yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2016-01-01] the price of oil had increased by around 70 per cent since recent lows and this had occurred alongside ongoing speculation about potential caps to opec production and signs that oil production in the
[2016-01-01] moreover, it was noted that – in contrast to consumption – investment remained very weak and had again disappointed recently, with the december projections showing a downward revision.
[2016-01-01] with regard to interest rates, taking into account the foregoing discussion and on a proposal from the president, the governing council decided that the interest rate on the main refinancing operation
[2016-01-01] at the same time, it was pointed out that in some small euro area countries stronger domestic demand had mainly led to higher import growth.
[2016-01-01] looking ahead, in the september 2016 macroeconomic projections ecb staff foresaw annual hicp inflation at 0.2% in 2016, 1.2% in 2017 and 1.6% in 2018.
[2016-01-01] in contrast, the non-resources business sector generally showed little sign of financial difficulties.
[2016-01-01] this projection implies that the economy returns to full capacity around mid-2018, materially later than the bank had anticipated in july.
[2016-01-01] at the same time, it was perceived that the reaction of financial markets in the euro area had been more contained than could have been expected, both in the initial responses and in the partial rever
[2016-01-01] inflation picked up in recent months, but it continued to run below the committee's 2 percent longer-run objective.
[2016-01-01] nonetheless, markets had functioned well, and the improved resilience of the core of the uk financial system, and the flexibility of the regulatory framework, had allowed the impact of the referendum
[2016-01-01] while policy inaction carried the risk of disappointing market expectations, in part financial conditions also reflected expectations of policy tightening in the united states and care needed to be ta
[2016-01-01] the government expected that, with the funds-supplying operation decided at this meeting to support financial institutions in the disaster areas, restoration and rebuilding in these areas would be ful
[2016-01-01] Future policy adjustments would depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.
[2016-01-01] since the governing council’s meeting on 9-10 march, commodity prices had risen, with brent crude oil prices up by 6.5% to around usd 42 per barrel and non-oil commodity prices up by 2.5% in us dollar
[2016-01-01] however, leverage continued to increase in the nonfinancial business sector, particularly among energy-related and other relatively risky firms.
[2016-01-01] at present, the bank’s governing council judges that the overall balance of risks is still in the zone for which the current stance of monetary policy is appropriate, and the target for the overnight
[2016-01-01] votes for the proposal: mr. h. kuroda, mr. k. iwata, mr. h. nakaso, mr. t. sato, votes against the proposal: mr. t. kiuchi.
[2016-01-01] since the beginning of the year, the housing sector had continued to improve and the drag from net exports appeared to have lessened, but business fixed investment had been soft.
[2016-01-01] a few added that continued gradual strengthening in labor markets would help return inflation to the committee's 2 percent objective.
[2016-01-01] The Committee also noted in March that although output had continued to expand at a solid pace, new hiring had lagged, and increases in core consumer prices were muted and expected to remain low.
[2016-01-01] one member preferred to raise the target range for the federal funds rate at the current meeting, citing the easing of financial conditions since the u.k. referendum, the return to trend economic grow
[2016-01-01] however, in the period since the beginning of october, and despite the continuation of a relatively positive flow of uk economic data, the sterling effective exchange rate index had depreciated furthe
[2016-01-01] measures of inflation expectations – from consumers, market economists, union officials and financial markets – had remained below average.
[2016-01-01] meanwhile, financial vulnerabilities continue to edge higher, in part due to regional shifts in activity associated with the structural adjustment underway in canada’s economy.
[2016-01-01] turning to money and credit, annual growth in broad money (m3) had remained robust at 5.0% in january, after 4.7% in december, supported by the low interest rates, as well as the impact of the targete
[2016-01-01] the chairman may approve a schedule of potential drawings, and may delegate to the manager, system open market account, the authority to approve individual drawings that occur according to the schedul
[2016-01-01] implementation of the asset purchase programme had proceeded smoothly, notwithstanding market reports of emerging scarcity in some market segments.
[2016-01-01] starting with the united states, expectations of monetary policy tightening had declined and, by 20 january, the market was pricing in only one rate hike in 2016.
[2016-01-01] at the same time, some remarks were made suggesting that there were encouraging developments in the inflation outlook that should not be overlooked, notably on the basis of measures of underlying infl
[2016-01-01] over the past year, broad measures of labor underutilization that include both the unemployed and workers marginally attached to the labor force had trended lower, the labor force participation rate h
[2016-01-01] in sum, although the data so far had been insufficient to estimate with confidence the quantitative effect on gdp and the precise timing of the slowdown, the uncertainty flowing from the referendum re
[2016-01-01] as a result, imports of both commodities had been on an upward trend, and iron ore imports from australia had remained around record highs in recent months.
[2016-01-01] second, the link between the impact of interest rates and the shape of the yield curve may change as firms explore new ways of raising funds such as issuing super-long-term corporate bonds under the c
[2016-01-01] recent readings on key factors that influence consumer spending were consistent with solid real pce growth for the third quarter as a whole, including continued gains in employment, real disposable pe
[2016-01-01] members noted that the cost of borrowing us dollars in money markets had fallen a little in october following the implementation of new regulations for us money market funds.
[2016-01-01] I would note, by the way, that at the current moment, it doesn’t really matter whether we have one mandate or two, because we’re below our inflation target and we—unemployment is above where we’d like
[2016-01-01] the 12‑month change in the headline pce price index moved up further to 1.4 percent in october, as the rise in energy prices since the spring offset much of the decline earlier in the year.
[2016-01-01] business fixed investment was projected to continue to see a moderate uptrend on the back of corporate profits at high levels and highly accommodative financial conditions.
[2016-01-01] measures of core inflation remain close to 2 per cent as the effects of past exchange rate depreciation and excess capacity continue to offset each other.
[2016-01-01] at the same time, financial vulnerabilities are elevated and rising, particularly in the greater vancouver and toronto areas.
[2016-01-01] commercial property yields more broadly were being compressed across a range of market segments.
[2016-01-01] the chinese renminbi had also continued to edge lower; the effective exchange rate had depreciated partly because of the appreciation of the yen, which has a significant weight in china's trade-weight
[2016-01-01] regarding financial and monetary conditions, the euro area yield curve had flattened substantially and was currently much lower than at the time of the december 2015 monetary policy meeting.
[2016-01-01] thereafter, they were expected to increase moderately as overseas economies moved out of their deceleration phase.
[2016-01-01] total social financing flows had moderated in recent months and overall inflationary pressures remained subdued.
[2016-01-01] inflation in canada is on track to return to 2 per cent in 2017 as the complex adjustment underway in canada’s economy proceeds.
[2016-01-01] firms nevertheless had generally maintained their plans to increase fixed investment firmly in the march tankan, and machinery orders continued to show a solid increase, albeit with some fluctuations.
[2016-01-01] inflation was expected to remain low in the near term, in part because of the further decline in energy prices.
[2016-01-01] more recently, there had been evidence that wage growth in australia had stabilised and that the effect on aggregate measures of labour costs of workers moving from mining-related activities to lower-
[2016-01-01] the abs capital expenditure survey also indicated that non-mining business investment had been little changed over the past couple of years.
[2016-01-01] participants discussed the implications of the economic outlook for the likely future path of the target range for the federal funds rate.
[2016-01-01] the discussion would then benefit from a more comprehensive picture of the economic situation and of the medium-term price outlook, including a deeper analysis of potential second-round effects.
[2016-01-01] the us dollar depreciated on a trade-weighted basis over the past month, particularly following the downward revision of the federal open market committee's policy rate expectations.
[2016-01-01] specifically, the bank will adopt a three-tier system in which the outstanding balance of each financial institution's current account at the bank will be divided into three tiers, to each of which a
[2016-01-01] high corporate savings, reflecting strong retained earnings and contributing to the large positive net lending position of nfcs, was a major factor behind the widening savings-investment imbalance for
[2016-01-01] all in all, mr praet concluded that since the start of credit easing policies in june 2014 and their reinforcement through public sector asset purchases half a year later, the ecb’s monetary policy me
[2016-01-01] third, with regard to the risk balance, he proposed a new expression that risks to both economic activity and prices are likely to be generally balanced for the time being.
[2016-01-01] Indicators for China in July pointed to only a modest slowing of output growth from its torrid pace in the first half of the year.
[2016-01-01] structural reforms were seen as essential to enhance competition, lay the foundations for sustainable growth and provide a more favourable investment climate by improving the medium to long-term retur
[2016-01-01] in contrast, growth in prices of administered items and the cost of constructing new dwellings had increased in the june quarter.
[2016-01-01] the member continued that, therefore, with regard to the purchases of the super-long-term jgbs, an adjustment should be considered in such a way that it would not be incorrectly taken as being part of
[2016-01-01] it was considered worrisome that, despite the stabilisation in oil prices, market-based inflation expectations had not picked up from their low levels.
[2016-01-01] meanwhile, net service exports had risen further in response to the earlier depreciation of the exchange rate and were expected to continue supporting gdp growth over the forecast period.
[2016-01-01] however, while the average of point forecasts was stable, the survey of professional forecasters also provided a probability distribution around the point forecasts which remained tilted to the downsi
[2016-01-01] with regard to fiscal policies, the euro area fiscal stance, as measured by the change in the cyclically adjusted primary balance, was expected to be mildly expansionary in 2016 and turn broadly neutr
[2016-01-01] At earlier stages of processing, the producer price index for core intermediate materials continued to decline through May, albeit at a slower pace than that seen at the end of 2008.
[2016-01-01] this suggested that the risks associated with rising household sector leverage and rapid gains in housing prices had diminished.
[2016-01-01] the committee voted unanimously to continue with the programme of sterling non-financial investment-grade corporate bond purchases totalling up to £10 billion, financed by the issuance of central bank
[2016-01-01] it was also remarked that the governing council’s assessment had been evolving over a number of monetary policy meetings.
[2016-01-01] in this context, the forecast for the global economy has been marked down slightly from the bank’s april monetary policy report (mpr).
[2016-01-01] these members concurred that the projected rate of increase in the cpi for fiscal 2016 was lower compared with that presented in the january 2016 outlook report, mainly reflecting downward revisions i
[2016-01-01] swiss government bond yields were negative up to a tenor of nearly 50 years.
[2016-01-01] at 0.5% in march, twelve-month cpi inflation had remained well below the target.
[2016-01-01] it was noted that a reasonable argument could be made either for an increase at this meeting or for waiting for some additional information on the labor market and inflation.
[2016-01-01] however, the decoupling of inflation expectations from oil price developments and the fact that market-based inflation expectations had not picked up from their low levels despite the increase in oil
[2016-01-01] in particular, a possible downward drift in inflation expectations could prove difficult to reverse and a lack of policy action at the current meeting could instil doubts about the governing council’s
[2016-01-01] the majority of economists responding to the latest reuters poll expected bank rate to rise in 2016 q2, although since that survey had been conducted a number of economists had shifted their expectati
[2016-01-01] going beyond the proposed 10 basis point cut would, in the view of some members, raise issues about increasing side effects over time.
[2016-01-01] reference was made to producer price inflation, which had rebounded somewhat despite the recent decline in energy prices, as well as to the gdp deflator, which indicated somewhat higher underlying inf
[2016-01-01] the complex adjustment figures importantly in the bank’s annual review of the economy’s potential, which has resulted in a lower estimated range for potential output growth.
[2016-01-01] this assessment of the monetary policy stance and the line of communication reflected consideration of a number of key elements.
[2016-01-01] after a slow start to 2016, the us economy is expected to regain momentum, but with a lower profile and a composition that is less favourable for canadian exports.
[2016-01-01] as a consequence, the output gap was closing, albeit only gradually, as was to be expected after a balance sheet recession.
[2016-01-01] against the background of recent market concerns over parts of some euro area countries’ banking sectors which might have implications for their lending capacity in the period ahead, a remark was made
[2016-01-01] members commenced their discussion of the domestic economy with a review of the consumer price index (cpi) for the june quarter.
[2016-01-01] if, on the basis of incoming data, the fomc were to raise interest rates at one of its forthcoming meetings, this would suggest that the us economy was experiencing a stronger recovery, which in turn
[2016-01-01] based on the above discussions, to reflect the majority view of the members, the chairman formulated a proposal to purchase etfs so that their amount outstanding would increase at an annual pace of ab
[2016-01-01] Indeed, the members did not rule out the emergence of appreciably lower inflation.
[2016-01-01] with regard to structural reforms, continued progress was seen as important to strengthen potential growth and encourage private investment.
[2016-01-01] at the same time, hicp inflation remained subdued and was set to persist at low levels for the coming months before gradually picking up, initially due to base effects but later supported by the ecb’s
[2016-01-01] the fundamentals remain in place for a pickup in growth over the projection horizon, albeit in a climate of heightened uncertainty.
[2016-01-01] in april, the deficit widened as imports recovered somewhat, but it remained narrower than its first-quarter average.
[2016-01-01] gdp in china had increased by around 6¾% in 2015 and there had been further evidence of rebalancing away from investment and towards consumption.
[2016-01-01] committee policy action in their discussion of monetary policy for the period ahead, members judged that the information received since the committee met in july indicated that the labor market had co
[2016-01-01] The near-term forecast again entailed a marked downshift in headline inflation as energy prices fall back consistent with readings from futures markets.
[2016-01-01] still, it does appear that the positive forces at work in the economy are starting to outweigh those that are negative.
[2016-01-01] Discussion of Communications Regarding Economic Projections As a follow-up to the FOMC's discussion in October about providing more information on the Committee's collective judgment regarding the eco
[2016-01-01] while bank earnings had been lower in the first quarter of 2016 than in the first quarter of 2015 (when banks had benefited from valuation gains associated with the launch of the expanded app), net in
[2016-01-01] a pick-up to 3 1/2 per cent is expected in the third quarter as oil production resumes and rebuilding begins in fort mcmurray.
[2016-01-01] progress in structural reforms was also considered important for the banking sector.
[2016-01-01] china continues its transition to a more sustainable growth path and the expansion in the united states is on track, despite temporary weakness in the fourth quarter of 2015.
[2016-01-01] during its policy meeting, the committee had received a briefing from the deputy governor responsible for financial stability on the financial policy committee’s (fpc) most recent assessment.
[2016-01-01] commentators associated these developments with an increase in the uncertainty about the outcome of the 23 june referendum on uk membership of the european union.
[2016-01-01] accordingly, an adequately calibrated package of measures was seen as needed to secure the return of inflation towards levels below, but close to, 2% without undue delay.
[2016-01-01] Inflation has been running somewhat below the Committee's longer-run objective, apart from temporary variations that largely reflect fluctuations in energy prices.
[2016-01-01] total cpi inflation is tracking slightly below expectations because of temporary weakness in prices for gasoline, food, and telecommunications.
[2016-01-01] The American economy is very strong and well positioned to handle tighter monetary policy.
[2016-01-01] the combined effect of all of these global and domestic developments would have been a modest downgrade of the bank’s outlook.
[2016-01-01] however, some areas that were affected by the slowdown in the energy sector experienced house price declines or increases in mortgage delinquency rates.
[2016-01-01] measures of inflation compensation based on treasury inflation-protected securities increased somewhat but remained at low levels.
[2016-01-01] on the other hand, euro area financial markets had been affected by the recent increase in global risk aversion and some concern was voiced that global shocks could again have different effects on the
[2016-01-01] with regard to credit supply, financial institutions' lending attitudes -- as perceived by firms -- were significantly accommodative.
[2016-01-01] members discussed the extent to which the cpi data provided a signal about ongoing inflation trends.
[2016-01-01] So in—in—in U-6, the U-6 level of unemployment has tripled from 7 percent to 21 percent.
[2016-01-01] with regard to the execution of the app, market liquidity had remained broadly steady, although some deterioration had been reported in certain market segments, such as agency bonds and covered bonds.
[2016-01-01] with regard to developments in overseas economies by region, members concurred that the u.s. economy had been on a recovery trend, assisted by firmness in the employment and income situation and in ho
[2016-01-01] That said, many of my colleagues and I would see a portion of the decline in the unemployment rate as perhaps not representing a diminution of slack in the labor market.
[2016-01-01] one member said that, because the inflation rate was likely to increase gradually under qqe with yield curve control, the bank should monitor the policy effects under the current framework for the tim
[2016-01-01] the nikkei 225 stock average had increased moderately, and was moving at around 16,500 yen recently.
[2016-01-01] The nominal deficit on U. S. trade in goods and services widened substantially in July, reflecting both a decline in exports and a rise in imports.
[2016-01-01] a few members expressed the view that attention was warranted on the impact that the vote of the united kingdom to leave the eu would have on the global economy, particularly on the european economy.
[2016-01-01] all things considered, therefore, the risks to the profile for inflation are roughly balanced.
[2016-01-01] If we don’t see the improvement that’s projected in the baseline outlook, that the June 18, 2014 opposite would be true and the pace of the timing and pace of interest rate increases would be Chair Ye
[2016-01-01] the available surveys indicated that service-sector activity continued to expand.
[2016-01-01] monetary policy settings remained very stimulatory in all advanced economies.
[2016-01-01] uncertainty about the result of the referendum had continued to have a strong effect on sterling exchange rates, with some sharp movements in sterling during the month following the release of opinion
[2016-01-01] on the one hand, the participation rate for prime-age males remained significantly below its level before the financial crisis, suggesting that it could rise further over time.
[2016-01-01] oil prices had reached 12-year lows and were still declining, with the brent crude oil price standing at usd 27.9 per barrel at the close of 20 january 2016.
[2016-01-01] the euro area net lending position, as a percentage of nominal gdp, had continued to increase over the last year and a half, despite the strong recovery in domestic demand.
[2016-01-01] a 25 basis point rate hike was fully priced in by the end of the year.
[2016-01-01] there was very broad agreement among members that the proposed policy package would benefit from strong credit easing components, namely with regard to the launch of new tltros to provide support for
[2016-01-01] turning to fiscal policy, members highlighted the need for compliance with the fiscal rules of the european union and reiterated that full and consistent implementation of the stability and growth pac
[2016-01-01] the rise in labour productivity apparent in the data over the year to the march quarter meant that unit labour costs as measured had increased only modestly over this period, and had even declined a l
[2016-01-01] the annual growth rate of m1 also remained solid, despite a further decline in may to 9.1%, down from 9.7% in april.
[2016-01-01] core pce price inflation had also moved up moderately over the past year, and, over the 12 months ending in october, it was 1.7 percent for a third consecutive month.
[2016-01-01] after a weak first half, the us economy in particular is strengthening: solid consumption is being underpinned by strong employment growth and robust consumer confidence.
[2016-01-01] in these circumstances, she believed it appropriate to gradually increase the target range for the federal funds rate, consistent with the committee's recent communications.
[2016-01-01] labour market conditions in most advanced economies had continued to improve, although inflation remained below most central banks' targets.