
Treasury curve. In fact, some of the increases in market interest rates between FOMC meetings
are among the most significant in the last two decades, ranking around the top decile or so.
But if the Committee didn’t change its policy rate, what happened? In the inter-meeting
period, market attention centered on real data and real economic developments. Prices reacted in
real time to incoming information, and the reduction in forward guidance may have been a
factor. Market participants are learning to play the ball, not the referee—and market prices will
continue to respond in the direction and magnitude they see fit. This is, in my view, a change for
the better—and we are just getting started. After all, the central bank need not always and
everywhere be the center of attention. I understand the desire for rolling forecasts and
commentary from this Committee. But for our part, we need to observe market reaction to
developments, direct and unfiltered. I want to stress, of course, that decisions by this Committee
matter a great deal. And where necessary and appropriate, we will not hesitate to act.
A second economic development is one that I noted at the congressional oversight
hearings this month, but it’s worth repeating. The most striking feature of the economy is the
strong growth of business investment. The surge in high-tech capex has been remarkable. But
that does not necessarily make the Fed’s role any easier. In the A.I.-related category of high-tech
equipment and software, the most recent data shows four-quarter growth rates of nearly 20
Page 3 of 3
July 29, 2026
Chairman Warsh’s Press Conference
PRELIMNARY
percent. This is helping to sustain the healthy momentum of manufacturing output. More
generally, capex is preparing the ground for future growth. Nonetheless, the precise timing and
magnitude of effects on the supply side remain hard to predict.
FOMC meetings produce policy decisions. But just as important is candid discussion of
the big things that matter most. That too is a priority in this new chapter at the Fed. In our
meeting, vigorous discussion centered on four questions, which I will enumerate.
First, we talked a lot about the implications of the past five years of high inflation on the
current policy conjuncture. To echo an old phrase, has the past really passed?
Second, my colleagues and I considered the economic shocks of recent years. Strained
supply chains arising from the pandemic, military conflicts, energy-supply disruptions,
substantial increases in tariff rates, and yes, the surge in A.I.-related investment. These differ in
their sources—do they also differ in their effects on output and employment?
Third, we took up the related question of price increases arising from shocks. The
business capex boom, for example, is driving up prices of memory and logic chips and
associated A.I. infrastructure. Do those changes indicate a broader inflationary dynamic, or do
we just focus on them just because they are under the bright streetlight?
Finally, we discussed monetary policy tools and strategies for achieving stable prices. If,
as the Fed has long held, interest rate policy should be its primary monetary policy instrument,
how much accommodation are we getting from the balance sheet?
In all of this, our work is advancing at the Fed. We are asking the right questions. And in
this consequential time, we know how very much depends on getting the right answers.
Of course, you’ve all arrived with questions of your own, so let’s turn to them now.
Page 3 of 3
ここから誰かが、又はある組織が意図的に経済を破壊しにいきます。
全ては誰かの利益のために
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