yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2020-01-01] Market-based measures of inflation compensation continued to indicate expectations that inflation would decline notably in coming quarters, and measures of medium-term inflation compensation fell over
[2020-01-01] this operation would be renamed to the special funds-supplying operations to facilitate financing in response to the novel coronavirus (covid-19).
[2020-01-01] the bank is recalibrating the qe program to shift purchases towards longer-term bonds, which have more direct influence on the borrowing rates that are most important for households and businesses.
[2020-01-01] signs of improvement in the latest dmp had been less pronounced, although there was tentative evidence of rising investment intentions for those companies who had been more uncertain about brexit.
[2020-01-01] national housing price growth had remained robust in february and most capital cities had experienced at least moderate price increases.
[2020-01-01] as for the outlook, exports and production were likely to be at low levels for the time being, due mainly to the depression in overseas economies stemming from the impact of covid-19; however, they we
[2020-01-01] several participants pointed out that readings on high-frequency economic indicators, such as individual mobility indexes and online restaurant reservation data, might already be registering the effec
[2020-01-01] the point was also made that the june projections did not take into account the commission’s recovery fund proposal or recently announced national fiscal measures, which could entail an upside risk to
[2020-01-01] firms in the construction, property and retail sectors still appear to be most affected, but intelligence from the bank’s agents suggests that lenders have also modestly tightened criteria for other s
[2020-01-01] the peltros would consist of seven additional refinancing operations commencing in may 2020 and maturing in a staggered sequence between july 2021 and september 2021 in line with the duration of the c
[2020-01-01] the mpc’s latest central projections were also conditioned on the assumption of an immediate, orderly move to a comprehensive free trade agreement with the european union on 1 january 2021.
[2020-01-01] at the same time, it was highlighted that real interest rates remained at very low levels across the entire maturity spectrum, which was seen as confirmation of the effectiveness of the ecb’s policy m
[2020-01-01] however, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences.
[2020-01-01] on the other hand, some members pointed out that goods consumption had been firm, owing in part to an expansion in stay-at-home consumption.
[2020-01-01] these data and reports from liaison with businesses suggested that wages growth was unlikely to pick up in the near future.
[2020-01-01] fiscal programs, designed to expand according to the magnitude of the shock, will help individuals and businesses weather this shutdown phase of the pandemic, and support incomes and confidence leadin
[2020-01-01] It can be argued that this meant getting the economy back to its 2019 state with very low unemployment and inflation near 2 percent.
[2020-01-01] at present, euro area firms’ cash coverage was nearly four times higher than at the height of the global financial crisis.
[2020-01-01] in considering this month's decision, members recognised that the global economy was experiencing a severe downturn as countries sought to contain the covid-19 outbreak.
[2020-01-01] however, bank analysis of alternative scenarios suggests the level of real activity was down 1-3 percent in the first quarter of 2020, and will be 15-30 percent lower in the second quarter than in fou
[2020-01-01] online retail sales had risen by 18% in april, and payments data implied a further pickup subsequently.
[2020-01-01] china’s economic output is back to pre-pandemic levels and its recovery continues to broaden.
[2020-01-01] firms' financial positions had been favorable on the whole, although weakness had been seen in those of some firms, mainly small and medium-sized ones, reflecting such factors as the outbreak of covid
[2020-01-01] the bank had purchased in aggregate around $36 billion of government bonds in secondary markets.
[2020-01-01] Conversely, perhaps the transitory factors boosting productivity will recede more sharply than most observers anticipate, and the output gap will close more rapidly.
[2020-01-01] These downside risks were seen as essentially counterbalanced by the upside risk that inflation could increase more than expected in an economy that was projected to move further above its longer-run
[2020-01-01] Required down payments, usually about half of the home's purchase price, excluded many households from the market.
[2020-01-01] This lack of congressional momentum could be interpreted as lack of congressional support for inflation targeting, or it could merely reflect a more neutral absence of strong opinions.
[2020-01-01] cpi inflation is close to zero, pulled down by sharp declines in components such as gasoline and travel services.
[2020-01-01] important factors influencing this assessment were that foreign economic and geopolitical developments still seemed more likely to move in directions that could have significant negative effects on th
[2020-01-01] it appeared that uk household spending on social activities such as entertainment, hospitality and tourism had fallen to a greater extent than elsewhere, which looked to have been related to weaker mo
[2020-01-01] In April, prices of core goods and services--that is, consumer prices excluding food and energy--were unchanged for a second month.
[2020-01-01] elsewhere, housing prices had generally increased in recent months.
[2020-01-01] October 12, 2021 U.S. Economic Outlook and Monetary Policy Vice Chair Richard H. Clarida At the 2021 Institute of International Finance Annual Membership Meeting: Sustainable Economic Growth and Finan
[2020-01-01] labour productivity growth has been persistently weak since the financial crisis, and has been generally lower than the mpc’s forecasts.
[2020-01-01] Of course, if excessive inflationary pressures were to build or inflation expectations were to ratchet above levels consistent with our goal, we would not hesitate to act.
[2020-01-01] cpi inflation is expected to be close to 0 percent in the second quarter of 2020.
[2020-01-01] lower demand would be consistent with the evidence from surveys and vacancies.
[2020-01-01] the economic effects of the pandemic are highly uneven across sectors and are particularly affecting low-income workers.
[2020-01-01] against this background, bank credit was seen as particularly important for small and medium-sized enterprises, which lacked access to market-based funding.
[2020-01-01] Market-based measures of inflation compensation have moved up but remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months.
[2020-01-01] it was also pointed out that the risk of deflation had declined further.
[2020-01-01] third, although global stock markets had partly recovered the losses seen in late february and early march 2020 – the euro stoxx 50 index had risen by more than 20% since the pepp announcement – there
[2020-01-01] a couple of participants remarked that activity in the energy sector continued to be weak, and a few noted that financial conditions in the agricultural sector would likely remain challenging for many
[2020-01-01] measures of consumer sentiment had declined over recent months, but consumers' views on their personal financial situation, which historically have had a stronger link to consumption, had been little
[2020-01-01] one of these members expressed the view that it was premature to consider a so-called exit from those purchases.
[2020-01-01] the pandemic-driven contraction has prompted decisive policy action to support individuals and businesses and to lay the foundation for economic recovery once containment measures start to ease.
[2020-01-01] after a sharp drop in the first half of 2020, global economic activity is picking up.
[2020-01-01] a few members said that, when increasing purchases of cp and corporate bonds, the terms and conditions should be relaxed with regard to, for example, the maximum amounts outstanding of a single issuer
[2020-01-01] For the Monetary Policy Committee (MPC) at the Bank of England, they find heterogeneous views among voters, but no systematic differences based on whether the MPC member is an insider--that is part of
[2020-01-01] With capacity utilization already at high levels, relatively rapid growth in inventory investment, if it were superimposed on stronger-than- projected expansion in final demand, could portend serious
[2020-01-01] additionally, all principal payments from the federal reserve's holdings of agency debt and agency mbs would be reinvested in agency mbs.
[2020-01-01] Market-based measures of inflation compensation have declined somewhat
[2020-01-01] although there was considerable uncertainty about the size of the net effect on gdp, it was expected to be small based on the available evidence.
[2020-01-01] some of the slowdown in growth in late 2019 was related to special factors that include strikes, poor weather, and inventory adjustments.
[2020-01-01] And so what that means is the Federal Reserve cannot add monetary accommodation by cutting short-term interest rates, the usual approach.
[2020-01-01] as for the employment situation, according to the labour force survey, the year-on-year rate of decline in the number of employed persons for the july-august period was almost the same as that for the
[2020-01-01] So I think, through all of those channels, monetary policy works.
[2020-01-01] market participants had not ruled out the prospect of additional monetary policy support in the period ahead, including the possibility of negative policy rates in a number of jurisdictions.
[2020-01-01] One objective--price stability--can be well defined and is fully under the control of monetary policymakers, at least over a period of time.
[2020-01-01] in response to social distancing measures, some people might be able to work from home.
[2020-01-01] data on capital expenditure intentions had pointed to a substantial and broad-based decline in non-mining investment over the following year or so.
[2020-01-01] These indicators suggested that the financial system was fairly resilient, as did the absence of a significant increase in funding stresses or margin calls earlier this year when prices of risky asset
[2020-01-01] the outlook is too uncertain at this point to provide a complete forecast.
[2020-01-01] following the £55 billion increase in sterling borrowing from banks in march, which had been driven primarily by large companies drawing down on credit facilities, borrowing had decreased by £3 billio
[2020-01-01] this reflected expectations of a particularly challenging period for earnings growth and capital raising for those industries in the months ahead.
[2020-01-01] participants generally expected the strength in household spending to continue, especially for durable goods and residential investment.
[2020-01-01] on this basis, these members expressed the recognition that, with the implementation of measures to support financing, mainly of firms, the environment for external funding remained accommodative, as
[2020-01-01] ms schnabel reviewed the financial market developments since the governing council’s previous monetary policy meeting on 3-4 june 2020.
[2020-01-01] Housing activity showed signs of dropping off from peak levels during the latter part of the summer, but the decline in mortgage rates this fall produced an upturn in several indicators of demand for
[2020-01-01] return to text attachment january 21, 2020 bank of japan statement on monetary policy at the monetary policy meeting held today, the policy board of the bank of japan decided upon the following.
[2020-01-01] But my colleagues and I continue to believe that the factors that are responsible this year for holding inflation down are likely to prove transitory.
[2020-01-01] will soon fall well below its underlying trend as the price of energy falls back to its initial level.
[2020-01-01] financial conditions in the euro area had overall remained largely unchanged since the governing council’s june monetary policy meeting, but were tighter than before the crisis.
[2020-01-01] Instead, an upturn in foreign economic activity would depend more on recovery in the United States.
[2020-01-01] another member commented that, while the current policy responses had had positive effects, it was still the top priority to ensure corporate financing and sustain employment.
[2020-01-01] the recovery was still expected to be uneven and protracted, with inflation remaining low.
[2020-01-01] both of these programs will be put in place in the coming weeks.
[2020-01-01] this reflected the lower level of liquidity in these short-term bonds and the tendency for demand to taper off when bonds are no longer in the basket for the three-year bond futures and as they approa
[2020-01-01] to support the recovery and achieve the inflation objective, the bank is prepared to provide further monetary stimulus as needed.
[2020-01-01] at present, for example, the uk’s potential supply capacity might have been affected by brexit-related factors.
[2020-01-01] this qe program is making borrowing more affordable for households and businesses and will continue until the recovery is well underway.
[2020-01-01] meanwhile, non-energy commodity prices, on average, have more than fully recovered.
[2020-01-01] some members expressed the view that, although the number of covid-19 cases in japan had been fewer than experienced in other countries, it would take some time until covid-19 subsided.
[2020-01-01] members noted that non-mining business investment was expected to have declined further in the september quarter and the outlook remained weak.
[2020-01-01] in addition, a different member expressed the opinion that, in order to achieve the price stability target, it was essential, mainly for small and medium-sized firms, to implement reforms to raise pro
[2020-01-01] meanwhile, one member pointed out that future developments in the u.s. credit market warranted attention, since market participants had been actively conducting risk-taking activities.
[2020-01-01] domestically, the bank's policy measures had continued to underpin accommodative financial conditions.
[2020-01-01] the canadian economy was in a solid position ahead of the covid-19 outbreak, but has since been hit by widespread shutdowns and lower oil prices.
[2020-01-01] the projected annual growth rate of global activity excluding the euro area stood at 2.9% in 2019, its lowest level since 2008-09.
[2020-01-01] And so when asset prices went back up, probably there’ll be a swing around there, a positive contribution.
[2020-01-01] Well, if the economy worsens and inflation remains relatively low, then we wouldn’t begin to exit, and, therefore, we wouldn’t change the language.
[2020-01-01] in contrast to previous months, market pricing had suggested that negative policy rates were unlikely to be adopted in either of these two economies.
[2020-01-01] meanwhile, labour markets in most regions have little slack and wages continue to firm.
[2020-01-01] some insight into the reversal in the us-euro area interest rate differential could be derived from the breakdown of bond yields into the short-term rate expectations component and the term premia com
[2020-01-01] only towards the end of the projection horizon was output projected to return to its pre-pandemic level.
[2020-01-01] And maybe reducing their level of the natural rate of unemployment, which has been the trend.
[2020-01-01] in this context, it was remarked, however, that it was difficult to distinguish whether observed spreads were driven by an increase in credit risk or a lack of liquidity.
[2020-01-01] data on new export orders pointed to a sharp fall of global trade in the second quarter of the year.
[2020-01-01] inflation is expected to remain below target throughout the projection horizon.
[2020-01-01] the bank is also projecting a pickup in household spending, supported by population and income growth, as well as by the recent federal income tax cut.
[2020-01-01] business debt, which appeared to be high compared with fundamentals before the coronavirus outbreak, seemed poised to rise further as businesses borrowed to maintain their capacity to restart operatio
[2020-01-01] it also expected that the bank would continue to cooperate closely with the government while sharing a sense of crisis, in order to bring about an early recovery of the japanese economy from the impac
[2020-01-01] the extent of the contraction and the recovery would depend crucially on the duration and the effectiveness of the containment measures, the success of policies to mitigate the adverse impact on incom
[2020-01-01] all components of financial conditions indices had loosened over the course of 2019, namely short-term and long-term interest rates, exchange rates and equity prices.
[2020-01-01] based on this, most members shared the view that, as for policy rates, it would expect short- and long-term interest rates to remain at their present or lower levels.
[2020-01-01] roll over at auction all principal payments from the federal reserve's holdings of treasury securities and reinvest all principal payments from the federal reserve's holdings of agency debt and agency
[2020-01-01] the mpc’s central projection implied that a margin of spare capacity was likely to remain until the end of next year.
[2020-01-01] cpi inflation had declined to 1.5% in march and was likely to fall below 1% in the next few months, in large part reflecting developments in energy prices.
[2020-01-01] It is again useful to compare estimates of expected inflation derived from breakeven inflation data with estimates of expected inflation obtained from surveysâ€”for example, the expected inflation ove
[2020-01-01] The Phillips curve has become, according to most estimates, quite flat in the sense that movements in unemployment have only a modest impact on inflation, so we shouldn’t overblow how large that is.
[2020-01-01] this helps ensure that households and businesses continue to have access to the credit they need to bridge this difficult time, and that lower interest rates find their way to ultimate borrowers.
[2020-01-01] So tonight, I would like to take a few minutes to put this action in the broad context of the Fed’s mandate to promote the stable financial environment that will encourage economic growth.
[2020-01-01] With energy price increases expected to slow next year, total PCE inflation was seen as likely to fall back in line with core inflation by the end of 2011, as in previous projections.
[2020-01-01] with regard to the budget for general expenditures, for example, the government aimed to achieve both economic revitalization and fiscal consolidation by continuing to undertake expenditure reforms, i
[2020-01-01] yields on 10-year australian government securities (ags) had declined relative to 10-year government bond yields in other advanced countries in anticipation of the bank's bond purchase program.
[2020-01-01] they also observed that this was partly because the holdings of government debt by the bank were relatively low as a share of gdp.
[2020-01-01] it was underlined that the proposed extension of the pepp was consistent with the governing council’s communication that net asset purchases would continue until the coronavirus crisis phase was over.
[2020-01-01] Well, our policy approach doesn’t involve intentionally trying to raise inflation.
[2020-01-01] But it’s not easy to get a clear read on the implications of asset prices for the overall outlook.
[2020-01-01] however, the strength of the rebound might also have reflected that countries had eased containment measures too much too soon.
[2020-01-01] The International Monetary Fund projects that global economic growth in 2019 will be the slowest since the financial crisis.
[2020-01-01] moreover, the improvement in the citigroup surprise indicator was mainly related to confidence indicators, while the real economy remained weak and the improvement in hard data had been negligible.
[2020-01-01] A few participants judged that while the labor market was close to full employment, some margins of slack remained; these participants pointed to the employment-to-population ratio or the labor force
[2020-01-01] inflation is expected to remain weak before gradually strengthening toward 2 percent as the drag from low gas prices and other temporary effects dissipates and demand recovers, reducing economic slack
[2020-01-01] clear signs of a recovery in consumption had emerged since may, but spending remained far below pre-lockdown levels.
[2020-01-01] among the other sources of risk noted by participants were that fiscal support for households, businesses, and state and local governments might prove to be insufficient and that foreign economies cou
[2020-01-01] The Federal Reserve is fully committed to both sides of its mandate—to price stability as well as to maximum employment—and it has both the tools and the will to act at the appropriate time to avoid a
[2020-01-01] the european economy had become depressed rapidly due to the impact of the spread of covid-19.
[2020-01-01] the committee agreed to announce its policy decision immediately following the end of the special meeting.
[2020-01-01] the board affirmed its commitment to supporting jobs, incomes and businesses and to making sure that australia is well placed for recovery.
[2020-01-01] the government has announced a series of substantial fiscal support measures to alleviate some of the severe cashflow problems facing businesses and households.
[2020-01-01] the number of lfs employees had risen by 39,000 over this period and also by 26,000 since the onset of the pandemic.
[2020-01-01] in the case of euro area countries with greater reliance on tourism).
[2020-01-01] as the economy recuperates, it will continue to require extraordinary monetary policy support.
[2020-01-01] thereby, the bank will do its utmost to provide u.s. dollar liquidity.4 (2) measures to facilitate corporate financing a) introduction of the special funds-supplying operations to facilitate corporate
[2020-01-01] members noted that investor demand for recent ags issuance had been strong and that spreads of semi-government yields to ags had remained narrow.
[2020-01-01] in the central scenario, roughly 40 percent of the collapse in the first half of the year is made up in the third quarter.
[2020-01-01] it expected the bank to continue conducting appropriate monetary policy.
[2020-01-01] these measures will work in combination to ease pressure on canadian borrowers.
[2020-01-01] in treasury and agency mortgage-backed securities (mbs) markets, many market functioning indicators had returned to levels prevailing before the pandemic, and, as a result, purchases were conducted at
[2020-01-01] Household spending was projected to grow at a fairly solid rate, supported by higher employment and somewhat lower energy prices but damped somewhat by lessened stimulus from gains in wealth and the n
[2020-01-01] this operation has been renamed to the special funds-supplying operations to facilitate financing in response to the novel coronavirus (covid-19).
[2020-01-01] the sudden halt in global activity will be followed by regional recoveries at different times, depending on the duration and severity of the outbreak in each region.
[2020-01-01] in this context, international coordination was seen as particularly important.
[2020-01-01] with regard to private consumption, members agreed that it had picked up gradually on the whole, although consumption of services, such as eating and drinking as well as accommodations, remained at a
[2020-01-01] It is an honor to be here with Ben Bernanke and Janet Yellen, who pioneered the original Statement on Longer-Run Goals and Monetary Policy Strategy in 2012.