yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2016-01-27] Voting for this action: Janet L. Yellen, William C. Dudley, Lael Brainard, James Bullard, Stanley Fischer, Esther L. George, Loretta J. Mester, Jerome H. Powell, Eric Rosengren, and Daniel K. Tarullo.
[2016-01-27] Growth of consumer spending appeared to have slowed in the fourth quarter, with the December data showing a decline in nominal retail sales and a step-down in purchases of new motor vehicles from the
[2016-01-27] By unanimous vote, the Committee amended its Program for Security of FOMC Information (Program) with four sets of changes. These changes consisted of (1) a clarification that all Federal Reserve perso
[2016-01-27] Housing sales and construction continued to trend up though the end of 2015, extending the gradual recovery in the housing sector. In participants' reports on economic conditions in their Districts, s
[2016-01-27] 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
[2016-01-27] Eric C. Engstrom, Adviser, Division of Research and Statistics, Board of Governors
[2016-01-27] Glenn Follette, Assistant Director, Division of Research and Statistics, Board of Governors
[2016-01-27] D. To maintain an overall open position in all foreign currencies not exceeding $25.0 billion. For this purpose, the overall open position in all foreign currencies is defined as the sum (disregarding
[2016-01-27] Participants discussed whether their current assessments of economic conditions and the medium-term outlook warranted either increasing the target range for the federal funds rate at this meeting or a
[2016-01-27] Australian dollars Brazilian reais Canadian dollars Danish kroner euro Japanese yen Korean won Mexican pesos New Zealand dollars Norwegian kroner Pounds sterling Singapore dollars Swedish kronor Swiss
[2016-01-27] Robert L. Hetzel, Senior Economist, Federal Reserve Bank of Richmond
[2016-01-27] 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,
[2016-01-27] Several participants noted that monetary policy was less well positioned to respond effectively to shocks that reduce inflation or real activity than to upside shocks, and that waiting for additional
[2016-01-27] D. Maintain standing foreign currency liquidity swap arrangements with foreign banks in accordance with the Authorization for Foreign Currency Operations.
[2016-01-27] Min Wei, Deputy Associate Director, Division of Monetary Affairs, Board of Governors
[2016-01-27] 1. For the reciprocal currency arrangements authorized in paragraphs 2.A of the Authorization for Foreign Currency Operations:
[2016-01-27] Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee currently expects that, with gradual adjustments in the stance of monetary po
[2016-01-27] AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS (As amended effective January 26, 2016)
[2016-01-27] Penelope A. Beattie,2 Assistant to the Secretary, Office of the Secretary, Board of Governors
[2016-01-27] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2016-01-27] Minutes of the Federal Open Market Committee January 26-27, 2016 A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of th
[2016-01-27] Janet L. Yellen, Chair William C. Dudley, Vice Chairman Lael Brainard James Bullard Stanley Fischer Esther L. George Loretta J. Mester Jerome H. Powell Eric Rosengren Daniel K. Tarullo
[2016-01-27] In discussing the appropriate path for the target range for the federal funds rate over the medium term, members agreed that it would be important to closely monitor global economic and financial deve
[2016-01-27] i. Undertake repo transactions in Eligible Securities with dealers with a corresponding reverse repo transaction in such Eligible Securities with the Customer Accounts; and
[2016-01-27] Participants expressed a range of views regarding the balance of risks to the medium-term economic outlook and its implications for the conduct of monetary policy. Most participants indicated that it
[2016-01-27] A. Undertake spot and forward purchases and sales of foreign exchange.
[2016-01-27] In assessing whether economic conditions had improved sufficiently to warrant a further increase in the target range for the federal funds rate at this meeting, members agreed that labor market data h
[2016-01-27] Credit conditions for residential mortgages were little changed over the intermeeting period. Credit remained tight for borrowers with low credit scores, hard-to-document income, or high debt-to-incom
[2016-01-27] Financing conditions in consumer credit markets were little changed over the intermeeting period and remained accommodative on balance. Consumer loan balances continued to rise at a robust pace in the
[2016-01-27] Todd E. Clark,4 Deborah L. Leonard, Keith Sill, and Mark A. Wynne, Vice Presidents, Federal Reserve Banks of Cleveland, New York, Philadelphia, and Dallas, respectively
[2016-01-27] Given the economic outlook, the Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting
[2016-01-27] 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
[2016-01-27] Credit continued to be broadly available in the commercial real estate (CRE) sector. The growth of CRE loans on banks' balance sheets remained strong in the fourth quarter, and issuance of commercial
[2016-01-27] 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;
[2016-01-27] iv. Subject to reasonable limitations on the amount of Eligible Securities that each borrower may borrow.
[2016-01-27] A. In close and continuous consultation and cooperation with the United States Treasury;
[2016-01-27] 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
[2016-01-27] C. The manager shall also consult with the Subcommittee or the Chairman about proposed swap drawings by the System.
[2016-01-27] FOREIGN CURRENCY DIRECTIVE (As reaffirmed effective January 26, 2016)
[2016-01-27] All Committee members but one voted to adopt the revised statement. Although Mr. Bullard supported the statement without the changes and agreed that the Committee's inflation goal is symmetric, he dis
[2016-01-27] William B. English, Senior Special Adviser to the Board, Office of Board Members, Board of Governors
[2016-01-27] The staff viewed the uncertainty around its January projections for real GDP growth, the unemployment rate, and inflation as similar to the average of the past 20 years. The risks to the forecast for
[2016-01-27] Esther L. George, President of the Federal Reserve Bank of Kansas City, with Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, as alternate
[2016-01-27] James Bullard, President of the Federal Reserve Bank of St. Louis, with Robert S. Kaplan, President of the Federal Reserve Bank of Dallas, as alternate
[2016-01-27] 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
[2016-01-27] The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of ro
[2016-01-27] ii. Would result in a change on any day in the System's net position in a single foreign currency exceeding $150 million, or $300 million when the operation is associated with repayment of swap drawin
[2016-01-27] 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 over the i
[2016-01-27] The staff's forecast for inflation in the near term was revised down slightly, reflecting recent data for consumer prices and the further declines in the price of crude oil; the projection for inflati
[2016-01-27] Information received since the Federal Open Market Committee met in December suggests that labor market conditions improved further even as economic growth slowed late last year. Household spending an
[2016-01-27] Bank of Canada Bank of England Bank of Japan European Central Bank Swiss National Bank
[2016-01-27] A broad range of indicators showed ongoing improvement in labor market conditions. Most notably, increases in nonfarm payroll employment were quite strong during the final three months of 2015. Althou
[2016-01-27] Staff Economic Outlook In the economic projection prepared by the staff for the January FOMC meeting, real GDP growth in the fourth quarter of last year was estimated to have been markedly slower than
[2016-01-27] C. The outstanding amount of the transactions described in paragraph 1.A.ii shall not exceed $5 billion at any given time.
[2016-01-27] iii. Accept agency securities as collateral only for a loan of agency securities authorized in this paragraph 3.
[2016-01-27] 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
[2016-01-27] In many foreign economies, real GDP growth in the fourth quarter appeared to continue at a pace roughly similar to that in the third quarter. In contrast, economic growth weakened in Canada, in part b
[2016-01-27] Nellie Liang, Director, Office of Financial Stability Policy and Research, Board of Governors
[2016-01-27] 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):
[2016-01-27] B. In cooperation, as appropriate, with foreign monetary authorities; and
[2016-01-27] 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
[2016-01-27] 4. It shall be the normal practice to arrange with foreign central banks for the coordination of foreign currency transactions. In making operating arrangements with foreign central banks on System ho
[2016-01-27] Jeffrey M. Lacker, Dennis P. Lockhart, and John C. Williams, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively
[2016-01-27] James A. Clouse and William R. Nelson, Deputy Directors, Division of Monetary Affairs, Board of Governors; Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board of Governors
[2016-01-27] Consistent with the decline in the expected path of the federal funds rate, yields on nominal Treasury securities moved lower over the intermeeting period. Part of the decline likely also reflected an
[2016-01-27] Eric M. Engen, Senior Associate Director, Division of Research and Statistics, Board of Governors; Beth Anne Wilson, Senior Associate Director, Division of International Finance, Board of Governors
[2016-01-27] Committee Policy Action In their discussion of monetary policy for the period ahead, members judged that information received since the Committee met in December suggested that labor market conditions
[2016-01-27] By unanimous vote, the Authorization for Domestic Open Market Operations was approved with a nonsubstantive amendment that changed terminology used in paragraph 4.B.ii, related to the provision of int
[2016-01-27] The U.S. international trade deficit narrowed in November, as imports fell more than exports. The value of exports declined to its lowest level since the beginning of 2012. The decrease in imports was
[2016-01-27] It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, March 15-16, 2016. The meeting adjourned at 12:25 p.m. on January 27, 2016.
[2016-01-27] Staff Review of the Financial Situation Domestic financial conditions tightened over the intermeeting period, as turmoil in Chinese financial markets and lower oil prices contributed to concerns about
[2016-01-27] 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.
[2016-01-27] Participants expressed a range of views regarding the advantages and disadvantages of including fan charts in the SEP. On the one hand, these charts would enhance the Committee's communications by pro
[2016-01-27] STATEMENT ON LONGER-RUN GOALS AND MONETARY POLICY STRATEGY (As amended effective January 26, 2016)
[2016-01-27] With regard to including a fan chart to illustrate the uncertainty surrounding the path of the policy interest rate, a fan chart for the federal funds rate might be helpful in explaining that future m
[2016-01-27] Total real government purchases appeared to be about flat in the fourth quarter. Federal government spending for defense moved roughly sideways. State and local government payrolls increased somewhat
[2016-01-27] ii. Undertake intra-day repo transactions in Eligible Securities with Foreign Accounts.
[2016-01-27] 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:
[2016-01-27] Total nonfarm payroll employment increased substantially in December, and the monthly pace of job gains in the fourth quarter as a whole was faster than in the third quarter. The unemployment rate rem
[2016-01-27] 4. Attended the discussion of potential enhancements to the Summary of Economic Projections. Return to text
[2016-01-27] 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:
[2016-01-27] AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS (As reaffirmed effective January 26, 2016)
[2016-01-27] Samuel Schulhofer-Wohl, Senior Vice President, Federal Reserve Bank of Minneapolis
[2016-01-27] C. For such other purposes as may be expressly authorized by the Committee.
[2016-01-27] Michael S. Gibson, Director, Division of Banking Supervision and Regulation, Board of Governors
[2016-01-27] Regarding the foreign economic outlook, it was noted that the slowdown in China's industrial sector and the decline in global commodity prices could restrain economic activity in the EMEs and other co
[2016-01-27] 1. System operations in foreign currencies shall generally be directed at countering disorderly market conditions, provided that market exchange rates for the U.S. dollar reflect actions and behavior
[2016-01-27] C. Maintain standing dollar liquidity swap arrangements with foreign banks in accordance with the Authorization for Foreign Currency Operations.
[2016-01-27] The vote also encompassed approval of the statement below to be released at 2:00 p.m.:
[2016-01-27] A. Adjust somewhat in exceptional circumstances the stance of monetary policy and to take actions that may result in material changes in the composition and size of the assets in the SOMA; or
[2016-01-27] 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
[2016-01-27] ii. At a minimum lending fee consistent with the objectives of the program;
[2016-01-27] 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
[2016-01-27] C. Standing foreign currency liquidity swap arrangements with the following foreign banks:
[2016-01-27] Financing conditions for nonfinancial businesses remained accommodative for firms of higher credit quality but tightened somewhat for riskier firms. Investment-grade bond issuance stayed robust, while
[2016-01-27] A. To adjust System balances in light of probable future needs for currencies.
[2016-01-27] Linda Robertson, Assistant to the Board, Office of Board Members, Board of Governors
[2016-01-27] 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"), to the exten
[2016-01-27] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2016-01-27] The manager noted that the staff was in the process of evaluating the current framework for foreign reserves management and considering a possible restructuring of the documents governing the framewor
[2016-01-27] 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
[2016-01-27] In assessing the medium-term outlook, participants discussed the extent to which the recent turbulence in global financial markets might restrain U.S. economic activity. While acknowledging the possib
[2016-01-27] Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors took no action to change the interest rates on reserves or discount rate
[2016-01-27] B. 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, if the Chairman believes tha
[2016-01-27] 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
[2016-01-27] i. As an outright operation with securities dealers and foreign and international accounts maintained at the Selected Bank: on a same-day or deferred delivery basis (including such transactions as are
[2016-01-27] At the end of the Committee's annual disposition of organizational matters, participants considered a revised Statement on Longer-Run Goals and Monetary Policy Strategy. The proposed revisions would c
[2016-01-27] 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 for a te
[2016-01-27] PROCEDURAL INSTRUCTIONS WITH RESPECT TO FOREIGN CURRENCY OPERATIONS (As reaffirmed effective January 26, 2016)
[2016-01-27] 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.
[2016-01-27] ii. Accept Treasury securities or cash as collateral for any loan of securities authorized in this paragraph 3; and
[2016-01-27] 2. The Committee authorizes the Selected Bank to undertake transactions of the type described in paragraph 1 from time to time for the purpose of testing operational readiness, subject to the followin
[2016-01-27] Etienne Gagnon, Section Chief, Division of Monetary Affairs, Board of Governors
[2016-01-27] William C. Dudley, President of the Federal Reserve Bank of New York, with Michael Strine, First Vice President of the Federal Reserve Bank of New York, as alternate
[2016-01-27] A. Reciprocal currency arrangements with the following foreign banks:
[2016-01-27] Trevor A. Reeve, Special Adviser to the Chair, Office of Board Members, Board of Governors
[2016-01-27] B. Standing dollar liquidity swap arrangements with the following foreign banks:
[2016-01-27] Robert deV. Frierson, Secretary of the Board, Office of the Secretary, Board of Governors
[2016-01-27] 5. Committee organizational documents are available at www.federalreserve.gov/monetarypolicy/rules_authorizations.htm. Return to text
[2016-01-27] i. Reject bids that, as determined in its sole discretion, could facilitate a bidder's ability to control a single issue;
[2016-01-27] Broad U.S. equity price indexes declined sharply over the intermeeting period, exhibiting a high correlation with movements in crude oil prices and foreign equity indexes. Domestic equity indexes were
[2016-01-27] Any such adjustment described in subparagraph A of this paragraph 5 shall be made in the context of the Committee's discussion and decision about the stance of policy at its most recent meeting and th
[2016-01-27] E. Cooperate in other respects with central banks of other countries and with international monetary institutions.
[2016-01-27] Participants also discussed a range of issues related to financial market developments. Almost all participants cited a number of recent events as indicative of tighter financial conditions in the Uni
[2016-01-27] Participants' Views on Current Conditions and the Economic Outlook In their discussion of the economic situation and the outlook, meeting participants saw the information received over the intermeetin
[2016-01-27] Andrew Figura, Ann McKeehan,2 David Reifschneider, and Stacey Tevlin, Special Advisers to the Board, Office of Board Members, Board of Governors
[2016-01-27] Global financial market conditions deteriorated sharply in January, as recent developments in Chinese financial markets and the further decrease in crude oil prices appeared to increase concerns about
[2016-01-27] The Committee's decision to raise the target range for the federal funds rate to 1/4 to 1/2 percent at the December meeting was widely anticipated in financial markets and elicited little reaction in
[2016-01-27] Thomas A. Connors, Troy Davig, Michael P. Leahy, Jonathan P. McCarthy, Stephen A. Meyer, Ellis W. Tallman, and William Wascher, Associate Economists
[2016-01-27] Brian F. Madigan, Secretary Matthew M. Luecke, Deputy Secretary David W. Skidmore, Assistant Secretary Michelle A. Smith, Assistant Secretary Scott G. Alvarez, General Counsel Thomas C. Baxter, Deputy
[2016-01-27] In considering the outlook for economic activity, participants weighed the divergent signals from recent strength in the labor market and the modest increase in real GDP suggested by the available dat
[2016-01-27] B. To hold balances of, and to have outstanding forward contracts to receive or to deliver, the foreign currencies listed in paragraph A above.
[2016-01-27] 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
[2016-01-27] A. All transactions authorized in this paragraph 2 shall be conducted with prior notice to the Committee;
[2016-01-27] By unanimous vote, the Federal Reserve Bank of New York was selected to execute transactions for the System Open Market Account (SOMA).
[2016-01-27] 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
[2016-01-27] A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, January
[2016-01-27] Developments in Financial Markets, Open Market Operations, and Policy Normalization The SOMA manager reported on developments in domestic and foreign financial markets, including changes in the expect
[2016-01-27] 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