FOMC在2005年9月20日发布的加息公告，是此轮加息进程中的第11次加息公告。(英文资料来源于美联储官方网站http://www.federalreserve.gov)

    联邦公开市场委员会今天决定将联邦基金利率提高25基点，上升到它的目标位3.75%。

在卡特里娜飓风造成巨大的财产损失之前，产出一直保持均衡持续的增长态势。海湾地区遭受的毁灭性打击是广泛的，相关地区的经济活动停顿，能源价格上升，意味着支出、生产和就业在短期内都将受到拖累。加之，能源产品价格上升，炼油设施和生产受到破坏，将加剧能源价格的波动。

这些不幸的事件加剧了近期经济活动的不确定性，委员会认为上述事件并不至于带来持续的威胁。况且，货币政策措施，与正在强劲提高的劳动生产率相适应，正在为经济活动提供支持。能源价格和其他成本居高不下对通货膨胀有潜在的压力。不过，最近几个月核心通货膨胀相对较低，长期通货膨胀预期得到良好控制。

委员会认为，通过采取适当的货币政策行动，追求同时实现持续的增长以及价格稳定目标，其上升和下降的风险是大致相当的。潜在的通货膨胀仍然如期待中的那样受到控制，委员会相信政策调整是可以被测量的并以某一速度被转移。尽管如此，委员会将对经济前景的变化做出及时的反应，必要时，它将履行了维持价格稳定的义务。

    为FOMC投票货币政策行动是：阿伦·格林斯潘主席；T·F·盖特勒副主席；苏珊·S·比斯；罗杰·W·小弗格森；里查德·W·费雪；唐纳德·L·库恩；迈克尔·H·莫斯考；安东尼·M·桑托梅诺；以及格雷·H·斯特恩。马克·W·奥尔逊投了反对票，他认为在这次会上联邦基金利率目标水平最好保持不变。

同时，与加息相关联的行动，委员会一致同意将贴现率提高25个基点，增加到4.75%。联邦公开市场委员会采取这次行动，是采纳了下列各个联邦储备银行的董事局提交的请求，即波士顿，纽约，费拉德尔菲亚，里士满，芝加哥，明尼阿波利斯，堪萨斯城。

（注意：这一次居然有五个地区联邦储备银行没有提交加息请求，这五个地区是：克利夫兰，亚特兰大，圣.路易斯，达拉斯和旧金山。）

Release Date: September 20, 2005

For immediate release

  The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 3-3/4 percent.

Output appeared poised to continue growing at a good pace before the tragic toll of Hurricane Katrina. The widespread devastation in the Gulf region, the associated dislocation of economic activity, and the boost to energy prices imply that spending, production, and employment will be set back in the near term. In addition to elevating premiums for some energy products, the disruption to the production and refining infrastructure may add to energy price volatility.

While these unfortunate developments have increased uncertainty about near-term economic performance, it is the Committees view that they do not pose a more persistent threat. Rather, monetary policy accommodation, coupled with robust underlying growth in productivity, is providing ongoing support to economic activity. Higher energy and other costs have the potential to add to inflation pressures. However, core inflation has been relatively low in recent months and longer-term inflation expectations remain contained.

The Committee perceives that, with appropriate monetary policy action, the upside and downside risks to the attainment of both sustainable growth and price stability should be kept roughly equal. With underlying inflation expected to be contained, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability.

Voting for the FOMC monetary policy action were: Alan Greenspan, Chairman; Timothy F. Geithner, Vice Chairman; Susan S. Bies; Roger W. Ferguson, Jr.; Richard W. Fisher; Donald L. Kohn; Michael H. Moskow; Anthony M. Santomero; and Gary H. Stern. Voting against was Mark W. Olson, who preferred no change in the federal funds rate target at this meeting.