yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2015-01-28] iii. Accept agency securities as collateral only for a loan of agency securities authorized in this paragraph 3.
[2015-01-28] iv. Subject to reasonable limitations on the amount of Eligible Securities that each borrower may borrow.
[2015-01-28] Burcu Duygan-Bump and Robert J. Tetlow,2 Advisers, Division of Monetary Affairs, Board of Governors; Eric C. Engstrom, Adviser, Division of Research and Statistics, Board of Governors
[2015-01-28] Conditions in consumer credit markets stayed largely accommodative over the intermeeting period. Auto and student loan balances continued to post significant gains through November, while the expansio
[2015-01-28] Participants' Views on Current Conditions and the Economic Outlook In their discussion of the economic situation and the outlook, meeting participants regarded the information received over the interm
[2015-01-28] Michael T. Kiley, Senior Adviser, Division of Research and Statistics, and Senior Associate Director, Office of Financial Stability Policy and Research, Board of Governors
[2015-01-28] Jeff Fuhrer and Alberto G. Musalem, Executive Vice Presidents, Federal Reserve Banks of Boston and New York, respectively
[2015-01-28] 4. In order to ensure the effective conduct of open market operations, while assisting in the provision of short-term investments or other authorized services for foreign central bank and internationa
[2015-01-28] Katie Ross,1 Manager, Office of the Secretary, Board of Governors
[2015-01-28] Transactions undertaken with Customer Accounts under the provisions of this paragraph 4 may provide for a service fee when appropriate. Transactions undertaken with Customer Accounts are also subject
[2015-01-28] 1. The Federal Open Market Committee (the "Committee") authorizes and directs the Federal Reserve Bank selected by the Committee to execute open market transactions (the "Selected Bank"), for the Syst
[2015-01-28] A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, January 27, 2015, at 10:00 a.m. and cont
[2015-01-28] A. The Selected Bank, for the SOMA, to undertake reverse repo transactions in Eligible Securities held in the SOMA with the Customer Accounts for a term of 65 business days or less; and
[2015-01-28] John C. Williams, President of the Federal Reserve Bank of San Francisco, with Esther L. George, President of the Federal Reserve Bank of Kansas City, as alternate
[2015-01-28] Participants noted that inflation had moved further below the Committee's longer-run objective, largely reflecting declines in energy prices and other transitory factors. A number of participants obse
[2015-01-28] B. Drawings must be approved by the Committee (or by the Subcommittee, if the Subcommittee believes that consultation with the full Committee is not feasible in the time available, or by the Chairman,
[2015-01-28] Staff Review of the Economic Situation The information reviewed for the January 27-28 meeting indicated that economic activity expanded at a solid pace over the second half of 2014, and that labor mar
[2015-01-28] FOREIGN CURRENCY DIRECTIVE (As reaffirmed effective January 27, 2015)
[2015-01-28] James A. Clouse, Deputy Director, Division of Monetary Affairs, Board of Governors
[2015-01-28] Staff Review of the Financial Situation Over the intermeeting period, amid trading that was volatile at times, longer-term sovereign yields in the United States and other advanced economies declined.
[2015-01-28] William B. English, Senior Special Adviser to the Board, Office of Board Members, Board of Governors
[2015-01-28] The staff viewed the uncertainty around its projections for real GDP growth, the unemployment rate, and inflation as similar to the average over the past 20 years. The risks to the forecast for real G
[2015-01-28] The vote encompassed approval of the statement below to be released at 2:00 p.m.:
[2015-01-28] 2. Attended the portion of the meeting following the joint session of the Federal Open Market Committee and the Board of Governors. Return to text
[2015-01-28] B. Standing dollar liquidity swap arrangements with the following foreign banks:
[2015-01-28] A. Drawings must be approved by the Chairman in consultation with the Subcommittee. The Chairman or the Subcommittee will consult with the Committee prior to the initial drawing on the dollar or forei
[2015-01-28] Participants discussed the economic conditions that they anticipate will prevail at the time they expect it will be appropriate to begin normalizing policy. There was wide agreement that it would be d
[2015-01-28] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2015-01-28] Notation Vote By notation vote completed on January 6, 2015, the Committee unanimously approved the minutes of the Committee meeting held on December 16-17, 2014.
[2015-01-28] The Committee agreed to maintain the target range for the federal funds rate at 0 to 1/4 percent and to reaffirm the indication in the statement that the Committee's decision about how long to maintai
[2015-01-28] B. Undertake transactions with respect to Eligible Securities in order to appropriately address temporary disruptions of an operational or highly unusual nature in U.S. dollar funding markets.
[2015-01-28] Nellie Liang, Director, Office of Financial Stability Policy and Research, Board of Governors
[2015-01-28] iii. Subject to reasonable limitations on the total amount of a specific issue of Eligible Securities that may be auctioned; and
[2015-01-28] ii. At a minimum lending fee consistent with the objectives of the program;
[2015-01-28] 8. The change regarding the introduction of the term "Selected Bank" was implemented in other affected documents, including the Authorization for Foreign Currency Operations, Procedural Instructions w
[2015-01-28] C. Standing foreign currency liquidity swap arrangements with the following foreign banks:
[2015-01-28] Real federal government purchases appeared likely to have decreased sharply in the fourth quarter, reversing much of the surprisingly strong increase in the third quarter. Real state and local governm
[2015-01-28] PROCEDURAL INSTRUCTIONS WITH RESPECT TO FOREIGN CURRENCY OPERATIONS (As amended effective January 27, 2015)
[2015-01-28] 3. All transactions in foreign currencies undertaken under paragraph 1.A above shall, unless otherwise expressly authorized by the Committee, be at prevailing market rates. For the purpose of providin
[2015-01-28] 5. The Committee authorizes the Chairman of the Committee, in fostering the Committee's objectives during any period between meetings of the Committee, to instruct the Selected Bank to act on behalf o
[2015-01-28] i. Would result in a change in the System's overall open position in foreign currencies exceeding $300 million on any day or $600 million since the most recent regular meeting of the Committee.
[2015-01-28] Joseph W. Gruber, Deputy Associate Director, Division of International Finance, Board of Governors; David López-Salido, Deputy Associate Director, Division of Monetary Affairs, Board of Governors
[2015-01-28] At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the SOMA in accorda
[2015-01-28] 2. For the dollar and foreign currency liquidity swap arrangements authorized in paragraphs 2.B and 2.C of the Authorization for Foreign Currency Operations:
[2015-01-28] Bernd Schlusche and Emre Yoldas, Economists, Division of Monetary Affairs, Board of Governors
[2015-01-28] Richard W. Fisher, Narayana Kocherlakota, and Charles I. Plosser, Presidents of the Federal Reserve Banks of Dallas, Minneapolis, and Philadelphia, respectively
[2015-01-28] A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S.
[2015-01-28] Residential mortgage credit conditions, while remaining tight, showed some further signs of gradual easing. According to the January SLOOS, lending standards eased for a number of categories of reside
[2015-01-28] 3. Attended through the conclusion of the joint session of the Federal Open Market Committee and the Board of Governors. Return to text
[2015-01-28] At the conclusion of their discussion, participants generally agreed that it would be useful to discuss further at coming meetings specific calibrations of policy tools that could be used during the e
[2015-01-28] B. To allow Eligible Securities in the SOMA to mature without replacement;
[2015-01-28] Federal Reserve communications over the intermeeting period were apparently seen as about in line with expectations on balance. However, reflecting in part the deterioration in market sentiment, the e
[2015-01-28] In its annual reconsideration of the Statement on Longer-Run Goals and Monetary Policy Strategy, participants generally agreed that only a minor update was required at this meeting. Several participan
[2015-01-28] B. Any Federal Reserve Bank that maintains Customer Accounts, for any such Customer Account, when appropriate and subject to all other necessary authorization and approvals, to:
[2015-01-28] Real private expenditures for business equipment and intellectual property appeared to decelerate in the fourth quarter. Nominal orders and shipments of nondefense capital goods, excluding aircraft, d
[2015-01-28] Carlos O. Arteta, Senior Economist, Division of International Finance, Board of Governors; Kimberly Bayard, Senior Economist, Division of Research and Statistics, Board of Governors; Elmar Mertens, Se
[2015-01-28] 9. The Committee authorizes the Selected Bank to undertake transactions of the type described in paragraphs 1, 2, and 5, and foreign exchange and investment transactions that it may be otherwise autho
[2015-01-28] By unanimous vote, the Committee ratified the Open Market Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's accoun
[2015-01-28] David E. Lebow, Senior Associate Director, Division of Research and Statistics, Board of Governors
[2015-01-28] William C. Dudley, President of the Federal Reserve Bank of New York, with Christine Cumming, First Vice President of the Federal Reserve Bank of New York, as alternate
[2015-01-28] B. Any changes in the terms of existing swap arrangements shall be referred for review and approval to the Chairman. The Chairman shall keep the Committee informed of any changes in terms, and the ter
[2015-01-28] Developments in Financial Markets and the Federal Reserve's Balance Sheet In a joint session of the Committee and the Board of Governors of the Federal Reserve System, the manager of the System Open M
[2015-01-28] The Board meeting concluded at the end of the discussion of liftoff tools and possible liftoff options.
[2015-01-28] Committee Policy Action In their discussion of monetary policy for the period ahead, members judged that information received since the FOMC met in December indicated that economic activity had been e
[2015-01-28] C. From time to time, to transmit appropriate reports and information to the National Advisory Council on International Monetary and Financial Policies.
[2015-01-28] A. The Subcommittee (or by the Chairman, if the Chairman believes that consultation with the Subcommittee is not feasible in the time available) if it:
[2015-01-28] Fabio M. Natalucci2 and Gretchen C. Weinbach,3 Associate Directors, Division of Monetary Affairs, Board of Governors
[2015-01-28] Following the discussion, the Committee voted to reaffirm the statement with an updated reference to participants' estimates of the longer-run normal unemployment rate. Mr. Tarullo abstained because h
[2015-01-28] In their discussion of the foreign economic outlook, participants noted that a number of developments over the intermeeting period had likely reduced the risks to U.S. growth. Accommodative policy act
[2015-01-28] Mr. Lacker dissented in the votes on both resolutions because he felt that the testing to date had already provided sufficient information about this tool, and that authorizing further testing could e
[2015-01-28] A. With the approval of the Committee, to enter into any needed agreement or understanding with the Secretary of the Treasury about the division of responsibility for foreign currency operations betwe
[2015-01-28] B. To provide means for meeting System and Treasury commitments in particular currencies, and to facilitate operations of the Exchange Stabilization Fund.
[2015-01-28] ii. As a temporary operation: on a same-day or deferred delivery basis, to purchase such Eligible Securities subject to an agreement to resell ("repo transactions") or to sell such Eligible Securities
[2015-01-28] AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS (As amended effective January 27, 2015)
[2015-01-28] Annual Organizational Matters5 In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee (the "Co
[2015-01-28] 4. Attended through the discussion on liftoff tools and possible liftoff options. Return to text
[2015-01-28] B. To keep the Secretary of the Treasury fully advised concerning System foreign currency operations, and to consult with the Secretary on policy matters relating to foreign currency operations;
[2015-01-28] Participants discussed the sizable decline in market-based measures of inflation compensation that had been observed over the past year and continued over the intermeeting period. A number of them jud
[2015-01-28] Several central banks announced monetary policy actions during the period. The ECB announced that it would expand its asset purchase program to include the purchase of sovereign bonds; the euro deprec
[2015-01-28] To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains a
[2015-01-28] 6. All operations undertaken pursuant to the preceding paragraphs shall be reported promptly to the Foreign Currency Subcommittee (the "Subcommittee") and the Committee. The Subcommittee consists of t
[2015-01-28] In their discussion of these issues, participants generally agreed that it was very important for the commencement of policy firming to proceed successfully. Consequently, most were prepared to take t
[2015-01-28] Andrew Figura, David Reifschneider, and Stacey Tevlin, Special Advisers to the Board, Office of Board Members, Board of Governors
[2015-01-28] Edward Nelson, Assistant Director, Division of Monetary Affairs, Board of Governors; Shane M. Sherlund, Assistant Director, Division of Research and Statistics, Board of Governors
[2015-01-28] Liftoff Tools and Possible Liftoff Options A staff briefing provided some background on possible options for the use of supplementary tools, in addition to interest on excess reserves (IOER), that the
[2015-01-28] 1. Attended the joint session of the Federal Open Market Committee and the Board of Governors. Return to text
[2015-01-28] By unanimous vote, the Federal Reserve Bank of New York was selected to execute transactions for the System Open Market Account ("SOMA").
[2015-01-28] Foreign real GDP growth appeared to increase slightly in the fourth quarter. In the euro area, retail sales, car registrations, and industrial production through November were above their third-quarte
[2015-01-28] 4. The Committee authorizes the Selected Bank to undertake transactions of the type described in paragraphs 1, 2, and 5 of the Authorization for Foreign Currency Operations and foreign exchange and in
[2015-01-28] Total nonfarm payroll employment expanded in December and the gains for October and November were revised up, putting the increase for the fourth quarter above that for the third quarter. The unemploy
[2015-01-28] The U.S. international trade deficit narrowed substantially in November, with imports declining more than exports. The decrease in the value of imports stemmed in large part from a reduction in the va
[2015-01-28] Trevor A. Reeve, Special Adviser to the Chair, Office of Board Members, Board of Governors
[2015-01-28] Charles L. Evans, President of the Federal Reserve Bank of Chicago, with Loretta J. Mester, President of the Federal Reserve Bank of Cleveland, as alternate
[2015-01-28] 2. The Committee directs the Selected Bank to maintain for the System Open Market Account (subject to the requirements of section 214.5 of Regulation N, Relations with Foreign Banks and Bankers):
[2015-01-28] Penelope A. Beattie,1 Assistant to the Secretary, Office of the Secretary, Board of Governors
[2015-01-28] By unanimous vote, the Committee amended its Program for Security of FOMC Information with changes to how Federal Reserve Banks classify and access Committee information.
[2015-01-28] 3. In order to ensure the effective conduct of open market operations, the Committee authorizes the Selected Bank to operate a program to lend Eligible Securities held in the SOMA to dealers on an ove
[2015-01-28] A. Undertake spot and forward purchases and sales of foreign exchange.
[2015-01-28] Yields on nominal Treasury securities continued to move lower over the intermeeting period, with market expectations of the policy rate path being revised downward, and with term premiums declining, i
[2015-01-28] C. To draw foreign currencies and to permit foreign banks to draw dollars under the arrangements listed in paragraph 2 below, in accordance with the Procedural Instructions with Respect to Foreign Cur
[2015-01-28] C. The manager shall also consult with the Subcommittee or the Chairman about proposed swap drawings by the System.
[2015-01-28] D. To exchange, at market prices, maturing Eligible Securities in the SOMA with an agency of the United States, in the case of Eligible Securities that are direct obligations of that agency or that ar
[2015-01-28] iii. Might generate a substantial volume of trading in a particular currency by the System, even though the change in the System's net position in that currency (as defined in paragraph 1.D of the Aut
[2015-01-28] Participants saw broad-based improvement in labor market conditions over the intermeeting period, including strong gains in payroll employment and a further reduction in the unemployment rate. Some pa
[2015-01-28] The U.S. dollar strengthened against the currencies of most other advanced economies amid investor concerns about growth in those economies as well as increased monetary accommodation in some of them;
[2015-01-28] Dana L. Burnett and Christopher J. Gust, Section Chiefs, Division of Monetary Affairs, Board of Governors
[2015-01-28] Many participants indicated that their assessment of the balance of risks associated with the timing of the beginning of policy normalization had inclined them toward keeping the federal funds rate at
[2015-01-28] C. For such other purposes as may be expressly authorized by the Committee.
[2015-01-28] Janet L. Yellen, Chair William C. Dudley, Vice Chairman Lael Brainard Charles L. Evans Stanley Fischer Jeffrey M. Lacker Dennis P. Lockhart Jerome H. Powell Daniel K. Tarullo John C. Williams
[2015-01-28] Financing conditions in the commercial real estate (CRE) sector stayed accommodative. In the January SLOOS, banks reported that standards continued to ease, on net, for CRE lending and noted stronger
[2015-01-28] 5. Foreign currency holdings shall be invested to ensure that adequate liquidity is maintained to meet anticipated needs and so that each currency portfolio shall generally have an average duration of
[2015-01-28] By unanimous vote, the Committee selected Simon Potter and Lorie K. Logan to serve at the pleasure of the Committee as manager and deputy manager of the SOMA, respectively, on the understanding that t
[2015-01-28] ii. Accept Treasury securities or cash as collateral for any loan of securities authorized in this paragraph 3; and
[2015-01-28] B. In cooperation, as appropriate, with foreign monetary authorities; and
[2015-01-28] With regard to the appropriate setting of the cap for ON RRP operations at the beginning of normalization, the staff reported that testing to date suggested that ON RRP operations have generally been
[2015-01-28] Industrial production rose at a robust pace in the fourth quarter, with a strong increase in manufacturing output and a modest gain in mining output. Automakers' assembly schedules for the first quart
[2015-01-28] Dollar and foreign currency liquidity swap arrangements have no pre-set size limits. Any new swap arrangements shall be referred for review and approval to the Committee. All swap arrangements are sub
[2015-01-28] The pace of housing market activity improved somewhat but remained slow. Starts of new single-family homes increased in December to their highest level since 2008, and permits for new construction als
[2015-01-28] James Bullard, Esther L. George, Loretta J. Mester, and Eric Rosengren, Alternate Members of the Federal Open Market Committee
[2015-01-28] By unanimous vote, the Authorization for Domestic Open Market Operations was approved with two sets of amendments. The first set of amendments aimed at simplifying the language by defining common term
[2015-01-28] STATEMENT ON LONGER-RUN GOALS AND MONETARY POLICY STRATEGY (As amended effective January 27, 2015)
[2015-01-28] B. The aggregate par value of the transactions authorized in this paragraph 2 that are of the type described in paragraph 1.A.i shall not exceed $5 billion per calendar year; and
[2015-01-28] The staff's outlook for economic activity over the first half of 2015 was revised up since December, in part reflecting an anticipated boost to consumer spending from declines in energy prices. Howeve
[2015-01-28] 8. All Federal Reserve Banks shall participate in the foreign currency operations for System Account in accordance with paragraph 3G(1) of the Board of Governors' Statement of Procedure with Respect t
[2015-01-28] Robert L. Hetzel, Senior Economist, Federal Reserve Bank of Richmond
[2015-01-28] Over the intermeeting period, U.S. equity markets were volatile. Option-implied volatility for the S&P 500 index declined, on balance, but remained in the upper half of the range seen over the past ye
[2015-01-28] Staff Economic Outlook The staff estimated that real GDP growth in the second half of 2014 was faster than in the projection prepared for the December meeting, primarily reflecting stronger-than-expec
[2015-01-28] Following the discussion of the testing of term RRP operations, the Committee approved the following resolution on term RRP testing over the end of the first quarter of 2015:
[2015-01-28] B. Maintain reciprocal currency arrangements with foreign central banks in accordance with the Authorization for Foreign Currency Operations.
[2015-01-28] C. In a manner consistent with the obligations of the United States in the International Monetary Fund regarding exchange arrangements under IMF Article IV.
[2015-01-28] A. In close and continuous consultation and cooperation with the United States Treasury;
[2015-01-28] It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, March 17-18, 2015. The meeting adjourned at 12:55 p.m. on January 28, 2015.
[2015-01-28] i. Undertake repo transactions in Eligible Securities with dealers with a corresponding reverse repo transaction in such Eligible Securities with the Customer Accounts; and
[2015-01-28] Blake Prichard, First Vice President, Federal Reserve Bank of Philadelphia
[2015-01-28] When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committe
[2015-01-28] A. All transactions authorized in this paragraph 2 shall be conducted with prior notice to the Committee;
[2015-01-28] Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; Charles L. Evans; Stanley Fischer; Jeffrey M. Lacker; Dennis P. Lockhart; Jero
[2015-01-28] AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS (As amended effective January 27, 2015)