yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2015-01-01] We have a 2 percent symmetric inflation objective, and, for a number of years now, inflation has been running under 2 percent.
[2015-01-01] the bank expects real gdp growth of 1.9 per cent in 2015, 2.5 per cent in 2016, and 2.0 per cent in 2017.
[2015-01-01] resource exports and dwelling investment were expected to have made positive contributions to growth in the september quarter, following declines in the june quarter.
[2015-01-01] If the outlook for the labor market does not improve substantially, the Committee will continue its purchases of agency mortgage-backed securities, undertake additional asset purchases, and employ its
[2015-01-01] the u.s. international trade deficit narrowed sharply in february, as imports fell more than exports.
[2015-01-01] members shared the recognition that inflation expectations appeared to be rising on the whole from a somewhat longer-term perspective, although some market indicators and survey results had recently s
[2015-01-01] covered bonds had thus benefitted from the flight to quality and this had possibly deterred some investors from reducing their covered bond positions in favour of other assets with better relative val
[2015-01-01] the change in market expectations regarding us monetary policy had supported risk sentiment globally.
[2015-01-01] labour costs had also confirmed continued moderate domestic price pressures.
[2015-01-01] financial market pricing indicated that the domestic cash rate was expected to remain unchanged at the current meeting.
[2015-01-01] Weaker demand and significantly lower oil prices are holding down consumer price inflation.
[2015-01-01] outside the energy-producing regions, consumer confidence remains high and labour markets continue to improve.
[2015-01-01] The “extended period” language is conditioned on exactly those same points: “Extended period” is conditioned on resource slack, on subdued inflation, and on stable inflation expectations.
[2015-01-01] (1) according to the first preliminary gdp estimates for the july-september quarter of real gdp had marked negative growth on the whole, reflecting the decline in business fixed investment and the pro
[2015-01-01] however, across the rest of the country, which accounts for around 60 per cent of australia's dwelling stock, housing price growth had declined.
[2015-01-01] the vote also encompassed approval of the statement below to be released at 2:00 p.m.: information received since the federal open market committee met in october suggests that economic activity has b
[2015-01-01] however, lower prices for oil and other commodities since the summer have further lowered canada’s terms of trade and are dampening business investment and exports in the resource sector.
[2015-01-01] all members agreed that the likely persistence of the headwinds restraining economic growth following the financial crisis means that, when bank rate does begin to rise, it is expected to do so more g
[2015-01-01] some members then pointed out that real exports on a gdp basis for the july-september quarter had turned positive on a quarter-on-quarter basis, and said that signs of recovery in exports had been obs
[2015-01-01] We have a much more resilient, stronger banking system, and we’re not seeing some worrisome buildup in leverage or credit growth at successive levels.1 So, you know, this is something that the FOMC pa
[2015-01-01] members observed the heightened uncertainty regarding developments in russia and greece, and that most banks in the major advanced markets, including australia, had relatively little direct exposure t
[2015-01-01] longer-term sovereign yields of most other developed countries, including australia, tended to move in line with us treasuries.
[2015-01-01] non-farm payrolls had increased by 257,000 in january so that, in net terms, over 1 million jobs had been created over a three month period – the largest increase in the number of people employed sinc
[2015-01-01] real gdp had risen by 0.4%, quarter on quarter, in the second quarter of 2015, following a rise of 0.5% in the previous quarter.
[2015-01-01] total cpi inflation in canada has been around 1 per cent in recent months, reflecting year-over-year price declines for consumer energy products.
[2015-01-01] the bank judges that the current degree of monetary policy stimulus remains appropriate and therefore is maintaining the target for the overnight rate at 3/4 per cent.
[2015-01-01] the expected path of the federal funds rate moved down following the june fomc statement and the chair's postmeeting press conference.
[2015-01-01] allow aggregate capacity of the on rrp facility to be temporarily elevated to support policy implementation; adjust the ioer rate and the parameters of the on rrp facility, and use other tools such as
[2015-01-01] on balance, it was argued that lower oil prices should, in any case, allow the governing council to have more confidence in the economic recovery, while it was less clear whether the oil price decline
[2015-01-01] as regards the volume of the programme, a pace of combined monthly asset purchases in the order of €50 billion lasting from march 2015 to end-2016, which had been mentioned by mr praet, was widely reg
[2015-01-01] the bank rate is correspondingly 3/4 per cent and the deposit rate is 1/4 per cent.
[2015-01-01] sterling twelve-month forward ois rates had risen by around 20 basis points since the time of the february inflation report.
[2015-01-01] the presentation also outlined some staff recommendations for further testing of term deposit facility operations.
[2015-01-01] however, the anticipated recovery in growth means that the output gap will be back in line with its previous trajectory later this year.
[2015-01-01] stepping back, and as part of the preparation of the may inflation report projections, the committee had taken stock of its assumptions regarding the supply side of the economy, including: the outlook
[2015-01-01] If incoming information broadly supports the Committee's expectation of ongoing improvement in labor market conditions and inflation moving back toward its longer-run objective, the Committee will lik
[2015-01-01] they continued that such developments in inflation expectations were likely to have been influencing actual wage and price settings, as seen in a base pay increase that was likely to take place for th
[2015-01-01] resource exports appeared to have continued growing in the december quarter and growth was expected to remain strong, particularly as liquefied natural gas (lng) production came on line over the next
[2015-01-01] movements in oil prices also seemed consistent with a general slowing in demand prospects.
[2015-01-01] the downward revision reflects further downgrades of business investment plans in the energy sector, as well as weaker-than-expected exports of non-energy commodities and non-commodities.
[2015-01-01] there was broad agreement about the important role of investment and a resumption of risk-taking in the real economy for a sustained recovery, as well as about the connection between a pick-up in inve
[2015-01-01] the year-on-year rate of increase in the cpi (all items less fresh food) was in the range of 0.5-1.0 percent.
[2015-01-01] average hourly earnings for all employees increased 2 percent over the 12 months ending in february.
[2015-01-01] however, some members said that their decision to raise the target range was a close call, particularly given the uncertainty about inflation dynamics, and emphasized the need to monitor the progress
[2015-01-01] Although the aggregate balance sheet for the household sector was strong and the unemployment rate was low, consumer sentiment had deteriorated, and households were reportedly becoming more cautious i
[2015-01-01] sovereign bond yields in the euro area had already approached rather low levels, limiting the scope for further yield compression and, consequently, the potential funding cost relief to be passed on t
[2015-01-01] exports had recently been more or less flat, due mainly to the effects of the slowdown in emerging economies.
[2015-01-01] members noted that the most recent data on the labour market had been a little more positive than early in 2014.
[2015-01-01] an analysis of possibly more fundamental changes in the structure and functioning of financial intermediation was also seen as needed.
[2015-01-01] this assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financi
[2015-01-01] inflation is anticipated to remain near its recent low level in the near term, but the committee expects inflation to rise gradually toward 2 percent over the medium term as the labor market improves
[2015-01-01] in the united states, q2 gdp growth had been revised up by 0.1 percentage points to 1%.
[2015-01-01] I would describe some measures of wage growth as having moved up some.
[2015-01-01] at the same time, it was highlighted that recent supportive financial market developments largely reflected market expectations about the monetary policy decisions to be taken at the current meeting.
[2015-01-01] members also noted that, consistent with reports of deposit outflows, greek banks' use of emergency liquidity assistance had increased further during april and may.
[2015-01-01] selling price expectations in the retail sector had likewise been improving in almost all the large euro area economies.
[2015-01-01] in assessing the appropriate stance for monetary policy in australia, members noted that the outlook for global economic growth had not changed, with australia's major trading partners forecast to gro
[2015-01-01] After falling steeply before the August FOMC meeting, emerging market equity prices were little changed, on net, over the period.
[2015-01-01] in addition, in the latest spf, the expected five-year-ahead inflation rate was unchanged at 1.9%.
[2015-01-01] economic activity in brazil continued to decelerate, and that in russia had become increasingly stagnant, particularly in domestic demand, reflecting a tightening of financial conditions due to the ra
[2015-01-01] They remarked that a stronger dollar, weaker demand, and lower oil prices were factors likely to put downward pressure on inflation in the period ahead and observed that this meant that the return of
[2015-01-01] in the ensuing discussion, participants considered the advantages and disadvantages of alternative approaches to reinvestment.
[2015-01-01] doubts about the enforcement of the stability and growth pact were seen to increase uncertainty and to risk weakening further the credibility of the fiscal framework over time.
[2015-01-01] in any event, all members agreed that these domestic developments needed to be set against those in the external environment.
[2015-01-01] industrial production fell in the first quarter, with another drop in the drilling of new oil and gas wells as well as a decrease in manufacturing output that appeared to reflect, in part, the effects
[2015-01-01] And, as I think all of us—having that expectation and that if the economy continued to progress along the lines that we expected and we continued to see the risks as balanced—do regard it as appropria
[2015-01-01] overall, although annual unit wage cost growth had increased over the past few quarters, probably reflecting the past tightening of the labour market, it remained lower than would be consistent with m
[2015-01-01] in particular, the government would raise the minimum wage at the rate of about 3 percent per year, considering the growth rate of nominal gdp.
[2015-01-01] resource exports had grown strongly in the december quarter and there were early indications of strength in resource exports in the first few months of 2015.
[2015-01-01] this member continued that the authorities should take measures with this point in mind.
[2015-01-01] as specific measures, members shared the recognition that it was appropriate to expand eligible collateral for the bank's provision of credit, in light of the view that financial institutions had been
[2015-01-01] they differed to some extent regarding the prospects for further increases in inflation.
[2015-01-01] bank lending rates for non-financial corporations and households had continued their declining trend, despite some monthly volatility, thereby supporting credit demand.
[2015-01-01] the bank of canada today announced that it is lowering its target for the overnight rate by one-quarter of one percentage point to 3/4 per cent.
[2015-01-01] first, they agreed that the output gap had steadily followed an improving trend driven mainly by labor market developments, as the tightening trend in labor market conditions continued, albeit under s
[2015-01-01] members noted that the ongoing improvement in domestic demand, together with the increased competitiveness from the lower exchange rate, were expected to lead to a pick-up in non-mining business inves
[2015-01-01] also, continued solid economic growth abroad was expected to boost the growth of U. S. exports for some period ahead.
[2015-01-01] some comfort was drawn from these recent developments, as they suggested that the recent weakness in headline and core inflation had not had a negative impact on expectations.
[2015-01-01] strong growth in the united states is expected to resume in the second quarter of 2015 after a weak first quarter.
[2015-01-01] a few members said that, as suggested by the current further increase in daily and weekly price indices based on the point-of-sale (pos) data, firms had recently taken an aggressive stance of setting
[2015-01-01] core inflation had continued to edge higher, but remained below the bank of japan's 2 per cent target.
[2015-01-01] members noted that the data released since the december meeting suggested that the domestic economy had continued to grow at a below-trend pace over the second half of 2014.
[2015-01-01] as a result, structural reforms might be seen as increasing inflationary pressures through their positive impact on the output gap in the short run, rather than reducing them.
[2015-01-01] developments in equity markets had been mainly dominated by the negotiations with greece.
[2015-01-01] as a result, the saving ratio had declined further, although it remained well above the level it had been over much of the past 25 years.
[2015-01-01] prices are currently lower but our belief is that prices over the medium term are likely to be higher.
[2015-01-01] We had a 10 percent unemployment rate, and our congressional mandate is maximum employment and price stability.
[2015-01-01] the eurosystem had participated in four primary market issuances and also in some retained deals.
[2015-01-01] it was recalled that economic activity in the euro area had still not recovered to the level seen in 2008, and that investment was still far below its pre-crisis level.
[2015-01-01] this has led to a modest downward revision to the bank’s growth forecast for 2016 and 2017.
[2015-01-01] in order to ensure the overcoming of deflation, the government considered it necessary to firmly support economic activity and reverse somewhat weak developments.
[2015-01-01] participants also discussed whether to communicate to the public additional details regarding the approach they intend to take when it becomes appropriate to begin the normalization process, including
[2015-01-01] surveys of private sector economists’ expectations of euro-area inflation and gdp growth had also picked up steadily.
[2015-01-01] there was general agreement among members on the need to respond to an unwarranted tightening of the monetary policy stance or a material change in the medium-term outlook for price stability.
[2015-01-01] however, several participants pointed out that the 3-month change in that index had firmed recently, signaling some improvement in the inflation outlook.
[2015-01-01] Although some of the recent data on economic activity had been better than anticipated, most participants saw the incoming information as broadly in line with their earlier projections for moderate gr
[2015-01-01] on the basis of these considerations, in the view of some members there appeared to be no urgent need for monetary policy action at the current meeting.
[2015-01-01] yields on overseas economies -- mainly advanced economies -- continued to grow at a moderate pace, despite the slowdown in emerging economies.
[2015-01-01] inflation has remained close to the 2 per cent target in recent quarters.
[2015-01-01] I think the—you know, in a way, the least tight aspect of it is, is looking at the unemployment rate, which is still below our median estimate of, of [the unemployment rate consistent with] maximum em
[2015-01-01] however, there is considerable uncertainty about the speed with which this sequence will evolve and how it will be affected by the drop in oil prices.
[2015-01-01] absent further movements in global commodity prices or the exchange rate, these effects on twelve-month cpi inflation were expected to dissipate so that inflation was likely to pick up notably towards
[2015-01-01] fourth, the outlook for price stability could still usefully be assessed on the basis of the future path of economic activity and the output gap, as well as the relationship between activity and price
[2015-01-01] as for prices, the year-on-year rate of increase in the personal consumption expenditure (pce) deflator for all items excluding food and energy had been in the range of 1.0-1.5 percent.
[2015-01-01] this decision is in response to the recent sharp drop in oil prices, which will be negative for growth and underlying inflation in canada.
[2015-01-01] in the second estimate for 2015 q1, headline gdp growth, at 0.3%, had not been revised, with upward revisions to industrial production and construction output offset by a weaker estimate of service se
[2015-01-01] following a slowdown in the pace of economic expansion in early 2015, the latest surveys suggested that the global economy had returned to a modest and uneven recovery path in the second quarter.
[2015-01-01] members agreed that the committee's evaluation of progress on its objectives would take into account a wide range of information, including measures of labor market conditions, indicators of inflation
[2015-01-01] overall, sovereign bond yields had continued to decline in most euro area countries and the euro had depreciated against most currencies.
[2015-01-01] it expected that this new framework would further enhance deliberations on monetary policy at the monetary policy meetings and secure transparency, and that the bank would maintain a thorough dialogue
[2015-01-01] In addition, increases in oil prices were expected to pass through to consumer energy prices.
[2015-01-01] members commenced their discussion of the global economy with the observation that growth in australia's major trading partners had picked up in the september quarter, driven by an increase in growth
[2015-01-01] indicators related to consumer confidence -- which had continued to become cautious -- had slightly improved recently, mainly reflecting an increase in winter bonus payments for 2014 and a decline in
[2015-01-01] net exports – supported by improved price competitiveness and lower energy prices – were also expected to contribute to the recovery, even though they had contributed negatively to economic growth dur
[2015-01-01] the eurosystem nevertheless continued to smoothly execute the expanded asset purchase programme (app), in line with the announced moderate frontloading of purchases.
[2015-01-01] Apart from notably adverse business sentiment and disappointing growth in sales and profits, factors that were curbing capital expenditures cited by members included persisting capital overhangs stemm
[2015-01-01] this could, in part, be attributed to the ongoing adjustment of financial and non-financial sector balance sheets, which was still incomplete, as evidenced by the high level of non-performing loans in
[2015-01-01] this step had partly sought to offset the reduction in liquidity resulting from sales of foreign reserves by the pbc in recent months.
[2015-01-01] in combination with a decline in government spending, the weakness of private spending had led to a substantial slowing in economic growth in the first quarter.
[2015-01-01] as regards monetary and financial conditions, the eonia forward curve had remained at values close to zero for the past few months at very short maturities, while it had declined further at longer mat
[2015-01-01] the composite cips output index in december had fallen to its lowest level since may 2013, while the activity balances in the q4 bcc survey had picked up to close to their post-crisis highs.
[2015-01-01] members deemed it important to continue deepening the analysis of potential growth and the output gap.
[2015-01-01] while vulnerabilities associated with household imbalances remain elevated and could edge higher, canada’s economy is undergoing a significant and complex adjustment.
[2015-01-01] staff economic outlook the u.s. economic forecast prepared by the staff for the september fomc meeting was a little weaker, on balance, than the one prepared for the july fomc meeting.
[2015-01-01] staff review of the financial situation financial conditions were affected by developments abroad over the intermeeting period but were little changed on balance.
[2015-01-01] the bank expects global growth to strengthen and average 3 1/2 per cent per year over 2015-17, in line with the projection in the january monetary policy report (mpr).
[2015-01-01] members observed that the forces underpinning developments in the domestic economy were much as they had been for some time.
[2015-01-01] With regard to the consensus in favor of moving from an assessment of risks weighted toward rising inflation to one that was weighted toward economic weakness, with no intermediate issuance of a balan
[2015-01-01] at the same time, non-performing loans remained a factor constraining credit expansion in some countries.
[2015-01-01] members noted that conditions in the established housing market had continued to vary across the country.
[2015-01-01] it was remarked that weakening the credibility of the fiscal framework also entailed a risk of a negative impact on the effectiveness of the expanded app through heightened uncertainty adversely affec
[2015-01-01] in advanced economies, interest rates had generally been more or less flat, albeit with fluctuations, while stock prices as a whole had decreased.
[2015-01-01] (5) at an intensive discussion regarding monetary policy and prices at the council on economic and fiscal policy held on january 30, the government had reviewed the progress toward overcoming deflatio
[2015-01-01] against this, banks’ funding costs, an important influence on mortgage rates, had risen since may and it was possible that mortgage rates would shortly begin to rise.
[2015-01-01] members noted that the exchange rate had remained above most estimates of its fundamental value, given the decline in commodity prices over the past year, and that future exchange rate movements would
[2015-01-01] members noted that output growth was expected to pick up gradually from its below-average pace over the past year to exceed 3 per cent in 2017.
[2015-01-01] this assessment was broadly reflected in the june 2015 eurosystem staff macroeconomic projections, which had not seen any major revisions, and could be viewed as confirmation of the outlook for growth
[2015-01-01] global growth faltered in early 2015, principally in the united states and china.
[2015-01-01] this member therefore was paying close attention to how the gdp-based figure for real fixed investment would be revised at the second preliminary estimate, and to how fixed investment plans were being
[2015-01-01] bank staff estimated that around three-quarters of the deviation of inflation from the 2% target reflected unusually weak contributions from food, energy and other imported goods prices, and expected
[2015-01-01] In Latin America, indicators suggested that economic activity in Mexico and Brazil expanded further in the first quarter.