samchain/econo-pairs-v2 huggingface dataset:
points since january aims to support growth and to keep inflation close to the 2 per cent target over the medium term. given the many unknowns in the current environment, we will continue to monitor the situation very closely and adjust our outlook in the light of new information.

david dodge : monetary policy report update opening statement by mr david dodge, governor of the bank of canada at a press conference following the release of the monetary policy report update, ottawa, ontario, 22 july 2004. * * * today, we released our update to the april monetary policy report. the update reviews economic and financial trends in the context of canada's inflation - control strategy. the bank's outlook for economic growth and inflation in canada is little changed from the april report. let me start with our outlook for inflation. higher - than - expected world oil prices mean that total cpi inflation is likely to remain above 2 per cent through the rest of this year, before falling slightly below core inflation in the second half of 2005. core inflation is projected to remain just above 1. 5 per cent for the rest of 2004, before gradually moving back up to the 2 per cent target by the end of 2005. economic growth in canada should average about 3 ½ per cent through the remainder of 2004 and in the first half of 2005, before easing to 3 per cent in the second half. this would imply average annual growth of about 2 ¾ per cent in 2004 and 3 ½ per cent in 2005. this profile suggests that the canadian economy will reach its production capacity by mid - 2005. as economies approach their production capacity, monetary stimulus must be removed to avoid a buildup of inflation pressures. in canada, the timing and magnitude of interest rate increases will depend on the evolving prospects for inflation and for pressures on capacity. three factors will play an important role in this respect. the first is the assessment of the size of the output gap. the second is the future growth of canadian imports and exports, which is particularly uncertain because of the ongoing adjustments to global changes and the recent patterns in trade growth. the third is the overall effect on the canadian economy of movements in the world prices of oil and non - energy commodities. in addition, there continue to be heightened geopolitical concerns. paul and i will now be happy to take your questions.
volatile, is about unchanged from midjune levels. in the corporate bond market, spreads have widened somewhat, but current levels are close to historic averages, and issuance of investment - grade bonds has been quite sizable. issuance of speculative - grade bonds has been sharply reduced, but aside from difficulties of lbo - related deals, this may reflect issuers'willingness to await improved conditions. not unlike prior episodes, it seems increasingly apparent that many investors and financial intermediaries became so content with the benign economic conditions and robust financial markets that they tended to act with confidence greater than warranted by the fundamentals. indeed, some may have overly relied on credit ratings as sole gatekeepers for evaluating risks. so perhaps, in some sense, markets can become too liquid. in this case, markets may appear to function smoothly, but the risk - based pricing that lies at the heart of how financial markets efficiently allocate capital is impaired. the gloss of confidence may cause a misallocation of resources, and investors and financial intermediaries can be sidelined for a time, undermining the normal functioning of market operations. conclusion some months ago, i asked, " what happens when liquidity falters? " 8 highlighting the risks of a liquidity shock at some indeterminate point in the future is easier than ascertaining the consequences with precision. reduced liquidity conditions in markets today stem from a pullback in investors'willingness to take risks, which may have been triggered, but i argue not caused, by losses in subprime - mortgage markets. thus, a broader reassessment of risk positions appears at work, especially for products that are opaque or complex. investors who had relied on credit ratings alone are now confronted with having to perform their own credit and market valuations. some may now find they are not well - equipped to make these evaluations. how quickly markets normalize may depend on the speed with which investors and counterparties gain comfort in their abilities to value assets. the adjustment process by private investors has increased the risk that banks may increasingly be called upon as backup providers of funding. the federal reserve responded to these developments by providing reserves to the banking system ; it announced a cut in the discount rate of 50 basis points and adjustments to the reserve banks'usual discount window practices to facilitate the provision of term financing. in addition, earlier this week, the fomc lowered its target for the federal funds rate by 50 basis points. the

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s role in a changing global economy ”, presentation at the european commission ’ s annual research conference in brussels, 15 november. 7 european fiscal board ( 2019 ), “ assessment of the eu fiscal rules with a focus on the six and two - pack legislation ”, august. 8 pelkmans, j. ( 2019 ), “ contribution to growth : the single market for services ”, study prepared for the european parliament ’ s committee on the internal market and consumer protection. 9 scott marcus, j., petropoulos, g. and yeung, t. ( 2019 ), “ contribution to growth : the european digital single market ”, study prepared for the european parliament ’ s committee on the internal market and consumer protection. 5 / 5 bis central bankers'speeches

the rate of increase in the prices of all goods and services, including those related to food and energy. that rate currently stands at 1. 6 percent, which is below the fomc ’ s target of 2 percent. in fact, the inflation rate has averaged 1. 6 percent since the start of the recession six and a half years ago, and inflation is expected to remain low for some time. for example, the minutes from the june fomc meeting reveal that the federal reserve board staff outlook is for inflation to remain below 2 percent over the next few years. in a similar vein, earlier this year, the congressional budget office ( cbo ) predicted that inflation will not reach 2 percent until 2018 – more than 10 years after the beginning of the great recession. i agree with this forecast. this means that the fomc is still a long way from meeting its targeted goal of price stability. the second fomc goal is to promote maximum employment. what, then, is the state of u. s. labor markets? the latest unemployment rate was 6. 2 percent for july. this number is representative of the significant improvement in labor market conditions that we ’ ve seen since october 2009, when the unemployment rate was 10 percent. and i expect this number to fall further through the course of this year, to around 5. 7 percent. however, this progress in the decline of the unemployment rate masks continued weakness in labor markets. there are many ways to see this continued weakness. i ’ ll mention two that i see as especially significant. first, the fraction of people aged 25 to 54 – our prime - aged potential workers – who actually have a job is still at a disturbingly low rate. second, a historically high percentage of workers would like a full - time job, but can only find part - time work. bottom line : i see labor markets as remaining some way from meeting the fomc ’ s goal of full employment. so i ’ ve told you that inflation rates will remain low for a number of years and that labor markets are still weak. it is important, i think, to understand the connection between these two phenomena. as i have discussed in greater detail in recent speeches, a persistently below - target inflation rate is a signal that the u. s. economy is not taking advantage of all of its available resources. if demand were sufficiently high to generate 2 percent inflation, the underutilized resources would be put to work. and the most important
we all will come away with from this picture is this : that with every crisis comes an opportunity to grow. in the philippines, we can achieve that if we look beyond the short - term volatilities, and consider the bigger picture of what lies ahead. i hope i can count on all of you, as we work from the same page, of the same game plan. thank you, and have a pleasant evening. bis central bankers ’ speeches bis central bankers ’ speeches

amando m tetangco, jr : bangko sentral ng pilipinas ’ policy directions in a challenging landscape speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the aci phils - fmap - ihap - mart - nasbi - toap joint general assembly, manila, 24 september 2013. * * * ladies and gentlemen, good evening. let me begin by thanking the organizers of this event for the opportunity to speak before your membership. i sometimes have the chance to speak individually with a number of the associations and i always welcome those one - on - one exchanges, which are often very informative and insightful. but your annual general meeting is a clear upside for everyone. by holding a joint general assembly, we benefit from not having to repeat messages across several forums. we also benefit from coming together as a market with a commitment towards ensuring that we continue to build on the gains we have made so far. introduction let me take you to a quick game of word association. is everyone familiar with this game? for example, when i say blue. what comes to your mind? i debated whether i should use words or the rorschach test of inkblots. in the end, i concluded “ words ” would be easier for a crowd like this. it should be easier to find some kind of consensus in a room full of traders than it would among economists. [ two - handed economist. ] here goes : uncertainty, communication, volatility, normalization, p44. 00, maintain, spread narrowing, market infrastructure, client suitability, client protection, real growth, inclusive growth. as expected there are differing appreciations / meanings associated with words. our associations are defined by where we are right now ( in dealer parlance, your current “ position ” ) and what we ’ ve learned from the past ( ika nga nila – kailan, kung saan at gaano kalaki ang talo or panalo mo! ) in other words, ladies in gentlemen, your associations and ultimately your behavior are defined by facts and perception. tonight i ’ d like to lay down some “ facts ” before you. after which, i ’ ll briefly touch on some of the “ risks ” that could color our perception. my goal tonight is to help ensure that there is a convergence between your appreciation and the actual
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tiff macklem : release of the monetary policy report opening statement by mr tiff macklem, governor of the bank of canada and ms carolyn rogers, senior deputy governor of the bank of canada, at the press conference following the monetary policy decision, ottawa, ontario, 23 october 2024. * * * good morning. i'm pleased to be here with senior deputy governor carolyn rogers to discuss the october monetary policy report and our policy decision. today, we lowered the policy interest rate by 50 basis points. this is our fourth consecutive decrease since june and brings our policy rate to 3. 75 %. we took a bigger step today because inflation is now back to the 2 % target and we want to keep it close to the target. in the past few months, inflation has come down significantly from 2. 7 % in june to 1. 6 % in september. recent indicators suggest it will be around 2 % in october. price pressures are no longer broad - based, and both our measures of core inflation are now under 2½ %. our surveys also find that business and consumer expectations of inflation have shifted down and are nearing normal. all this suggests we are back to low inflation. this is good news for canadians. now our focus is to maintain low, stable inflation. we need to stick the landing. that means the upward and downward forces on inflation need to balance out. household spending and business investment have picked up this year, but remain soft. this softness has helped take the remaining steam out of inflation. but with inflation back to 2 %, we want to see growth strengthen. today's interest rate decision should contribute to a pickup in demand. the bank forecasts inflation will remain close to the target over the projection horizon. the upward pressure from shelter and other services is expected to gradually diminish. with stronger demand, the downward pressure on inflation is also forecast to dissipate, keeping the upward and downward forces roughly balanced. if the economy evolves broadly in line with this forecast, we anticipate cutting our policy rate further to support demand and keep inflation on target. the timing and pace of further interest rate cuts will depend on incoming information and our assessment of its implications for the inflation outlook. we will take our monetary policy decisions one at a time. let me expand on what we're seeing in the economy, and how that played into our deliberations. after stalling in the second half of last year, the economy grew by about 2 %
at the snb, many money and capital market interest rates start with a minus sign rather than a plus. for instance, yields on confederation bonds with terms of up to ten years are currently negative. so, mathematically speaking, the parameters have indeed shifted. but what is important for the swiss franc, and thus for the swiss economy, is not domestic interest rates in an absolute sense, but relatively speaking – i. e. the differential between swiss and foreign interest rates. historically, swiss nominal interest rates have tended to co - move with those in other countries, albeit usually at lower levels, especially when compared to the euro area. the comparatively low interest rates in switzerland are, first, the result of low and stable inflation. second, they provide incentives for capital outflows, which are the counterpart of the traditional current account surplus. since the financial crisis, interest rates have dipped towards the zero lower bound in many advanced economies, so that this classic rate differential has virtually disappeared. in order to re - establish a clear differential, the snb has lowered its reference interest rate into negative territory, exerting downward pressure on the entire swiss interest rate curve. as chart 3 shows, using yields from swiss and german five - year government bonds, since then the interest rate differential to other countries has widened again. similar developments can also be observed for all other bond maturities. thus, the situation as regards the interest rate differential has not changed since 15 january ; rather, it has partly normalised thanks to the negative interest rate. so the introduction of negative interest achieved an important objective. lower interest rates make swiss franc investments less attractive compared to foreign investments. of course, the interest rate differential is not the only factor behind the demand for swiss francs. for this reason, it is not always easy to determine when, and how strongly, it will influence the swiss franc exchange rate. however, if all other factors remain the same, there is less demand for investments in switzerland – and thus for swiss francs – when swiss interest rates decline. bis central bankers ’ speeches but i am also aware that negative interest rates do not constitute business as usual. in addition to the interest rate differential, nominal interest rates will themselves also return to normal. for this to happen, economic conditions abroad will need to improve to the point that interest rates in switzerland can rise without causing the swiss franc to strengthen further. this is currently not the case. at the most recent monetary policy assessment, we decided to

would make us a less open bank. figure 1. is the market always right? repo rate expectations according to implied forward rates per cent 7. 5 7. 5 7. 0 7. 0 6. 5 6. 5 6. 0 6. 0 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 3. 0 3. 0 2. 5 2. 5 2. 0 2. 0 1. 5 1. 5 1. 0 1. 0 0. 5 0. 5 0. 0 0. 0 source : the riksbank
transparency for banks, and the public, and it will help to ensure a level playing field. so, while it is ultimately up to the banks to deal with npls, we supervisors play a role too. it ’ s our job to address vulnerabilities in the banking sector. npls are probably the single biggest challenge – and of course they are a drag on the entire economy. and while i am convinced that the ecb has led the way with its work on npls, we are not the only ones who can and should take action. european finance ministers agreed, in july this year, on an action plan to tackle npls. also, national governments can help to resolve the npl problem by reforming their legal and judicial systems. in some countries, it can take quite a long time to recover npls in court. this is something that can only be addressed at national level by national governments. npls are a joint problem, and we need to make a joint effort to resolve it. each party has to play a role : banks, supervisors and politicians. in line with our mandate, we supervisors have done and will continue to do what is necessary. thank you for your attention. 2 / 2 bis central bankers'speeches

bankers ’ speeches to the greek sovereign and which, on top of that, are subject to a “ haircut ”. this should offer sufficient protection. ” last year saw the start of the banking union. what is the next big project for the ecb? “ that would be the capital markets union. although it is not our direct responsibility – the european commission is responsible for the proposals – it is very important for us. a wellintegrated and deep capital market would facilitate the functioning of our monetary policy, as our key interest rates would then be transmitted more smoothly. and there would be more risk - sharing via ownership of assets. if an economic recession arose in a euro area country, an effective capital markets union would soften the consequences of that recession. but the benefits of a capital markets union can only be reaped if a truly ambitious approach is taken here. “ could you explain that some more? “ an effective capital markets union requires the harmonisation of company law, of bankruptcy law, of taxation of financial products and of regulatory and supervisory frameworks. that is an enormous task. this way firms could issue shares and debt across the union, to a much greater extent than they do now, as a result of the level playing field for all stakeholders ( the shareholders, the issuers, etc., ed. ). but we must not forget that the european countries have already come far in harmonising policy, especially the euro area countries. ” did eu commissioner jonathan hill not say that a capital markets union would not be in place before 2019? “ if it is completed in 2019, i would be very happy. ” bis central bankers ’ speeches
with a monthly limit of uah 50, 000 and without the right for early termination. this will reduce the demand for cash foreign currency. 3 / 4 bis - central bankers'speeches second, today the nbu has introduced additional measures to minimize the use of international reserves on things that are not a top priority in wartime. more specifically : individuals will still be allowed to withdraw abroad the equivalent of uah 50, 000 from their hryvnia payment card accounts per month. however, the monthly limit on abroad fx cash withdrawals from hryvnia card accounts has been replaced with a weekly one : the equivalent of up to uah 12, 500 per seven calendar days. the monthly limit on card - based p2p transfers from ukraine abroad, using hryvnia cards issued by ukrainian banks, has been reduced to the equivalent of uah 30, 000 per month from uah 100, 000. a monthly limit of uah 100, 000 ( in the equivalent ) has been set on hryvnia cardbased payments outside of ukraine from all of a customer's hryvnia accounts opened with a bank. most ukrainians staying abroad will not be affected by these restrictions. third, the nbu has changed the algorithm for calculating the banks'open fx position limits to reduce potential demand for foreign currency. the new requirement will come into force on 1 august 2022. all of the restrictions imposed since the beginning of the war are temporary measures. that said, today they are one of the wall of the country's " financial fortress. " it is keeping the economy afloat in wartime, and will contribute to the economy's more rapid recovery after the war. thank you for your attention! 4 / 4 bis - central bankers'speeches

capability and integrity to produce high quality and secured materials. under the moa, the bsp shall produce one hundred sixteen million pieces of blank cards for the phil id for three years. we will print the id at less than $ 1 a piece – 60 cents to be exact. we will provide the needed equipment and space for the embedding of personal information onto the blank cards, which will be done by the philippine statistics authority. the card issuance will start in april 2020. i ’ ll stop here and i look forward to a meaningful conversation regarding the national id system for all. thank you. 1 / 1 bis central bankers'speeches
term scarring effects of the pandemic and ensure a robust growth 3 / 4 bis central bankers'speeches trajectory for the economy. thank you for your attention. 4 / 4 bis central bankers'speeches

the strong krone exchange rate cannot solely be attributed to the change in the fiscal policy guidelines introduced in march 2001, which allowed for a moderate and steady phasing - in of petroleum revenues. the strong krone is also the result of an overheated labour market and relatively high wage growth in norway combined with a global downturn following a long period of expansion. results from recent empirical analyses at norges bank indicate that the positive and widening interest rate differential is the main reason for the appreciation of the krone from may 2000 and up to late autumn 2002. at the same time, the fall in equity prices and reduced volatility in foreign exchange markets have contributed to the appreciation of the krone. these factors have contributed because the interest rate differential has been positive. thus they amplify the effect of the interest rate differential. part of the appreciation in the past year may also be due to higher oil prices. previous research has shown that changes in the price of oil have an impact on the krone exchange rate particularly when the price falls below usd 14 or exceeds usd 20 per barrel. a measure of the real exchange rate is the trade - weighted exchange rate index ( twi ) in relation to relative price developments between norway and its trading partners. the real krone exchange rate has fluctuated around a long - term average level over the past 30 years. the krone exchange rate has a tendency to return relatively quickly to its normal level if there are deviations from the long - term average level. differences in price inflation between norway and other countries have gradually been evened out by changes in the krone exchange rate. this relationship has been robust even when there have been considerable changes in economic policy. however, the revision of economic policy in spring 2001, with the introduction of a new fiscal guideline and an inflation target for monetary policy, may still have an impact on how quickly differences in price inflation level out in the years ahead. purchasing power parity can be illustrated by developments during the last 30 years of the german mark's life as a currency. in 1970, a german mark cost about 2 kroner. in 1986 / 87, it cost about 4 kroner. the exchange rate remained relatively stable in the following years. on the other hand, prices rose about twice as quickly in norway as in germany from 1970 to 1986. however, both the exchange rate and prices relative to germany were stable from the end of the 1980s until the german mark ceased to be a