yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2020-09-16] Several participants noted that while they agreed it was appropriate to incorporate key elements of the consensus statement into the postmeeting statement, they preferred to retain forward guidance si
[2020-09-16] Voting for this action: Jerome H. Powell, John C. Williams, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Patrick Harker, Loretta J. Mester, and Randal K. Quarles.
[2020-09-16] Participants noted that financial conditions were generally accommodative and that actions by the Federal Reserve, including the establishment of emergency lending facilities in conjunction with the T
[2020-09-16] Sally Davies and Brian M. Doyle, Deputy Directors, Division of International Finance, Board of Governors; Rochelle M. Edge, Deputy Director, Division of Monetary Affairs, Board of Governors; Michael T
[2020-09-16] "Thomas and I started working together 20 years ago. He had just arrived at the Board from the Kansas City Fed, and I had returned from my stint at the Council of Economic Advisers. And it was truly s
[2020-09-16] A couple of participants preferred even stronger, and less qualified, outcome-based forward guidance that they judged would more clearly convey the Committee's commitment to its objectives and to the
[2020-09-16] Jon Faust, Senior Special Adviser to the Chair, Division of Board Members, Board of Governors
[2020-09-16] By notation vote completed on August 27, 2020, the Committee unanimously approved updates to its Statement on Longer-Run Goals and Monetary Policy Strategy. In conjunction with the notation vote, all
[2020-09-18] For-Profit Frequently Asked Questions (September 18, 2020) (PDF)
[2020-09-18] The revised FAQs were developed with the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency.
[2020-09-18] The program supports lending to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the COVID-19 pandemic but lack access to credit o
[2020-09-18] The Federal Reserve Board on Friday updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury's expectations regarding lender underwriting for the Main Street Lendi
[2020-09-18] Also, the Federal Reserve Bank of Boston anticipates that the Main Street program will begin accepting loans made to multiple co-borrowers when that functionality is deployed next week. In anticipatio
[2020-10-07] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on September 15–16, 2020. A summary of economic projections mad
[2020-10-07] The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Re
[2020-10-07] Minutes of the Federal Open Market Committee September 15-16, 2020: HTML | PDF
[2020-10-07] FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
[2020-10-13] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from August 24 through September 16, 2020.
[2020-10-30] Updated Term Sheet: Nonprofit Organization Expanded Loan Facility
[2020-10-30] The Federal Reserve Board on Friday adjusted the terms of the Main Street Lending Program in two important ways to better target support to smaller businesses that employ millions of workers and are f
[2020-10-30] The Main Street Lending Program supports lending to small and medium-sized for-profit businesses and nonprofit organizations that were in sound financial condition before the COVID-19 pandemic but lac
[2020-10-30] To date, the Main Street program has made almost 400 loans totaling $3.7 billion, providing support to businesses from a wide range of industries. The program was established with the approval of the
[2020-10-30] FAQ: Do PPP loans count as "outstanding debt" for purposes of Main Street? (PDF)
[2020-11-05] The Federal Reserve's balance sheet increased modestly over the intermeeting period to $7.2 trillion, as growth in securities holdings was partially offset by a decline in U.S. dollar liquidity swaps
[2020-11-05] Staff Review of the Financial Situation Financial market sentiment was little changed over the intermeeting period against the backdrop of evolving U.S. election and fiscal outlooks, as well as rising
[2020-11-05] Discussion on Recommended Changes to the Summary of Economic Projections Participants considered two recommendations from the subcommittee on communications for changes to the Summary of Economic Proj
[2020-11-05] In their discussion regarding the role of the Committee's asset purchases, participants noted that these purchases have supported and sustained smooth market functioning and helped foster accommodativ
[2020-11-05] All members reaffirmed that, in accordance with the Committee's goals to achieve maximum employment and inflation at the rate of 2 percent over the longer run and with inflation running persistently b
[2020-11-05] PRESENT: Jerome H. Powell, Chair John C. Williams, Vice Chair Michelle W. Bowman Lael Brainard Richard H. Clarida Patrick Harker Robert S. Kaplan Loretta J. Mester Randal K. Quarles
[2020-11-05] Kartik B. Athreya, Joseph W. Gruber, Glenn D. Rudebusch, Daleep Singh, and Christopher J. Waller, Executive Vice Presidents, Federal Reserve Banks of Richmond, Kansas City, San Francisco, New York, an
[2020-11-05] The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have continued to recover but remain well below
[2020-11-05] Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors voted unanimously to leave the interest rates on required and excess res
[2020-11-05] The credit quality of nonfinancial corporations continued to show signs of stabilization. The volume of downgrades to corporate bonds and leveraged loans fell to pre-pandemic levels through September.
[2020-11-05] In their comments about inflation, participants noted that some consumer prices had increased more quickly than expected in recent months but that broader price trends were still quite soft. The uptur
[2020-11-05] Participants continued to see the uncertainty surrounding the economic outlook as quite elevated, with the path of the economy highly dependent on the course of the virus; on how individuals, business
[2020-11-05] Participants agreed that monetary policy was providing substantial accommodation, and most concurred that, with the federal funds rate at the ELB, much of that accommodation was due to the Committee's
[2020-11-05] Yields on two-year nominal Treasury securities were little changed over the intermeeting period, while longer-term yields increased modestly, on net, reportedly reflecting market participants' reasses
[2020-11-05] Economic activity abroad rebounded sharply in the third quarter following a rollback of pandemic-related restrictions. GDP levels, however, generally remained well below their pre-pandemic peaks, with
[2020-11-05] Respondents to the Desk's surveys generally expected the Federal Reserve's purchases of Treasury securities and agency mortgage-backed securities (MBS) to continue at the current pace through the end
[2020-11-05] 2. Attended through the discussion on asset purchases. Return to text
[2020-11-05] Participants' Views on Current Conditions and the Economic Outlook Participants noted that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States and around
[2020-11-05] Housing-sector activity advanced in the third quarter, with real residential investment and home sales both moving above their first‑quarter levels. Activity in this sector was likely being supported
[2020-11-05] Participants noted that business equipment investment had also picked up. A few participants expected the momentum in investment to extend into next year as the economic recovery continued, while a co
[2020-11-05] In their consideration of monetary policy at this meeting, participants reaffirmed the Federal Reserve's commitment to using its full range of tools in order to support the U.S. economy during this ch
[2020-11-05] The nominal U.S. international trade deficit narrowed in September after widening in August. Both exports and imports continued to rebound from their collapse in the first half of the year. Goods impo
[2020-11-05] It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, December 15–16, 2020. The meeting adjourned at 10:05 a.m. on November 5, 2020.
[2020-11-05] The participants' discussion was preceded by staff presentations. The staff reviewed some key considerations relevant for conducting asset purchases in the current environment. The staff judged that t
[2020-11-05] William F. Bassett, Antulio N. Bomfim, Wendy E. Dunn, Kurt F. Lewis, Ellen E. Meade, and Chiara Scotti, Special Advisers to the Board, Division of Board Members, Board of Governors
[2020-11-05] Real PCE rose strongly in the third quarter, though the increase was not sufficient to return consumer spending to its pre-pandemic level. Real disposable personal income declined, reflecting a large
[2020-11-05] Total nonfarm payroll employment expanded strongly in September, but the gain was markedly below the even larger increases seen in previous months. Through September, payroll employment had retraced o
[2020-11-05] Market participants' expectations for the path of the federal funds rate were little changed over the intermeeting period. In the Open Market Desk's Survey of Primary Dealers and Survey of Market Part
[2020-11-05] Business fixed investment expanded strongly, led by an outsized increase in third-quarter equipment spending. By contrast, spending on nonresidential structures continued to move lower and was likely
[2020-11-05] In the staff's medium-term projection, the assumption that significant additional fiscal support would not be enacted pointed to a lower trajectory for aggregate demand going forward. However, recent
[2020-11-05] Brian J. Bonis, Michiel De Pooter, Zeynep Senyuz,2 and Rebecca Zarutskie,2 Assistant Directors, Division of Monetary Affairs, Board of Governors; Paul Lengermann, Assistant Director, Division of Resea
[2020-11-05] The staff continued to observe that the uncertainty related to the future course of the pandemic and its consequences for the economy was high. The staff also continued to view the risks to the econom
[2020-11-05] Participants remarked that the Committee's action in September to provide more explicit outcome-based forward guidance for the federal funds rate had been an important step to affirm the Committee's s
[2020-11-05] Gregory L. Stefani, First Vice President, Federal Reserve Bank of Cleveland
[2020-11-05] Discussion on Asset Purchases Participants discussed the FOMC's asset purchases, including the role they are playing in supporting the Committee's maximum-employment and price-stability goals. In thei
[2020-11-05] Shaghil Ahmed, Rochelle M. Edge, David E. Lebow, Ellis W. Tallman, William Wascher, and Mark L.J. Wright, Associate Economists
[2020-11-05] A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Wednesday, November 4, 2020, at 9:00 a.m. and continued on Thursday, November 5, 2020, at
[2020-11-05] The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to
[2020-11-05] Financing conditions in capital markets continued to be broadly accommodative over the intermeeting period, supported by low interest rates and high equity valuations. With historically low corporate
[2020-11-05] By notation vote completed on October 6, 2020, the Committee unanimously approved the minutes of the Committee meeting held on September 15–16, 2020.
[2020-11-05] James Bullard, Esther L. George, and Eric Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively
[2020-11-05] Participants commented on considerations related to the appropriate pace and composition of asset purchases. Participants generally saw the current pace and composition as effective in fostering accom
[2020-11-05] Alex Richter, Senior Economist and Advisor, Federal Reserve Bank of Dallas
[2020-11-05] Linda Robertson, Assistant to the Board, Division of Board Members, Board of Governors
[2020-11-05] The effective federal funds rate stood at 9 basis points, unchanged from the average over the previous intermeeting period. The Secured Overnight Financing Rate averaged 8 basis points, edging down fr
[2020-11-05] The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
[2020-11-05] Sally Davies and Brian M. Doyle, Deputy Directors, Division of International Finance, Board of Governors; Michael T. Kiley, Deputy Director, Division of Financial Stability, Board of Governors
[2020-11-05] Randall A. Williams, Lead Information Manager, Division of Monetary Affairs, Board of Governors
[2020-11-05] Broad stock price indexes increased, on balance, over the intermeeting period amid volatility associated with market participants' reactions to news on the U.S. election, the pandemic's trajectory, an
[2020-11-05] Members agreed that, in assessing the appropriate stance of monetary policy, they would continue to monitor the implications of incoming information for the economic outlook and that they would be pre
[2020-11-05] A number of participants commented on various potential risks to financial stability. A few participants noted that the banking system showed considerable resilience through the end of the third quart
[2020-11-05] Most of the participants who commented noted that releasing all SEP materials at the time of the postmeeting statement would provide greater context for the policy decision, highlight the risk-managem
[2020-11-05] 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
[2020-11-05] Conditions in short-term funding markets remained stable over the intermeeting period. Spreads on commercial paper (CP) and negotiable certificates of deposit across different tenors were little chang
[2020-11-05] The staff provided an update on its assessment of the stability of the financial system. The staff judged that, accounting for low interest rates, asset valuations appeared moderate, with measures of
[2020-11-05] Alyssa G. Anderson,2 Benjamin K. Johannsen,2 and Matthew Malloy,2 Section Chiefs, Division of Monetary Affairs, Board of Governors; Penelope A. Beattie,2 Section Chief, Office of the Secretary, Board
[2020-11-05] Participants noted that financial conditions were generally accommodative and that actions by the Federal Reserve, including the establishment of emergency lending facilities with the approval of and,
[2020-11-05] Staff Economic Outlook In the U.S. economic projection prepared by the staff for the November FOMC meeting, the rate of real GDP growth and the pace of declines in the unemployment rate over the secon
[2020-11-05] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2020-11-05] Growth in both total industrial production and manufacturing output turned negative in September after having slowed markedly in August. Part of the softness in manufacturing production appeared to be
[2020-11-05] Ann E. Misback, Secretary, Office of the Secretary, Board of Governors
[2020-11-05] Arsenios Skaperdas,2 Senior Economist, Division of Monetary Affairs, Board of Governors
[2020-11-05] Financing conditions for small businesses remained tight as a result of the pandemic. Small business loan originations dropped off sharply in August after a temporary boost from PPP distributions over
[2020-11-05] The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term,
[2020-11-05] Committee Policy Action In their discussion of monetary policy for this meeting, members agreed that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States a
[2020-11-05] By unanimous vote, the Committee ratified the Desk's domestic transactions over the intermeeting period. There were no intervention operations in foreign currencies for the System's account during the
[2020-11-05] In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adj
[2020-11-05] Joshua Gallin, Special Adviser to the Chair, Division of Board Members, Board of Governors
[2020-11-05] Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Daly; Patrick Harker; Robert S. Kaplan;
[2020-11-05] The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19
[2020-11-05] The vote also encompassed approval of the statement below for release at 2:00 p.m.:
[2020-11-05] Satyajit Chatterjee, Mark J. Jensen, Dina Marchioni,2 Matthew D. Raskin,2 and Patricia Zobel, Vice Presidents, Federal Reserve Banks of Philadelphia, Atlanta, New York, New York, and New York, respect
[2020-11-05] Notation Votes By notation vote completed on September 30, 2020, the Committee unanimously approved the selection of Trevor Reeve to serve as economist and Rochelle Edge to serve as associate economis
[2020-11-05] Matthias Paustian, Assistant Director and Chief, Division of Research and Statistics, Board of Governors
[2020-11-05] Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board of Governors; Michael S. Gibson, Director, Division of Supervision and Regulation, Board of Governors; And
[2020-11-05] Investor sentiment abroad turned negative over the intermeeting period amid rising COVID-19 case counts, newly adopted restrictions aimed at containing the spread of the virus, and indicators pointing
[2020-11-05] Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly, Charles L. Evans, and Michael Strine, Alternate Members of the Federal Open Market Committee
[2020-11-05] Participants commented on how a higher level of reserves associated with the expansion in the Federal Reserve's asset holdings might affect the banking sector and money markets. A few participants rai
[2020-11-05] Michele Cavallo, Dobrislav Dobrev, Anna Orlik, and Judit Temesvary,2 Principal Economists, Division of Monetary Affairs, Board of Governors
[2020-11-05] Participants observed that the economy had registered a rapid though incomplete rebound, with third-quarter real GDP rising at an annual rate of 33 percent, reflecting gains across consumer spending,
[2020-11-05] The expected path for the federal funds rate over the next few years, as implied by a straight read of overnight index swap quotes, was little changed, on net, since the September FOMC meeting and rem
[2020-11-05] Commercial and industrial (C&I) loans on banks' balance sheets continued to decline through September, reflecting a mix of weak origination activity and the repayment of credit-line draws from earlier
[2020-11-05] Developments in Financial Markets and Open Market Operations The System Open Market Account (SOMA) manager first discussed developments in financial markets. Financial conditions were little changed,
[2020-11-05] Ron Feldman, First Vice President, Federal Reserve Bank of Minneapolis
[2020-11-05] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2020-11-05] The rapid increase over recent weeks of new COVID‑19 cases in several AFEs, especially in Europe, prompted governments to reintroduce restrictions to rein in this renewed wave of infections. In late O
[2020-11-05] Total PCE price inflation was 1.4 percent over the 12 months ending in September and continued to be held down by relatively weak aggregate demand and the declines in consumer energy prices seen earli
[2020-11-05] The manager turned next to a discussion of financial market functioning, open market operations, and conditions in short-term funding markets. Markets for Treasury securities and agency MBS continued
[2020-11-05] The September FOMC statement indicated that asset purchases will continue "over coming months," and participants viewed this guidance for asset purchases as having served the Committee well so far. Mo
[2020-11-05] Marnie Gillis DeBoer, David López-Salido, and Min Wei, Associate Directors, Division of Monetary Affairs, Board of Governors; Glenn Follette, Associate Director, Division of Research and Statistics, B
[2020-11-05] Overall, the broad dollar index was little changed over the intermeeting period. The dollar appreciated modestly against most AFE currencies except the Japanese yen and the British pound. Several Asia
[2020-11-05] Staff Review of the Economic Situation The coronavirus pandemic and the measures undertaken to contain its spread continued to affect economic activity in the United States and abroad. The information
[2020-11-05] Participants noted that it would be important for the Committee's guidance for future asset purchases to be consistent with the Committee's forward guidance for the federal funds rate so that the use
[2020-11-05] Financing conditions in the residential mortgage market were little changed over the intermeeting period. Mortgage rates remained near historical lows, supporting high volumes of both home-purchase an
[2020-11-05] In consumer credit markets, conditions remained accommodative for borrowers with relatively strong credit scores but continued to be tight for borrowers with subprime credit scores. Banks in the Octob
[2020-11-05] Jon Faust, Senior Special Adviser to the Chair, Division of Board Members, Board of Governors
[2020-11-05] At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until instructed otherwise, to execute transactions in the SOMA in accordance wit
[2020-11-05] Spencer Krane, Antoine Martin,2 Paolo A. Pesenti, and Nathaniel Wuerffel,2 Senior Vice Presidents, Federal Reserve Banks of Chicago, New York, New York, and New York, respectively
[2020-11-05] Voting for this action: Jerome H. Powell, John C. Williams, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Mary C. Daly, Patrick Harker, Robert S. Kaplan, Loretta J. Mester, and Randal K. Quar
[2020-11-05] "Effective November 6, 2020, the Federal Open Market Committee directs the Desk to:
[2020-11-05] Michael G. Palumbo, Senior Associate Director, Division of Research and Statistics, Board of Governors
[2020-11-05] Minutes of the Federal Open Market Committee November 4-5, 2020 A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Wednesday, November 4, 20
[2020-11-05] Total real government purchases declined in the third quarter. Federal nondefense purchases fell especially sharply, largely reflecting a step‑down in lender processing fees associated with the Payche
[2020-11-05] For commercial real estate (CRE) financed through capital markets, financing conditions remained accommodative over the intermeeting period. Spreads on agency CMBS were narrow, and issuance was very s
[2020-11-05] 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. The unemployment
[2020-11-05] Daniel Cooper, Senior Economist and Policy Advisor, Federal Reserve Bank of Boston