yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2022-01-26] Antulio N. Bomfim, Jane E. Ihrig, Kurt F. Lewis, and Nitish R. Sinha, Special Advisers to the Board, Division of Board Members, Board
[2022-01-26] The manager provided an update on issues related to monetary policy implementation. Reductions in the pace of the Committee's net asset purchases had proceeded smoothly to date and functioning in Trea
[2022-01-26] The Committee intends to review these principles and to make adjustments as appropriate at its annual organizational meeting each January, and to undertake roughly every five years a thorough public r
[2022-01-26] In their discussion, participants reaffirmed that changes in the target range for the federal funds rate are the Committee's primary means for adjusting the stance of monetary policy, as noted in the
[2022-01-26] January 26, 2022 For release at 2:00 p.m. EST Share The Federal Open Market Committee, at its annual organization meeting this week, unanimously reaffirmed its "Statement on Longer-Run Goals and Monet
[2022-01-26] 1. The Committee directs the Federal Reserve Bank selected by the Committee (the "Selected Bank") to execute open market transactions, for the System Open Market Account, in accordance with the provis
[2022-01-26] C. For purposes of this Authorization, the overall volume of standalone spot and forward transactions in foreign currencies is defined as the sum (disregarding signs) of the dollar values of individua
[2022-01-26] Anne Baum, John Clark,2 Spencer Krane, Paolo A. Pesenti, Julie Ann Remache,2 Keith Sill, and Mark L.J. Wright, Senior Vice Presidents, Federal Reserve Banks of New York, New York, Chicago, New York, N
[2022-01-26] Total real government purchases appeared to have fallen in the fourth quarter. Al­though available data suggested that real federal purchases rose, indicators of real state and local government purcha
[2022-01-26] ii. The Committee authorizes the Subcommittee to direct the Selected Bank in advance to execute the operation if it would result in the overall volume of standalone spot and forward transactions in fo
[2022-01-26] B. Standing dollar liquidity swap arrangements with the following foreign central banks:
[2022-01-26] A. The Selected Bank shall manage all holdings of foreign currencies for the System Open Market Account:
[2022-01-26] Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board; Sally Davies, Deputy Director, Division of International Finance, Board; Rochelle M. Edge, Deputy Director, Division of M
[2022-01-26] The manager turned next to a discussion of international financial market developments. Sovereign yields increased across advanced foreign economies (AFEs), reportedly driven by receding concerns abou
[2022-01-26] 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
[2022-01-26] Alyssa Arute, Manager, Division of Reserve Bank Operations and Payment Systems, Board
[2022-01-26] C. The Subcommittee, in consultation with the Committee, may provide additional instructions to the Selected Bank regarding holdings of foreign currencies.
[2022-01-26] In discussing the statement, the Chair noted that, consistent with previous communications, a formal framework review would commence in 2024 and conclude in 2025. That timing would allow perspectives
[2022-01-26] 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
[2022-01-26] In light of elevated inflation pressures and the strong labor market, participants continued to judge that the Committee's net asset purchases should be concluded soon. Most participants preferred to
[2022-01-26] ii. Accept Treasury securities or cash as collateral for any loan of securities authorized in this paragraph 2; and
[2022-01-26] Short-term funding markets were stable over the intermeeting period. The effective federal funds rate and the Secured Overnight Financing Rate generally held steady at 8 basis points and 5 basis point
[2022-01-26] By unanimous vote, the Committee ratified the Desk's domestic transactions over the intermeeting period. No intervention operations occurred in foreign currencies for the System's account during the i
[2022-01-26] Expectations for the path of the federal funds rate shifted toward earlier rate increases, and interest rate futures priced in an increase in the target range for the federal funds rate at the March F
[2022-01-26] The credit quality of large nonfinancial corporations remained strong over the intermeeting period. The volumes of nonfinancial corporate bond and leveraged loan upgrades exceeded those of downgrades
[2022-01-26] Linda Robertson, Assistant to the Board, Division of Board Members, Board
[2022-01-26] ii. Undertake intra-day repo transactions in Eligible Securities with Foreign Accounts.
[2022-01-26] D. Operations involving standing and temporary dollar liquidity swap arrangements and standing foreign currency liquidity swap arrangements shall generally be directed at countering strains in financi
[2022-01-26] A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held by videoconference on Tuesday, January 25, 2022, at 9:00 a.m. and continued on We
[2022-01-26] 2. The Committee directs the Selected Bank to execute warehousing transactions, if so requested by the United States Treasury and if approved by the Foreign Currency Subcommittee (the "Subcommittee"),
[2022-01-26] Damjan Pfajfar, Mary Tian, and Randall A. Williams, Group Managers, Division of Monetary Affairs, Board
[2022-01-26] D. From time to time, to transmit appropriate reports and information to the National Advisory Council on International Monetary and Financial Policies.
[2022-01-26] It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, March 15–16, 2022. The meeting adjourned at 10:10 a.m. on January 26, 2022.
[2022-01-26] Secretary's note: The Federal Reserve Bank of New York subsequently sent advice that the manager and deputy manager selections indicated previously were satisfactory.
[2022-01-26] John C. Williams, President of the Federal Reserve Bank of New York, with Naureen Hassan, First Vice President of the Federal Reserve Bank of New York, as alternate
[2022-01-26] 1. In general, as specified in Article IV, each member of the IMF undertakes to collaborate with the IMF and other members to assure orderly exchange arrangements and to promote a stable system of exc
[2022-01-26] Jon Faust and Joshua Gallin, Senior Special Advisers to the Chair, Division of Board Members, Board
[2022-01-26] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes; the Board of Governors of the Federal Reserve System is referenced as the "Board" in these minute
[2022-01-26] 3. The Committee directs the Selected Bank to maintain, for the System Open Market Account:
[2022-01-26] i. Undertake repo transactions in Eligible Securities with dealers with a corresponding reverse repo transaction in such Eligible Securities with the Customer Accounts; and
[2022-01-26] B. For standing and temporary dollar liquidity swap arrangements all drawings must be approved in advance by the Chair. The Chair may approve a schedule of potential drawings, and may delegate to the
[2022-01-26] Participants who commented on issues related to financial stability cited a number of factors that could represent potential vulnerabilities to the financial system. A few participants noted that asse
[2022-01-26] Financing conditions for consumer credit remained accommodative for most borrowers, especially those with higher credit scores. Lending standards for nonprime consumers in the credit card market conti
[2022-01-26] Regarding the tough and comprehensive ethics rules for senior officials that were announced in October, the Chair indicated that staff were working through comments received from policymakers and were
[2022-01-26] ii. Undertaken to adjust System balances in light of probable future needs for currencies; or
[2022-01-26] 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
[2022-01-26] Participants noted that their District contacts were reporting that labor demand remained historically strong and that labor supply remained constrained, resulting in a broad shortage of workers acros
[2022-01-26] Notation Vote By notation vote completed on January 4, 2022, the Committee unanimously approved the minutes of the Committee meeting held on December 14–15, 2021.
[2022-01-26] Staff Review of the Financial Situation Over the intermeeting period, easing concerns around the economic effects of the Omicron variant and FOMC communications that were viewed as less accommodative
[2022-01-26] 2. Attended through the discussion of principles for reducing the size of the balance sheet. Return to text
[2022-01-26] David H. Small, Project Manager, Division of Monetary Affairs, Board
[2022-01-26] iii. Managing balances in various time and other deposit accounts at foreign institutions approved by the Board of Governors under Regulation N.
[2022-01-26] Camille Bryan, Senior Project Manager, Division of Monetary Affairs, Board
[2022-01-26] Participants noted that the labor market had made remarkable progress in recovering from the recession associated with the pandemic and, by most measures, was now very strong. Increases in employment
[2022-01-26] Radhika Mithal,2 Markets Officer, Federal Reserve Bank of New York
[2022-01-26] Following the conclusion of the discussion, all participants supported the proposed principles for reducing the size of the balance sheet. The Committee voted unanimously to adopt the Principles for R
[2022-01-26] B. The aggregate par value of the transactions authorized in this paragraph 3 that are of the type described in paragraph 1.A.i, 1.B, 1.C and 1.D shall not exceed $5 billion per calendar year; and
[2022-01-26] The staff's near-term projection for PCE price inflation was revised up relative to December in response to the anticipated slower resolution of supply issues. In particular, the staff continued to ex
[2022-01-26] James A. Clouse, Secretary Matthew M. Luecke, Deputy Secretary Brian J. Bonis, Assistant Secretary Michelle A. Smith, Assistant Secretary Mark E. Van Der Weide, General Counsel Michael Held, Deputy Ge
[2022-01-26] The Committee voted unanimously to approve with minor revisions the Standing Repurchase Agreement Facility Resolution, as shown below. All but one member of the Committee voted to approve with minor r
[2022-01-26] B. To advise the Secretary of the United States Treasury concerning System foreign currency operations, and to consult with the Secretary on policy matters relating to foreign currency operations;
[2022-01-26] 6. Any other operations in foreign currencies for which governance is not otherwise specified in this Authorization (such as foreign exchange swap transactions with private‑sector counterparties) must
[2022-01-26] 4. Committee organizational documents are available at www.federalreserve.gov/monetarypolicy/rules_authorizations.htm. Return to text
[2022-01-26] By unanimous vote, the Committee selected Lorie K. Logan and Patricia Zobel to serve at the pleasure of the Committee as manager and deputy manager of the SOMA, respectively, on the understanding that
[2022-01-26] C. To exchange, at market prices, in connection with a Treasury auction, maturing Eligible Securities in the SOMA with the Treasury, in the case of Eligible Securities that are direct obligations of t
[2022-01-26] 5. The Committee authorizes the Selected Bank to maintain reciprocal currency arrangements established under the North American Framework Agreement, standing dollar liquidity swap arrangements, tempor
[2022-01-26] In order to support the Committee's maximum-employment and price-stability objectives, members agreed to keep the target range for the federal funds rate at 0 to 1/4 percent. With inflation well above
[2022-01-26] Stephanie E. Curcuru,2 Associate Director, Division of International Finance, Board; Eric C. Engstrom and Christopher J. Gust, Associate Directors, Division of Monetary Affairs, Board; Glenn Follette,
[2022-01-26] The vote also encompassed approval of the statement below for release at 2:00 p.m.:
[2022-01-26] C. Standing foreign currency liquidity swap arrangements with the following foreign central banks:
[2022-01-26] Loretta J. Mester, President of the Federal Reserve Bank of Cleveland, with Charles L. Evans, President of the Federal Reserve Bank of Chicago, as alternate
[2022-01-26] In their consideration of the stance of monetary policy, participants agreed that it would be appropriate for the Committee to keep the target range for the federal funds rate at 0 to 1/4 percent in s
[2022-01-26] Financial Developments and Open Market Operations The manager turned first to a review of domestic financial market developments over the intermeeting period. Treasury yields rose across the curve, le
[2022-01-26] The Committee's employment and inflation objectives are generally complementary. However, under circumstances in which the Committee judges that the objectives are not complementary, it takes into acc
[2022-01-26] iii. Subject to reasonable limitations on the total amount of a specific issue of Eligible Securities that may be auctioned; and
[2022-01-26] i. 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
[2022-01-26] AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS (As reaffirmed effective January 25, 2022)
[2022-01-26] ii. Purchasing Permitted Foreign Securities under agreements for repurchase of such Permitted Foreign Securities and selling such securities under agreements for the resale of such securities; and
[2022-01-26] B. In close and continuous cooperation and consultation, as appropriate, with the United States Treasury.
[2022-01-26] Acknowledging that the maximum level of employment consistent with price stability evolves over time, participants expressed a range of views regarding their assessments of current labor market condit
[2022-01-26] Participants discussed the implications of the economic outlook for the likely timing and pace for removing policy accommodation. Compared with conditions in 2015 when the Committee last began a proce
[2022-01-26] Meredith Black, Charles L. Evans, Patrick Harker, Naureen Hassan, and Neel Kashkari, Alternate Members of the Committee
[2022-01-26] The staff provided an update on its assessments of the stability of the financial system and, on balance, characterized the financial vulnerabilities of the U.S. financial system as notable. The staff
[2022-01-26] C. In consultation, as appropriate, with foreign monetary authorities, foreign central banks, and international monetary institutions.
[2022-01-26] Participants agreed that the Committee should reduce the Federal Reserve's securities holdings over time in a predictable manner primarily by adjusting the amounts reinvested of principal payments rec
[2022-01-26] Isaiah C. Ahn, Information Management Analyst, Division of Monetary Affairs, Board
[2022-01-26] Incoming data suggested that foreign economic growth picked up in the fourth quarter of 2021 as economies in emerging Asia bounced back from lockdowns in the third quarter induced by the Delta variant
[2022-01-26] i. Generally directed at countering disorderly market conditions; or
[2022-01-26] Over the intermeeting period, movements in foreign asset prices responded to waning concerns about the Omicron variant's potential economic effects and firming views that monetary accommodation in sev
[2022-01-26] Bank of Canada Bank of England Bank of Japan European Central Bank Swiss National Bank
[2022-01-26] 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
[2022-01-26] 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
[2022-01-26] Patrick Harker, President of the Federal Reserve Bank of Philadelphia, as alternate
[2022-01-26] In their discussion of the household sector, many participants noted that the onset of the Omicron wave had damped consumer demand, particularly for services, with much of the recent weakness concentr
[2022-01-26] 6. The Committee directs the Selected Bank to conduct testing of transactions for the purpose of operational readiness in accordance with the provisions of paragraph 9 of the Authorization.
[2022-01-26] B. The Selected Bank may manage such foreign currency holdings by:
[2022-01-26] James Dolmas, Economic Policy Adviser and Senior Economist, Federal Reserve Bank of Dallas
[2022-01-26] Erik A. Heitfield, Deputy Associate Director, Division of Research and Statistics, Board; Laura Lipscomb and Zeynep Senyuz,2 Deputy Associate Directors, Division of Monetary Affairs, Board
[2022-01-26] Financing conditions for small businesses eased a bit over the intermeeting period. In the January SLOOS, small banks reported easing C&I loan standards to small firms over the fourth quarter. Loan or
[2022-01-26] Shaghil Ahmed, Brian M. Doyle, Carlos Garriga, Joseph W. Gruber, David E. Lebow, Ellis W. Tallman, Geoffrey Tootell, and William Wascher, Associate Economists
[2022-01-26] A. In a manner consistent with the obligations regarding exchange arrangements under Article IV of the Articles of Agreement of the International Monetary Fund (IMF).1
[2022-01-26] iii. Accept agency securities as collateral only for a loan of agency securities authorized in this paragraph 2.
[2022-01-26] In their discussion of the outlook for monetary policy, many participants noted the influence on financial conditions of the Committee's recent communications and viewed these communications as helpfu
[2022-01-26] STANDING FIMA REPURCHASE AGREEMENT RESOLUTION (As amended effective January 25, 2022)
[2022-01-26] Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; James Bullard; Esther L. George; Patrick Harker; Loretta J. Mester;
[2022-01-26] Participants remarked that recent inflation readings had continued to significantly exceed the Committee's longer-run goal and elevated inflation was persisting longer than they had anticipated, refle
[2022-01-26] Changing views about the likely path of the Federal Reserve's balance sheet following the release of the December FOMC minutes seemed to affect longer-term yields. Far forward real yields moved higher
[2022-01-26] RECIPROCAL CURRENCY ARRANGEMENTS, AND STANDING DOLLAR AND FOREIGN CURRENCY LIQUIDITY SWAPS
[2022-01-26] 4. The Committee authorizes the Selected Bank, with the prior approval of the Subcommittee and at the request of the United States Treasury, to conduct swap transactions with the United States Exchang
[2022-01-26] FOREIGN CURRENCY DIRECTIVE (As amended effective January 25, 2022)
[2022-01-26] The path of the economy continues to depend on the course of the virus. Progress on vaccinations and an easing of supply constraints are expected to support continued gains in economic activity and em
[2022-01-26] Participants noted that supply chain bottlenecks and labor shortages had continued to limit businesses' ability to meet strong demand, with these challenges exacerbated by the emergence and spread of
[2022-01-26] ii. At a minimum lending fee consistent with the objectives of the program;
[2022-01-26] The staff continued to judge that the risks to the baseline projection for economic activity were skewed to the downside and that the risks to the inflation projection were skewed to the upside. In pa
[2022-01-26] STANDING REPURCHASE AGREEMENT FACILITY RESOLUTION (As amended effective January 25, 2022)
[2022-01-26] Monetary policy actions tend to influence economic activity, employment, and prices with a lag. In setting monetary policy, the Committee seeks over time to mitigate shortfalls of employment from the
[2022-01-26] The Federal Open Market Committee (FOMC) is firmly committed to fulfilling its statutory mandate from the Congress of promoting maximum employment, stable prices, and moderate long-term interest rates
[2022-01-26] Participants' Views on Current Conditions and the Economic Outlook In their discussion of current economic conditions, participants noted that indicators of economic activity and employment had contin
[2022-01-26] Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board voted unanimously to maintain the interest rate paid on reserve balances at 0.15 perc
[2022-01-26] In the residential mortgage market, financing conditions remained accommodative, particularly for borrowers who met standard conforming loan criteria. In the January SLOOS, banks reported easing lendi
[2022-01-26] Employment, inflation, and long-term interest rates fluctuate over time in response to economic and financial disturbances. Monetary policy plays an important role in stabilizing the economy in respon
[2022-01-26] ï»¿ The Fed - Monetary Policy: Skip to main content An official website of the United States Government Here's how you know Official websites use .gov A .gov website belongs to an official government
[2022-01-26] STATEMENT ON LONGER-RUN GOALS AND MONETARY POLICY STRATEGY (As reaffirmed effective January 25, 2022)
[2022-01-26] A. All transactions authorized in this paragraph 3 shall be conducted with prior notice to the Committee;
[2022-01-26] 3. The Committee authorizes the Selected Bank to undertake transactions of the type described in paragraphs 1 and 2 from time to time for the purpose of testing operational readiness, subject to the f
[2022-01-26] In domestic credit markets, financing conditions for nonfinancial firms remained broadly accommodative. Gross issuance of corporate bonds and leveraged loans remained solid but slowed somewhat in Dece
[2022-01-26] 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
[2022-01-26] Michael G. Palumbo, Senior Associate Director, Division of Research and Statistics, Board
[2022-01-26] Participants agreed that it was appropriate at this time for the Committee to publish its high-level principles for reducing the size of the Federal Reserve's balance sheet. They also agreed that it w
[2022-01-26] With regard to the economic outlook, participants agreed that the Omicron wave of the pandemic would weigh on economic activity in the first quarter of 2022. Indeed, sectors of the economy that are pa
[2022-01-26] Kenneth C. Montgomery, Interim President of the Federal Reserve Bank of Boston
[2022-01-26] A. Reciprocal currency arrangements with the following foreign central banks:
[2022-01-26] Total nonfarm payroll employment posted a moderate gain in December. The unemployment rate declined from 4.2 percent in November to 3.9 percent in December. The unemployment rate for African Americans
[2022-01-26] Committee Policy Action In their discussion of monetary policy for this meeting, members agreed that indicators of economic activity and employment had continued to strengthen. They noted that the sec
[2022-01-26] Etienne Gagnon2 and Andrew Meldrum, Assistant Directors, Division of Monetary Affairs, Board
[2022-01-26] 5. The Committee authorizes the Chair 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 of t
[2022-01-26] 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