yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2009-01-01] liaison with retailers suggested that household spending had softened somewhat in july but had been better in august.
[2009-01-01] should market conditions appear to warrant the resumption of schedule 1 tslf or top auctions, the account manager is to consult with the chairman and, if possible, the board and the federal open marke
[2009-01-01] while measures of asset quality had weakened and expenses for bad and doubtful debts had risen, overall asset quality remained strong by international standards.
[2009-01-01] demand had, until then, been sustained by very strong growth in real gross domestic income, which had been boosted by the strong rise in the terms of trade.
[2009-01-01] even so, corporate bond spreads remained extremely high by historical standards.
[2009-01-01] although the projected degree of slack in resource utilization over the next two years was a little lower than shown in the previous staff forecast, it was still quite substantial.
[2009-01-01] many banks were due to report their 2008 results soon, and any evidence of larger losses than expected by the markets could cause further financial market volatility.
[2009-01-01] measures of core inflation had also drifted downwards, and were now a little below medium-term targets in a number of the advanced economies.
[2009-01-01] market contacts had attributed at least some of the rise to news about the scale of the increased government borrowing revealed in the budget.
[2009-01-01] one member said that the member was previously concerned about the possibility that the recovery in production might slow in summer 2009, but acknowledged that production had turned out to be slightly
[2009-01-01] in addition, the british government launched its asset protection scheme, which insured assets placed in the scheme by the royal bank of scotland and lloyds bank.
[2009-01-01] many members said that global financial markets remained unstable.
[2009-01-01] some meeting participants noted that the announced decrease in the balance in the treasury's supplementary financing account (sfa) would increase reserves in the banking system unless it were offset b
[2009-01-01] it was likely to continue increasing for the time being due to the implementation of various economic measures.
[2009-01-01] money market spreads had fallen to low levels in the major markets and also in australia, where they were now only a little above pre-crisis levels.
[2009-01-01] The expansion of M2 had declined substantially since late spring, apparently in part as a result of the widening opportunity costs of holding assets in M2 stemming from higher market interest rates an
[2009-01-01] accordingly, the staff had revised their growth forecasts upwards.
[2009-01-01] for the advanced economies as a whole, budget deficits had increased more quickly, and by a larger amount, than in previous downturns, reflecting the synchronised nature of the current downturn and th
[2009-01-01] international trade in emerging market economies picked up, supported by chinese demand, while demand from advanced economies still appeared weak.
[2009-01-01] looking at government finances, the australian government's fiscal package announced in february would provide significant stimulus to the economy over the next two years.
[2009-01-01] rates on jumbo loans came down as well, although the spread between the rates on jumbo and conforming loans was still wide and the market for private-label nonprime mbs remained impaired.
[2009-01-01] members also agreed that risks to the outlook were still tilted to the downside and uncertainty surrounding the outlook for the global economy remained high.
[2009-01-01] as for credit demand, firms' demand for working capital and funds for fixed investment had declined, and some firms had reduced on-hand liquidity that they had accumulated.
[2009-01-01] interest rates on cp with low ratings had been at relatively high levels as investors were highly selective about the issues they purchased, but those on cp with high ratings had declined, generally t
[2009-01-01] the recent data on consumer price inflation were a little above staff expectations, but still indicated a slower increase in core prices compared with those of earlier in the year.
[2009-01-01] meanwhile, the deceleration of economic growth in india had come to a halt.
[2009-01-01] under these circumstances, the committee judged that the costs of growth turning out to be weaker than anticipated could be relatively high.
[2009-01-01] (3) the government would like the bank, based on its economic assessment above and taking full account of the government's policy efforts, to continue to support the economy by conducting monetary pol
[2009-01-01] in such an environment, households' saving behavior was an important source of uncertainty in the outlook.
[2009-01-01] 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. "
[2009-01-01] in the united kingdom, data over the month had been consistent with the committee’s expectation of a significant contraction in activity in the fourth quarter of 2008.
[2009-01-01] the july trade data provided additional evidence that the levels of both exports and imports probably reached their trough in the second quarter.
[2009-01-01] The expansion in economic activity was anticipated to slowly reduce the slack in labor and product markets over the projection period, and progress in reducing the unemployment rate was expected to be
[2009-01-01] since the committee met in november, the federal reserve's total assets were about unchanged, at nearly $2.2 trillion, as the increase in the system's holdings of securities roughly matched a further
[2009-01-01] they expressed the view that the functioning of the cp and corporate bond markets had been recovering steadily.
[2009-01-01] some members, referring to the increasing number of items for which prices had declined, expressed the view that attention should be paid to the possibility that the impact of the deterioration in the
[2009-01-01] recent increases in house prices and equity prices were positives, but participants generally expected no more than moderate growth in consumer spending over the near term.
[2009-01-01] the committee’s central projection was for inflation to fall well below the 2% target in the medium term.
[2009-01-01] The behavior of inflation had been unexpectedly benign for an extended period of time for reasons that were not fully understood.
[2009-01-01] The behavior of the monetary aggregates will continue to be evaluated in the light of progress toward price level stability, movements in their velocities, and developments in the economy and financia
[2009-01-01] The average rate of growth of CRE loans at banks continued to be strong in October and November.
[2009-01-01] the contraction was reflected in widespread declines in payroll employment and industrial production.
[2009-01-01] however, in europe, yield spreads to german government bonds had widened, most notably for greek government bonds, following a ratings announcement, as well as concerns over greek banks' reliance on f
[2009-01-01] internationally, spreads in money markets had continued to fall and were now clearly below the levels that had prevailed shortly before the collapse of lehman brothers last september.
[2009-01-01] The Committee expects that, with further gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace in the medium term and labor market conditions will rema
[2009-01-01] in signs of improving credit market conditions, us corporate bond issuance had been high in the past two months across the rating spectrum.
[2009-01-01] on the other hand, it was possible that the substantial scale of the economic stimulus in train could prompt a rapid rebound in economic activity.
[2009-01-01] banks were raising new capital and in some cases paying back funds received from the troubled asset relief program.
[2009-01-01] despite the resumption of growth, there remained significant spare capacity in the advanced economies as evidenced by the high levels of unemployment and low levels of measures of capacity utilisation
[2009-01-01] this return to home markets appeared to have been quite pronounced.
[2009-01-01] 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 System Account
[2009-01-01] in particular, underlying inflation was still, on the latest data, above the target and, while current forecasts suggested it would fall in the coming year, the expected trough in inflation was signif
[2009-01-01] however, the level of yields on semis had nonetheless fallen to low levels.
[2009-01-01] according to third-quarter call report data, unused loan commitments shrank for the seventh consecutive quarter, though the rate of decline slowed, especially for commitments to lend to businesses.
[2009-01-01] these moves likely reflected a number of factors, including investors' perceptions of an improvement in the economic outlook, decreased concerns about the risk of deflation, a reversal of flight-to-qu
[2009-01-01] owing to the limited availability of agency debt and concerns that larger purchases could impair market functioning, the committee's transactions in these instruments for some time had been on a traje
[2009-01-01] some members highlighted factors behind such developments in emerging economies, as follows.
[2009-01-01] issuance of government-guaranteed debt by banks in the united states and australia had continued to be very strong.
[2009-01-01] members discussed how large a reduction in bank rate was appropriate this month.
[2009-01-01] one member said that if deflation was defined as a continued decline in prices, the bank should explain to the public that such a situation was in line with the bank's assessment of price developments
[2009-01-01] the inventory cycle was expected to contribute to growth, after the subtractions brought on by the rapid de-stocking in the march quarter.
[2009-01-01] many members shared the view that financial conditions in japan had remained tight as a whole despite improved issuing conditions for cp and corporate bonds.
[2009-01-01] the latest set of indicators suggested that gdp was likely to have fallen again in the march quarter.
[2009-01-01] The explanations included a decline in inflation risk premiums, possibly reflecting a lower perceived probability of higher inflation outcomes
[2009-01-01] Some participants noted that additional asset purchases could be used to provide more accommodation by lowering longer-term interest rates.
[2009-01-01] the federal reserve, the bank of japan and the bank of england had continued to use unconventional monetary measures.
[2009-01-01] government incentives for motor vehicle purchases contributed to a modest expansion of the german and french economies, but the euro-area economy as a whole contracted slightly as inventory drawdowns
[2009-01-01] consumer loans held by banks also shrank, amid heavy securitization.
[2009-01-01] In the housing sector, demand had continued to display appreciable strength in recent months in association with relatively moderate mortgage rates and very positive consumer assessments of homebuying
[2009-01-01] data on the global economy suggested that prospects for all the major regions of the world were improving, though some more noticeably than others.
[2009-01-01] there were also arguments in favour of a programme of purchases towards the upper end of the range.
[2009-01-01] the aggregate return on equity had fallen over the past year, partly owing to increases in banks' capital ratios.
[2009-01-01] the year-on-year decline in the cpi (excluding fresh food) had accelerated, mainly due to the prices of petroleum products being lower than the high levels of a year earlier, in addition to the substa
[2009-01-01] Members expected to maintain an accommodative stance of monetary policy until those outcomes were achieved.
[2009-01-01] the high level of equity raisings in the september quarter in australia had led to a marked reduction in corporate gearing ratios, which were now down to around 65 per cent.
[2009-01-01] The available data for October suggested that the contribution of the change in net exports to real GDP growth in the fourth quarter would be much less negative than the drag of nearly 2 percentage po
[2009-01-01] it was likely that this, in part, reflected increased expectations of gilt purchases for monetary policy purposes.
[2009-01-01] they would be reviewed following receipt of the national accounts data for the december quarter.
[2009-01-01] The expansion of M3 picked up over September and October, reflecting a strong acceleration in its non-M2 component that was associated with strong inflows to institutional money market funds and stepp
[2009-01-01] home prices continued to be on a declining trend, and housing investment and business fixed investment had been contracting noticeably.
[2009-01-01] other participants were prepared to purchase longer-term treasury securities if evolving circumstances were to indicate that such transactions would be particularly effective in improving conditions i
[2009-01-01] a few members said that firms still saw the number of their employees as excessive - although to a lesser extent, according to the results of the december tankan -- and it would take time for employme
[2009-01-01] private consumption was likely to remain generally weak amid the severe employment and income situation, with the exception of durable goods consumption, which would be supported by the effects of var
[2009-01-01] members noted that the level of industrial production had fallen back to that of 25 years ago.
[2009-01-01] Weaker demand and significantly lower oil prices were holding down consumer price inflation.
[2009-01-01] the wide range of economic data considered by the board generally pointed to some improvement in confidence and economic activity in a number of countries.
[2009-01-01] single-family starts ticked up in february, and adjusted permit issuance in this sector moved up to a level slightly above starts.
[2009-01-01] despite the weakening labour market, wages, as measured by average earnings in the national accounts, had risen by around 6 per cent over 2008, well above its recent average.
[2009-01-01] some businesses had probably sought to offset some of the increases in the costs of imports by cutting back on their wage bills.
[2009-01-01] Members cited greater, albeit still occasional, indications of heightened worker demands in labor negotiations that likely were encouraged in part by ample job opportunities.
[2009-01-01] the federal reserve is facilitating the extension of credit to households and businesses and supporting the functioning of financial markets through a range of liquidity programs.
[2009-01-01] some members referred to the fact that fixed investment plans for fiscal 2009 had been revised downward in survey results released in june, and commented that firms were being cautious about investing
[2009-01-01] the run of regular data releases reviewed by the board covered the business, household and housing sectors, the labour market, and prices and wages.
[2009-01-01] twelve-month inflation remained elevated but declined further in mexico and brazil.
[2009-01-01] these members continued that japan's export environment had started to improve, as shown by, for example, the slight improvement in japanese manufacturers' forecasts of future overseas supply-demand c
[2009-01-01] Members also expressed concern about the potential for an increase in inflation expectations given highly stimulative macroeconomic policies and economic growth that seemed to be gathering momentum.
[2009-01-01] moreover, some noted a risk that expected inflation might actually increase to an undesirably high level if the public does not understand that the federal reserve's liquidity facilities will be wound
[2009-01-01] they concluded that developments in private consumption warranted conservative forecasting.
[2009-01-01] some forward-looking indicators of investment in e&s improved, suggesting that conditions had become less adverse than earlier in the year.
[2009-01-01] in the cp market, issuing conditions had been favorable: issuance rates on some high-rated cp had been below yields on government bills, and those on low-rated cp had been below their levels seen just
[2009-01-01] while this had been largely driven by domestic demand in these economies, reflecting strong economic stimulus, there were also recent signs of a pick-up in their exports.
[2009-01-01] the chairman first provided the following explanation for calling an unscheduled monetary policy meeting.
[2009-01-01] commercial property seemed to be a key point of weakness in several countries.
[2009-01-01] the fact that bank rate had been cut from 5% in september to 2% meant that there was a substantial monetary stimulus already in the system.
[2009-01-01] some other members commented that uncertainty about corporate financing had decreased as japan's economy had started to pick up.
[2009-01-01] gdp growth was expected to be quite strong for the september quarter, although not as rapid as in the june quarter.
[2009-01-01] based on this discussion, members concurred that it was appropriate to properly communicate the following consensus views to the public.
[2009-01-01] some members, however, expressed the opinion that, with the unemployment rate at a high level, consumer spending other than car purchases and business fixed investment had remained weak.
[2009-01-01] in contrast, yields on nominal 10-year treasury securities edged higher on balance.
[2009-01-01] meanwhile, u.s. and european stock prices increased somewhat in response to the announcement of financial stabilization measures by the u.s. authorities.
[2009-01-01] in china, retail sales and fixed-asset investment rose strongly.
[2009-01-01] they also agreed that, although business fixed investment had declined substantially and private consumption had remained generally weak, public investment had increased, exports and production had pi
[2009-01-01] the moderation in core pce prices was widespread across categories of goods and services.
[2009-01-01] but the extent to which the downward pressures on inflation would be offset by the boost to import prices from the lower exchange rate was uncertain.
[2009-01-01] however, other participants anticipated that talf loans would increase over time as financial market institutions became more familiar with the program.
[2009-01-01] moreover, the bank continued to conduct u.s. dollar funds-supplying operations against pooled collateral and on january 8, 2009 started to conduct special funds-supplying operations to facilitate corp
[2009-01-01] prior to the mpc meeting there had been some recovery to nearly $50 per barrel, but they had fallen back on the first day of the meeting.
[2009-01-01] members concluded on balance that the global economy was most likely on a sustained, if modest, recovery path, though it was still too soon to be confident of this assessment.
[2009-01-01] a number of committee members noted that one consequence of additional asset purchases would be to bring forward the point at which the extraordinary degree of stimulus could begin to be withdrawn, if
[2009-01-01] real gross domestic product (gdp) rose in the third quarter in japan, the euro area, and canada, and the pace of contraction in the united kingdom moderated substantially.
[2009-01-01] In the residential real estate sector, home sales and construction had increased from very low levels, and house prices appeared to be stabilizing.
[2009-01-01] the ons estimated that gdp had fallen by 0.8% in 2009 q2, following a 2.4% decline in the previous quarter.
[2009-01-01] such operations were a natural extension of the committee’s usual monetary policy operations.
[2009-01-01] accordingly, members judged the current stance of monetary policy to be consistent with fostering sustainable growth and low inflation, while leaving adequate flexibility to respond to developments as
[2009-01-01] The effects of reduced monetary and fiscal policy stimulus were expected to be counterbalanced by continued low long-term interest rates and an abatement of energy-related headwinds.
[2009-01-01] the amount outstanding of bank lending, especially to large firms, had continued to increase at a relatively fast pace, although the pace of increase had slowed.
[2009-01-01] the large falls in employment in recent months had led to a rise in the unemployment rate to 8½ per cent in march, although there were signs that the rate of deterioration in the labour market had sta
[2009-01-01] house prices (as measured by the average of the lenders’ indices) had fallen by 1.0% in april, consistent with a further easing in house price deflation, and remained around 20% below their october 20
[2009-01-01] a different member added that if demand for services started to plunge, a possible consequent fall in services prices, which had remained stable for a long time, might cause households' medium- to lon
[2009-01-01] the continuing decline in the outstanding stock of rmbs had seen spreads in the secondary market decline considerably, such that investors were now seeking new issues at prices that were economic for
[2009-01-01] members noted that indicators of the domestic economy over the past month had again been better than expected.
[2009-01-01] the main news in relation to inflation over the past month was the release of the wage price index for the december quarter, which indicated an increase of 1.2 per cent in the quarter and 4.3 per cent
[2009-01-01] in corporate bond markets, issuance in the united states had slowed in april following its high level in the march quarter.
[2009-01-01] The associated range for growth of total domestic nonfinancial sector debt was provisionally set at 3 to 7 percent for 1999.
[2009-01-01] outside of those sectors, spending declined a bit further in the third quarter, although not as steeply as it had earlier in the year.
[2009-01-01] one member, however, expressed the view that if the recovery of advanced economies was delayed, growth in overseas demand would remain weak, making it unlikely, for the time being, that the chinese ec
[2009-01-01] the government would, taking into account the opinions of people in all social groups, do its best to prevent further economic deterioration and to help the economy overcome the current crisis.
[2009-01-01] household income was likely to continue decreasing substantially for the time being, mainly due to the lagged effects of the earlier drop in corporate profits and production.
[2009-01-01] however, they also agreed that the outlook continued to be attended by a significant level of uncertainty since it would be greatly dependent on the improvement in overseas economies.
[2009-01-01] this had occurred relatively early in the business cycle and lending rates in many cases would soon be at generational lows.
[2009-01-01] and special factors, including liquidity risk premiums, that might be influencing the pricing of Treasury Inflation-Protected Securities and inflation derivatives.
[2009-01-01] the possibility of a substantial further retrenchment by the household sector was perhaps one of the biggest downside risks facing the economy.
[2009-01-01] most members said that financial conditions remained generally tight, as evidenced by the fact that the polarization of funding conditions continued between firms with high and low credit ratings, and
[2009-01-01] looking at monetary policy settings around the world, members noted that market expectations were for the european central bank to lower its policy rate later in the week.
[2009-01-01] private-sector price measures had strengthened further in june, and the abs data showed a very strong increase in the june quarter after being relatively weak in the march quarter.