2007.4 No.672 CONTENTS
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3 21 FOMC FRB FF 5.25 1 FF 5.01 25bp 3 5.01 FF 4.58 2 FF 1 7 10 2 2 FF FF 10 2 () (bp 5.2 FF6 5.4 10 5.0 5.2 4.8 5.0 30 20 4.6 4.8 10 2 4.4 4.6 FF 0-10 4.4 FF12-20 10 2 () -30 06:01 06:04 06:07 06:10 07:01 06:01 06:04 06:07 06:10 07:01 FRBHP 2
FF 12 12 FF ISM 50 1012 12.56 13.33 1 1 3 7 4 1516 1012 4.5 79 4.1 16 14 5.6 5.2 12 4.8 10 4.4 8 6 40 20 4.0 3.6 4 0 2 0 97 98 99 00 01 02 03 04 05 06 07-20 -40 90 92 94 96 98 00 02 04 06 =4.500.02 +0.04 3
3 FOMC CPI 10 10 2.4 CPI 2 2.7 FRB 2 5 FOMC 2 4.5 10 4.2 FRB 3.0 8 2.5-3 10 6-2 4 2.0-1 2 1.5 CPI 0 1 b-a 0 1.0 2004 2005 2006 2 90 92 94 96 98 00 02 04 06 Consumer Price Indexes February 2007 4
FRB FRB 06 10 12 2.4 10 06 79 8.2 1012 6.2 7 ISM 2 06 79 30.6 1012 18.6 ISM 15 10 5 0 65 40-5 30-10 60 20-15 55 10 50 0-10 45-20 40 90 92 94 96 98 00 02 04 06-2 0 2 4 6 ISM 90 92 94 96 98 00 02 04 06 =6.74+0.09 4 +0.16 1 +2.5 1 5.12Baa 1 Survey of Current Business 3 5
9 SP500 BB 2007 3 14 GDP GDP 06 79 12.4 10 BB 600 13 GDP BB bp 500 12 / GDP 1.0 0.8 0.6 0.4 400 300 200 100 11 10 9 8 0.2 7 GDP 0.0 92 94 96 98 00 02 04 06 6 90 92 94 96 98 00 02 04 06 Survey of Current Business 6
FRB FRB 6 5.25 5.0 25bp 4 1 2./ -.4 -.2 FF 10 5.4 10 5.2 400 300 200 100 0-100 -200.0 5.0.2 4.8.4 4.6 4.4 10 FF 06 1 07 3 4.2 92 94 96 98 00 02 04 06 4.6 4.8 5.0 5.2 5.4 5.6 Survey of Current Business FRB HP 7
5.25 11 10 FF FF ISM 5.25 12 FF 10 10 FF 4.5 10 4.5 FF 5.25 10 4.755.25 12 12 2 33 2007 FF 5.2510 FF 10 4.755.25 2 2 FF 2550bp kimurato@sumitomotrust.co.jp 8
2001 2073 06 1 2919 5 7.0 1 01 9227 06 9968 5 8.0 2846 2951 3.7 3 01 6324 06 7712 5 21.9 1 5748 5206 5 9.4 1 1 9
2001 1996 05 1256 23 03 5312 05 9 4669 01 1 2 10
01 4 8087 06 3 9405 5 18.1 2 02 1 4865 03 05 4 6157 --- 11
1 2 01 04 85 95 02 2095 04 1899 01 2209 04 1937 01 1481 04 1302 3 179 1574 1292 282 16.715.8 17.0 16.2 1 1 --- 12
2 1 3 2 REIT -REIT --- 4 13
3 2001 2670 05 1 2980 4 5 01 5120 05 1 6730 3 4 04 605 5 06 5 REIT REIT 14
aokimi@sumitomotrust.co.jp 15
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2006 1 25 8.72024 19.1 1/4 5 1/4 25 1971 35 1986 20 1 wakuis@sumitomotrust.co.jp 19