yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2019-12-11] Penelope A. Beattie,3 Section Chief, Office of the Secretary, Board of Governors; Seung J. Lee,7 Section Chief, Division of International Finance, Board of Governors
[2019-12-11] A number of participants commented on challenges facing the energy and agriculture sectors. A few participants remarked that activity in the energy sector was especially weak, reflecting low petroleum
[2019-12-11] Staff Economic Outlook The projection for U.S. real GDP growth prepared by the staff for the December FOMC meeting was revised up a little for the second half of 2019 relative to the previous projecti
[2019-12-11] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2019-12-11] Conditions in short-term funding markets were stable over the intermeeting period. Interest rates for overnight secured and unsecured loans fell in line with the 25 basis point decrease in the target
[2019-12-11] Shaghil Ahmed, Senior Associate Director, Division of International Finance, Board of Governors; Diana Hancock, Senior Associate Director, Division of Research and Statistics, Board of Governors
[2020-01-01] at the same time, total purchases will be gradually reduced to at least $4 billion a week.
[2020-01-01] service exports had been particularly affected given that inbound tourism had essentially ceased as a result of travel restrictions.
[2020-01-01] core pce price inflation, which excludes changes in consumer food and energy prices, was 1.3 percent over the same 12-month period.
[2020-01-01] A few participants particularly stressed the high uncertainty associated with the expected future path of the unemployment rate and commented that the unemployment rate could rise by considerably more
[2020-01-01] We continue to discuss whether or not the unemployment rate itself is an adequate measure of how much underutilization of labor resources there really is.
[2020-01-01] these discussions had also highlighted that weaker demand conditions, including for short-term rental accommodation, were expected to extend the weakness in residential construction.
[2020-01-01] real pce slumped in april, with declines widespread across most spending categories.
[2020-01-01] But many other commodity prices have fallen further, and the reason I would give for that is that the emerging markets—China, the rest of Asia, and some other parts of the world—plus Europe, of course
[2020-01-01] it has also conducted lending operations to financial institutions and asset purchases in core funding markets amounting to around $200 billion.
[2020-01-01] private consumption had picked up gradually on the whole, although consumption of services, such as eating and drinking as well as accommodations, remained at a low level.
[2020-01-01] This is perhaps because the emphasis on price stability is taken by some as carrying a hint of restrictive policy and as an inclination to always be leaning against cyclical increases in demand.
[2020-01-01] although output in the mining sector—which includes crude oil extraction—had increased in january, available data indicated that output in this sector would decrease in february; the recent sharp decl
[2020-01-01] with this resumption, the economy was likely to follow a moderate improving trend through the materialization of pent-up demand and supported by accommodative financial conditions and the government's
[2020-01-01] The Federal Reserve then sets its policy to achieve the broad objectives assigned to it, specifically, price stability and full employment.
[2020-01-01] members agreed that the tension in global financial markets had eased, mainly due to heightened expectations for recovery in business performance, particularly in the united states.
[2020-01-01] meanwhile, a few members stated that risks regarding economic activity at home and abroad remained significant, and it was necessary to carefully assess, for example, the propensity to consume after t
[2020-01-01] We also don’t conduct monetary policy in order to prove our independence.
[2020-01-01] should the cash rate be reduced to 25 basis points, the interest rate on es balances would be zero.
[2020-01-01] this return to growth reflects the relaxation of necessary containment measures put in place to slow the spread of the coronavirus, combined with extraordinary fiscal and monetary policy support.
[2020-01-01] One measure of the decline in recent years of the marginal cost of additions to oil availability is the downdrift in the prices of the most distant contracts for future delivery of Light Sweet crude o
[2020-01-01] forecasts for public consumption and investment, including infrastructure spending, had been upgraded.
[2020-01-01] regarding the direction of the bank's monetary policy responses to recent developments, members concurred that it was appropriate for the bank to enhance monetary easing, with a view to doing its utmo
[2020-01-01] these programs have been complemented by actions taken by other federal agencies and provincial governments.
[2020-01-01] one member expressed the view that the momentum toward achieving the price stability target had to be judged as being lost temporarily, and thus it was appropriate to revise the forward guidance for t
[2020-01-01] after robust issuance earlier in the first quarter, corporate bond issuance came to a near standstill around late february in the midst of elevated volatility following the escalation of concerns abou
[2020-01-01] Well, that’s—what’s happening there is the fact that the relationship between resource utilization, or unemployment, and inflation has just gotten weaker and weaker over the years.
[2020-01-01] however, it was also underlined that this was by no means a justification for the governing council not to fulfil its price stability mandate and support monetary policy transmission.
[2020-01-01] in this context, it was remarked that all expansionary monetary policy instruments contributed to a low interest rate environment.
[2020-01-01] The broad index of the foreign exchange value of the dollar rose nearly 3 percent over the intermeeting period amid the rise in U. S. interest rates, market expectations that U. S. tax reform was beco
[2020-01-01] members discussed the implications of this for the australian dollar exchange rate.
[2020-01-01] moreover, although it was now clear that the united kingdom would be leaving the eu at the end of january 2020, their future trade relationship still had to be agreed and there could be more divergenc
[2020-01-01] in contrast, residential investment was robust through most of 2019, moderating to a still-solid pace in the fourth quarter.
[2020-01-01] And it’s natural that if it can be employed that, just as monetary policy is doing a lot to try to June 15, 2016 stimulate growth, that fiscal policy should play a role.
[2020-01-01] this effect alone was expected to lower australian gdp growth by around ½ percentage point in the march quarter.
[2020-01-01] in an environment of heightened uncertainty, businesses were likely to postpone investment decisions.
[2020-01-01] Obviously, productivity growth generated through this rationalization process will not have the direct demand-augmenting effect of productivity increases realized through more rapid investment spendin
[2020-01-01] Housing activity was generally holding up well across the country as the effects of appreciably reduced mortgage interest rates apparently compensated for the negative effects of declining financial w
[2020-01-01] In their discussion of the economic situation and the outlook, meeting participants viewed the information received over the intermeeting period as suggesting that economic activity had been expanding
[2020-01-01] business fixed investment had been depressed substantially, mainly reflecting the decline in corporate profits.
[2020-01-01] in addition, real purchases by state and local governments declined further.
[2020-01-01] it was remarked that monetary transmission through the banking sector had been effective, partly because the balance sheets of banks had been stronger at the start of the pandemic than before the fina
[2020-01-01] banks had also continued to receive large inflows of deposits, another relatively low-cost source of funding.
[2020-01-01] however, it was still uncertain whether the funds provided by the ecb’s lending operations would reach those sectors of the euro area economy where liquidity was most urgently needed, such as small an
[2020-01-01] over the coming weeks more data would become available, which would provide improved visibility about how the various forces at play would influence the medium-term inflation outlook.
[2020-01-01] japan's economy, with the impact of covid-19 waning gradually, is likely to follow an improving trend, supported by accommodative financial conditions and the government's economic measures.
[2020-01-01] as mentioned earlier, each country had responded to the spread of covid-19 in consideration of sustaining economic activity.
[2020-01-01] in the united states and the euro area, short and longer-term market interest rates had, over the 15-day average period, been a little higher than at the time of the november report, although they had
[2020-01-01] the view was expressed that fiscal initiatives to address non-performing loans and ensure an adequately capitalised banking sector should be encouraged, while monetary policy was playing its part in s
[2020-01-01] that suggests that average hours are around their ‘desired’ or equilibrium level.
[2020-01-01] moreover, these participants were concerned that forward guidance that involved the target range for the federal funds rate remaining at the elb until employment and inflation criteria were achieved c
[2020-01-01] however, some members noted that the pick-up in overseas economies had been only moderate and uneven.
[2020-01-01] a few members said that housing-related demand had been firm, owing in part to an expansion of teleworking.
[2020-01-01] regarding risks to the financial system, members shared the recognition that, if covid-19 had a larger impact than expected, there was a risk that deterioration in the real economy would affect financ
[2020-01-01] the lockdown and other containment measures were expected to remain in place for at least a couple of months in most countries, although there was considerable uncertainty about the extent of this, as
[2020-01-01] in this environment, monetary policy needed to remain highly expansionary.
[2020-01-01] the bank of canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent, with the bank rate at ½ percent and the deposit rate at ¼ percent.
[2020-01-01] in the case of the reserve bank of new zealand and the bank of england, the expectation of further easing had followed guidance from these central banks that they were preparing for the possibility of
[2020-01-01] external forecasters’ projections are higher on average than the mpc’s central projection at the one-year horizon, but lower three years ahead.
[2020-01-01] on 5 november, the government had announced that the coronavirus job retention scheme (cjrs) would be extended until the end of march, with employees receiving 80% of their current salary for hours no
[2020-01-01] at the same time, it was argued that keeping a mild scenario was warranted, as the unlocking of the economy could give rise to more positive outcomes in the short term than envisaged in the baseline.
[2020-01-01] And that is a statement about productivity growth, which has been pretty disappointing.
[2020-01-01] the bank’s latest decision maker panel (dmp), conducted over the period from 6 to 20 march, indicated that many businesses expected covid-19 to have a large negative impact on sales over the next year
[2020-01-01] for its part, the bank of canada has taken measures to improve market function so that monetary policy actions have their intended effect on the economy.
[2020-01-01] new usage across many funding operations and facilities had declined over the intermeeting period as conditions in funding markets improved.
[2020-01-01] the bank of canada today maintained its target for the overnight rate at ¼ percent, which the bank considers its effective lower bound.
[2020-01-01] It was generally agreed that developments relating to energy would continue to exert upward pressure on prices over the near term, including the passthrough or indirect effects of higher oil prices on
[2020-01-01] business contacts in a couple of districts—particularly those in the manufacturing, health-care, and technology sectors—reported having trouble hiring workers for reasons likely related to virus cases
[2020-01-01] despite continued low oil prices, the canadian dollar has appreciated since july, largely reflecting a broad-based depreciation of the us dollar.
[2020-01-01] it was widely underlined that fiscal support was critical, should arrive as early as possible and should not be withdrawn too soon.
[2020-01-01] members agreed that sentiment in global financial markets had improved, partly due to the end of the u.s. presidential election and progress in the development of vaccines.
[2020-01-01] Modern quantitative approaches to risk measurement and risk management take as their starting point historical experience with market price fluctuations, which is statistically summarized in probabili
[2020-01-01] this related in particular to capital gains from banks’ sales of securities to the eurosystem and lower provisions for loan impairment, with the overall macroeconomic environment having improved in pa
[2020-01-01] a measure of general uncertainty from the latest deloitte cfo survey suggested that the proportion of respondents who judged that the level of uncertainty was high or very high currently had declined
[2020-01-01] The role of the Board vis-à-vis the regional Banks was elevated in the aftermath of the stock market crash of 1929 and in the early years of the Great Depression, but the combination of centralized an
[2020-01-01] u.s. real gdp was forecast to show a historically large decline in the second quarter of this year, and the unemployment rate was expected to be sharply higher than in the first quarter.
[2020-01-01] financing conditions in the residential mortgage market were generally unchanged over the intermeeting period.
[2020-01-01] it was noted that around half of the contraction in total hours worked had been reversed in preceding months, with average hours picking up more quickly than employment.
[2020-01-01] nonetheless there were signs of a stabilisation in the outlook for global gdp.
[2020-01-01] The considerable monetary ease already in place, the prospect of significantly more fiscal stimulus, the continuing strong gains in structural productivity, and the anticipated improvement in business
[2020-01-01] after the state of emergency was lifted, liquidity in the jgb market had shown some improvement, such as in trading volume, but remained at a low level in a situation where interest rates had been sta
[2020-01-01] alternatively, in the downside scenario, the unemployment rate would be expected to peak at around 10½ per cent, and decline very gradually to around 9 per cent by the end of the forecast period.
[2020-01-01] considering the tentative signals of a stabilisation in the euro area economy, the governing council would await further data to see if there were firmer grounds for optimism.
[2020-01-01] following the imposition of social distancing measures, monthly gdp data for april had confirmed that the reduction in activity related to the covid-19 shock would be unprecedented in scale.
[2020-01-01] in 2019, monetary policy was eased by a number of central banks, including the us federal reserve and the european central bank (chart 2.7), in response to a weakening outlook for growth.
[2020-01-01] (2) the government's responses, such as implementing the emergency economic measures, had already had considerable positive effects.
[2020-01-01] the bank of canada today maintained its target for the overnight rate at the effective lower bound of ¼ percent.
[2020-01-01] moreover, the higher purchase pace would ensure that the eurosystem showed a more robust presence in the market during times of heightened volatility, not least in the market for corporate bonds.
[2020-01-01] Well, we—as a Committee, we do not desire inflation undershoots.
[2020-01-01] Similarly, I don't think we yet fully understand the role of Year 2000 preparations in either the late 1990s investment boom or the acceleration in productivity.
[2020-01-01] reflecting this, the bank’s july monetary policy report (mpr) presents a central scenario for global and canadian growth rather than the usual economic projections.
[2020-01-01] And inflation is moving—moving up, I think, toward our 2 percent objective.
[2020-01-01] household spending on durable goods had recovered sharply since the april trough in activity, returning to around pre-crisis levels by the end of june, and the most recent payments data had shown a le
[2020-01-01] interest rates on housing and business loans remained historically low.
[2020-01-01] the euro stoxx50 index had gone up by 2% since the governing council’s monetary policy meeting on 23-24 october 2019 and the s&p 500 by almost 5%, hitting a new all-time high.
[2020-01-01] the overall magnitude and duration of the shock remained highly uncertain.
[2020-01-01] In these models, each asset price contains a risk premium that represents the additional return demanded by risk-averse investors for bearing risk.
[2020-01-01] overseas economies had recently shown clear signs of a slowdown due mainly to the impact of the outbreak of covid-19.
[2020-01-01] the economy is now transitioning to a more moderate recuperation phase.
[2020-01-01] The behavior of the monetary aggregates will continue to be evaluated in the light of progress toward price level stability, movements in their velocities, and developments in the economy and financia
[2020-01-01] We, frankly, didn’t even get inflation back up to target—without seeing wages getting out of touch with—with where they should be, so that’s the—that’s the biggest thing we can do.
[2020-01-01] the main exception was rural exports, which had been revised a little higher because of favourable weather.
[2020-01-01] emerging-market economies have been hit harder, especially those with severe outbreaks.
[2020-01-01] information received since the committee met in january indicated that the labor market remained strong through february and that economic activity rose at a moderate rate.
[2020-01-01] regarding asset purchases, participants judged that it would be appropriate over coming months for the federal reserve to increase its holdings of treasury securities and agency mbs at least at the cu
[2020-01-01] the bank had injected substantial liquidity into the financial system through its daily open market operations to support credit and maintain low funding costs in the economy.
[2020-01-01] Housing demand and consumer spending firmed toward the end of the year, but capital spending remained quite weak in an environment of substantial business uncertainty and pessimism.
[2020-01-01] many more workers reported shorter hours, and by early april some six million canadians had applied for the canada emergency response benefit.
[2020-01-01] setting the interest rate paid on required and excess reserve balances 10 basis points above the bottom of the target range for the federal funds rate is intended to foster trading in the federal fund
[2020-01-01] productivity growth since the referendum impact of brexit planning on labour productivity growth[(a)] percentage points 2 3 years since referendum sources: bureau van dijk, dmp survey and bank calcula
[2020-01-01] A few participants judged that the expectations regarding the path of the federal funds rate implied by prices in financial markets were currently suggesting greater provision of accommodation at comi
[2020-01-01] in assessing incoming data, the bank will be paying particular attention to developments in consumer spending, the housing market, and business investment.
[2020-01-01] We have continued to provide guidance, the same guidance that we have for some time, that says the Committee “anticipates that, even after employment and inflation are near mandate-consistent levels,
[2020-01-01] participants noted that, in light of conditions in the business sector, business investment spending continued to be subdued.
[2020-01-01] it was considered important to ensure that the protracted period of lower inflation in the short run did not lead to lower medium and long-term inflation expectations.
[2020-01-01] survey-based measures of longer-term inflation expectations had changed little on balance.
[2020-01-01] We have long said that the size of the balance sheet will be considered normalized when the balance sheet is once again at the smallest level consistent with conducting monetary policy efficiently and
[2020-01-01] With energy prices having turned down, overall consumer price inflation had eased slightly in recent months,
[2020-01-01] this means that the global economic recovery, when it comes, could be protracted and uneven.
[2020-01-01] credit card balances continued to decline through the third quarter, with gains in balances for account holders with prime credit scores offset by declines in those for nonprime accounts.
[2020-01-01] as for prices, members shared the recognition that the year-on-year rate of change in the cpi (all items less fresh food) was at around 0 percent, mainly affected by the past decline in crude oil pric
[2020-01-01] the situation therefore had to be monitored closely and everything possible should be done in all policy domains to ensure that permanent damage was contained.
[2020-01-01] the closure of international borders had led to sharp falls in tourism imports and exports, and education exports had also been much lower.
[2020-01-01] in australia, the economic recovery was under way and recent data had generally been better than expected.
[2020-01-01] the endorsement by the european council of the eurogroup agreement on the three safety nets for workers, businesses and sovereigns, amounting to a package worth €540 billion, was welcomed.
[2020-01-01] Reserve balances are one among several items on the liability side of the Federal Reserve's balance sheet, and demand for these liabilitiesâ€”notably, currency in circulationâ€”grows over time.
[2020-01-01] in accordance with the short-term policy interest rate of minus 0.1 percent and the target level of the long-term interest rate, both of which were decided at the previous meeting on january 20 and 21
[2020-01-01] first, please allow me to offer a few remarks on the economic outlook, Federal Reserve monetary policy, and some of the initiatives we have announced to support the flow of credit to households and fi
[2020-01-01] These included a decline in the cost of business capital, a recent rise in orders and backlogs of nondefense capital goods, persisting gains in productivity that undoubtedly pointed to growing profit
[2020-01-01] among respondents to the nmg household survey, 30% of employees currently furloughed had thought it at least quite likely that they would lose their job, compared to around 20% of other employees.
[2020-01-01] participants observed that labor market conditions had continued to improve in recent months, with roughly half of the 22 million jobs lost over march and april having been regained.
[2020-01-01] So and, and, you know, the shorter-term ones do tend to move around based on, for example, gasoline prices.
[2020-01-01] in this context, it was observed that to date financial markets had remained fairly resilient and rebounded rather rapidly, also reflecting the swift and forceful monetary policy response so far.
[2020-01-01] members noted that economic activity in the first half of 2020 would be significantly affected by the global response to the covid-19 outbreak.
[2020-01-01] however, the scale of the upward revision to core inflation was muted by the appreciation of the euro.