yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2018-12-19] Participants discussed ideas for effectively communicating to the public the Committee's data-dependent approach, including options for transitioning away from forward guidance language in future post
[2018-12-19] 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
[2018-12-19] The staff expected both total and core PCE price inflation to be just a touch below 2 percent in 2018, with total inflation revised down a bit because of recent declines in consumer energy prices. Cor
[2018-12-19] Roc Armenter,3 Kathryn B. Chen,3 Jonathan L. Willis, and Patricia Zobel,3 Vice Presidents, Federal Reserve Banks of Philadelphia, New York, Kansas City, and New York, respectively
[2018-12-19] Nominal Treasury yields fell considerably over the period, with the declines most pronounced in longer-dated maturities and contributing to a flattening of the yield curve. The spread between 10- and
[2018-12-19] Information received since the Federal Open Market Committee met in November indicates that the labor market has continued to strengthen and that economic activity has been rising at a strong rate. Jo
[2018-12-19] PRESENT: Jerome H. Powell, Chairman John C. Williams, Vice Chairman Thomas I. Barkin Raphael W. Bostic Michelle W. Bowman Lael Brainard Richard H. Clarida Mary C. Daly Loretta J. Mester Randal K. Quar
[2018-12-19] Participants agreed that labor market conditions had remained strong. Payrolls continued to grow at an above-trend rate in November, and measures of labor market tightness such as rates of job opening
[2018-12-19] Mark A. Carlson,2 Senior Economic Project Manager, Division of Monetary Affairs, Board of Governors
[2018-12-19] Voting for this action: Jerome H. Powell, John C. Williams, Thomas I. Barkin, Raphael W. Bostic, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Mary C. Daly, Loretta J. Mester, and Randal K. Q
[2018-12-19] Participants observed that both overall and core PCE price inflation remained near 2 percent on a 12-month basis, but that core inflation had edged lower in recent months. A few participants noted tha
[2018-12-19] To support the Committee's decision to raise the target range for the federal funds rate, the Board of Governors voted unanimously to raise the interest rates on required and excess reserve balances t
[2018-12-19] Against this backdrop, U.S. stock prices were down nearly 8 percent on the period. Risk spreads on corporate bonds widened appreciably, with market participants reportedly focusing on the potential im
[2018-12-19] Participants supported a plan to implement another technical adjustment to the IOER rate that would place it 10 basis points below the top of the target range for the federal funds rate. This adjustme
[2018-12-19] Concerns over escalating trade tensions, global growth prospects, and the sustainability of corporate earnings growth were among the factors that appeared to contribute to a significant drop in U.S. e
[2018-12-19] James A. Clouse, Secretary Matthew M. Luecke, Deputy Secretary David W. Skidmore, Assistant Secretary Michelle A. Smith, Assistant Secretary Mark E. Van Der Weide, General Counsel Michael Held, Deputy
[2018-12-19] In the commercial real estate (CRE) sector, financing conditions remained accommodative. Commercial mortgage-backed securities (CMBS) spreads widened slightly over the intermeeting period but remained
[2018-12-19] In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 2-1/4 to 2‑1/2 percent.
[2018-12-19] Developments in Financial Markets and Open Market Operations The SOMA manager reviewed developments in financial markets over the intermeeting period. Asset prices were volatile in recent weeks, repor
[2018-12-19] Financing conditions for nonfinancial firms remained accommodative, on net, though funding conditions for capital markets tightened somewhat as spreads on nonfinancial corporate bonds widened to near
[2018-12-19] 4. Attended the discussion of financial developments and open market operations through the close of the meeting. Return to text
[2018-12-19] Real residential investment appeared to be declining further in the fourth quarter, likely reflecting in part the effects of the rise in mortgage interest rates over the past year on the affordability
[2018-12-19] Short-term funding markets functioned smoothly over the intermeeting period. Elevated levels of Treasury bills outstanding have continued to put upward pressure on money market rates. The EFFR held st
[2018-12-19] The staff noted that during the transition to a long-run operating regime with excess reserves below current levels, the effective federal funds rate (EFFR) could begin to rise a little above the inte
[2018-12-19] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2018-12-19] Andrea Ajello and Alyssa G. Anderson,3 Principal Economists, Division of Monetary Affairs, Board of Governors
[2018-12-19] With regard to the outlook for monetary policy beyond this meeting, participants generally judged that some further gradual increases in the target range for the federal funds rate would most likely b
[2018-12-19] Brian M. Doyle, Joseph W. Gruber, Ellen E. Meade, and John M. Roberts, Special Advisers to the Board, Office of Board Members, Board of Governors
[2018-12-19] Several participants noted that business fixed investment remained solid despite a slowdown in the third quarter, as more recent data pointed to a rebound in investment spending. Business contacts in
[2018-12-19] Members generally judged that the economy had been evolving about as they had anticipated at the previous meeting. Though financial conditions had tightened and global growth had moderated, members ge
[2018-12-19] Fabrizio Perri, Monetary Advisor, Federal Reserve Bank of Minneapolis
[2018-12-19] Participants commented on a number of risks associated with their outlook for economic activity, the labor market, and inflation over the medium term. Various factors that could pose downside risks fo
[2018-12-19] Staff Economic Outlook With some stronger-than-expected incoming data on economic activity and the recent tightening in financial conditions, particularly the decline in equity prices, the U.S. econom
[2018-12-19] Contacts in many Districts continued to report tight labor markets with difficulties finding qualified workers. In some cases, firms were responding to these difficulties by using various types of non
[2018-12-19] In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum emp
[2018-12-19] Notation Vote By notation vote completed on November 28, 2018, the Committee unanimously approved the minutes of the Committee meeting held on November 7-8, 2018.
[2018-12-19] Todd E. Clark, Evan F. Koenig, Antoine Martin, and Julie Ann Remache,3 Senior Vice Presidents, Federal Reserve Banks of Cleveland, Dallas, New York, and New York, respectively
[2018-12-19] With regard to the postmeeting statement, members agreed to modify the phrase "the Committee expects that further gradual increases" to read "the Committee judges that some further gradual increases."
[2018-12-19] Arsenios Skaperdas,3 Economist, Division of Monetary Affairs, Board of Governors
[2018-12-19] Michael Dotsey, Sylvain Leduc, Daniel G. Sullivan, Geoffrey Tootell, and Christopher J. Waller, Executive Vice Presidents, Federal Reserve Banks of Philadelphia, San Francisco, Chicago, Boston, and St
[2018-12-19] Voting for the FOMC monetary policy action were: Jerome H. Powell, Chairman; John C. Williams, Vice Chairman; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida
[2018-12-19] In their consideration of monetary policy at this meeting, participants generally judged that the economy was evolving about as anticipated, with real economic activity rising at a strong rate, labor
[2018-12-19] Linda Robertson, Assistant to the Board, Office of Board Members, Board of Governors
[2018-12-19] Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Presidents of the Federal Reserve Banks of Philadelphia, Dallas, and Minneapolis, respectively
[2018-12-19] Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee judges that some further gradual increases in the target range for the federa
[2018-12-19] Industrial production expanded, on net, over October and November. Output increased in the mining and utilities sectors, while manufacturing production edged down on balance. Automakers' assembly sche
[2018-12-19] Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board of Governors; Rochelle M. Edge, Deputy Director, Division of Monetary Affairs, Board of Governors; Michael T. Kiley, Deput
[2018-12-19] The deterioration in market sentiment was accompanied by a significant downward revision in the expected path of the federal funds rate based on federal funds futures quotes. In addition, futures-base
[2018-12-19] Participants discussed options for maintaining control of interest rates should upward pressures on money market rates emerge during the transition to a regime with lower excess reserves. Several part
[2018-12-19] Total nonfarm payroll employment expanded further in November, and job gains were strong, on average, over recent months. The national unemployment rate remained at a very low level of 3.7 percent, an
[2018-12-19] AFE sovereign yields declined significantly, reflecting decreases in U.S. bond yields and weaker-than-expected euro-area and U.K. economic data. Measures of inflation compensation generally fell, part
[2018-12-19] Steven A. Sharpe, Deputy Associate Director, Division of Research and Statistics, Board of Governors; Jeffrey D. Walker,2 Deputy Associate Director, Division of Reserve Bank Operations and Payment Sys
[2018-12-19] Edward Nelson, Senior Adviser, Division of Monetary Affairs, Board of Governors
[2018-12-19] David Altig, Kartik B. Athreya, Thomas A. Connors, David E. Lebow, Trevor A. Reeve, William Wascher, and Beth Anne Wilson, Associate Economists
[2018-12-19] Penelope A. Beattie,5 Assistant to the Secretary, Office of the Secretary, Board of Governors
[2018-12-19] Donielle A. Winford, Information Management Analyst, Division of Monetary Affairs, Board of Governors
[2018-12-19] Participants' Views on Current Conditions and the Economic Outlook In conjunction with this FOMC meeting, members of the Board of Governors and Federal Reserve Bank presidents submitted their projecti
[2018-12-19] 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
[2018-12-19] Growth in real private expenditures for business equipment and intellectual property looked to be picking up solidly in the fourth quarter after moderating in the previous quarter. Nominal shipments o
[2018-12-19] Private-sector analysts revised down their projections for year-ahead corporate earnings a bit. In many cases, nonfinancial firms' earnings reports suggested that tariffs were a salient concern in the
[2018-12-19] Participants emphasized that the Committee's approach to setting the stance of policy should be importantly guided by the implications of incoming data for the economic outlook. They noted that their
[2018-12-19] In assessing the economic outlook, participants noted the contrast between the strength of incoming data on economic activity and the concerns about downside risks evident in financial markets and in
[2018-12-19] In discussing the transition to a long-run operating regime, participants commented on the advantages and disadvantages of allowing reserves to decline to a level that could put noticeable upward pres
[2018-12-19] Don Kim, Adviser, Division of Monetary Affairs, Board of Governors
[2018-12-19] Staff Review of the Economic Situation The information reviewed for the December 18-19 meeting indicated that labor market conditions continued to strengthen in recent months and that real GDP growth
[2018-12-19] Foreign economic growth continued at a moderate pace in the third quarter, as a pickup in emerging market economies (EMEs) roughly offset slowing growth in advanced foreign economies (AFEs). Among EME
[2018-12-19] The Committee directs the Desk to continue rolling over at auction the amount of principal payments from the Federal Reserve's holdings of Treasury securities maturing during each calendar month that
[2018-12-19] Remarks by Federal Reserve officials over the intermeeting period were interpreted by market participants as signaling a shift in the stance of policy toward a more gradual path of federal funds rate
[2018-12-19] Antulio N. Bomfim, Special Adviser to the Chairman, Office of Board Members, Board of Governors
[2018-12-19] It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, January 29-30, 2019. The meeting adjourned at 10:50 a.m. on December 19, 2018.
[2018-12-19] In their discussion of financial developments, participants agreed that financial markets had been volatile and financial conditions had tightened over the intermeeting period, as equity prices declin
[2018-12-19] In their discussion of the household sector, participants generally characterized real PCE growth as remaining strong. Participants pointed to a number of factors that were supporting consumer spendin
[2018-12-19] After assessing current conditions and the outlook for economic activity, the labor market, and inflation, members decided to raise the target range for the federal funds rate to 2-1/4 to 2-1/2 percen
[2018-12-19] 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, Decembe
[2018-12-19] The deputy manager followed with a discussion of money market developments and open market operations. After a fast narrowing of the spread between the IOER rate and the EFFR before the November meeti
[2018-12-19] Household spending continued to increase at a strong pace in recent months. Real PCE growth was brisk in October, and the components of the nominal retail sales used by the Bureau of Economic Analysis
[2018-12-19] 3. Attended through the discussion of the long-run monetary policy implementation frameworks. Return to text
[2018-12-19] The staff viewed the uncertainty around its projections for real GDP growth, the unemployment rate, and inflation as similar to the average of the past 20 years. The staff also saw the risks to the fo
[2018-12-19] Over the intermeeting period, foreign financial markets were affected by perceived increases in downside risks to the global growth outlook and ongoing uncertainty about trade relations between the Un
[2018-12-19] Samuel Schulhofer-Wohl,2 Senior Economist and Research Advisor, Federal Reserve Bank of Chicago
[2018-12-19] Jon Faust, Senior Special Adviser to the Chairman, Office of Board Members, Board of Governors
[2018-12-19] Participants expected to continue their discussion of long-run implementation frameworks and related issues at upcoming meetings. They reiterated the importance of communicating clearly on the rationa
[2018-12-19] Financing conditions in consumer credit markets also remained accommodative. Broad consumer credit grew at a solid pace through September, though October and November saw credit card growth at banks e
[2018-12-19] 2. Attended through the discussion of developments in financial markets and open market operations. Return to text
[2018-12-19] Committee Policy Action In their discussion of monetary policy for the period ahead, members judged that information received since the Committee met in November indicated that the labor market had co
[2018-12-19] Ann E. Misback, Secretary, Office of the Secretary, Board of Governors
[2018-12-19] The vote also encompassed approval of the statement below to be released at 2:00 p.m.:
[2018-12-19] 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
[2018-12-20] The Federal Reserve Board has approved actions on Thursday by the Boards of Directors of the Federal Reserve Banks of New York, Philadelphia, St. Louis, Minneapolis, and Dallas, increasing the discoun
[2019-01-01] wages growth was expected to remain around its recent rate over the forecast period.
[2019-01-01] in their discussion of the household sector, participants noted that recent data on spending had been strong, supported by a strong job market and rising incomes.
[2019-01-01] If, in their quest to reduce macroeconomic risk, policymakers overshoot and ease policy too much, they need to be willing to expeditiously remove at least part of that ease before inflationary pressur
[2019-01-01] investment and exports outside the energy sector, meanwhile, have been negatively affected by trade policy uncertainty and the global slowdown.
[2019-01-01] growth in output in the united states had continued to be supported by strong growth in consumption, while growth in investment appeared to have slowed further.
[2019-01-01] at the same time, some nuances were expressed about individual elements of the policy package.
[2019-01-01] the transmission of higher wages to consumer price inflation was considered to remain a key issue for the medium-term outlook for inflation, with higher wage growth not yet having passed through to pr
[2019-01-01] it was highlighted that domestic demand had so far been rather resilient, underpinned by strong employment and wage growth, favourable lending conditions and support from a very accommodative monetary
[2019-01-01] The recent rebound in oil prices contributed to a strong appreciation of the Canadian dollar, the Brazilian real, and the Mexican peso.
[2019-01-01] And I fully expect it will return to solid growth and a solid labor market as well.
[2019-01-01] more generally, the northern territory had a relatively young population and high labour market participation rates.
[2019-01-01] growth in the second quarter appears to be stronger than predicted due to some temporary factors, including the reversal of weather-related slowdowns in the first quarter and a surge in oil production
[2019-01-01] While each of the Asian economies is unique in many important respects, the sources of their spectacular growth in recent years, in some cases decades, and the problems that have emerged are relevant
[2019-01-01] in june, preliminary data indicated declining nominal goods exports and imports.
[2019-01-01] in most advanced economies, labour markets had remained tight and wages growth had picked up, while inflation had remained subdued.
[2019-01-01] And I’ll discuss the thinking behind today’s interest rate reduction and then turn to the path forward.
[2019-01-01] a different member expressed the opinion that, in a situation where there was no change in the trend of the positive output gap, it was appropriate that the bank maintain the current monetary easing p
[2019-01-01] a different member was of the opinion that, given, for example, that risks concerning the outlook for economic activity had tilted to the downside and early achievement of 2 percent inflation could no
[2019-01-01] in addition, rates on treasury repurchase agreements (repo), were, in part, pushed higher by tax-related outflows from government-only money market mutual funds and a corresponding decline in repo len
[2019-01-01] the bank expects growth to pick up, starting in the second quarter of this year.
[2019-01-01] they favored a stronger action to better address the stubbornly low inflation rates of the past several years, recognizing that the apparent low sensitivity of inflation to levels of resource utilizat
[2019-01-01] household spending will be dampened further by slow growth in oil-producing provinces.
[2019-01-01] So, as you know, the ultimate focus that we have is on the real economy: maximum employment and price stability.
[2019-01-01] the projection for total inflation in 2020 was a little lower than for core inflation due to a projected decline in consumer energy prices.
[2019-01-01] consumer spending has been choppy, but will be supported by solid income growth.
[2019-01-01] as well, transportation constraints and rising production have combined to push up oil inventories in the west and exert even more downward pressure on canadian benchmark prices.
[2019-01-01] however, members noted that significant uncertainties around the forecasts remained, with scenarios where an increase in the cash rate would be appropriate at some point and other scenarios where a de
[2019-01-01] auto loans increased, consistent with significant declines in auto loan interest rates this year.
[2019-01-01] One participant suggested that the economic projections would be more understandable if they were based on a common interest rate path.
[2019-01-01] consumption will be underpinned by strong growth in employment income.
[2019-01-01] economic activity in russia and brazil had been recovering moderately, mainly on the back of stable inflation rates.
[2019-01-01] Together these structural changes would imply that the economy can now operate at a lower unemployment rate and at a higher growth rate than previously without inflationary consequences.
[2019-01-01] any adjustment to the portfolio allocation across jurisdictions would be gradual and would be calibrated as appropriate to safeguard orderly market conditions.
[2019-01-01] Again, while I do not shirk the responsibility of the Fed having to do what it can to meet its mandate, obviously, a broad range of policies can affect growth and employment, and I hope that there wil
[2019-01-01] such costs appeared tolerable in light of the employment gains that came with them.
[2019-01-01] While great uncertainty regarding the path of fiscal policy and its economic effects will remain for some time, with the economy getting closer to full employment, the prospect of a material increase
[2019-01-01] they are conditioned on a smooth adjustment to the average of a range of possible outcomes for the uk’s eventual trading relationship with the european union and the gently rising path of bank rate im
[2019-01-01] since the governing council’s previous monetary policy meeting on 9-10 april 2019, us trade negotiations with both china and mexico had progressively deteriorated, negatively impacting global equity m
[2019-01-01] Nonetheless, participants viewed the housing situation and its potential further effect on employment, income, and wealth as one of the major sources of downside risk to the economic outlook.
[2019-01-01] at the national level, the housing market is stabilizing, although there are still significant adjustments underway in some regions.
[2019-01-01] over coming months, cpi inflation was expected to remain close to 2%, dipping slightly below the target in the first quarter of the year before temporarily edging back above 2% in april.
[2019-01-01] the proposed extension of the calendar-based leg of the governing council’s forward guidance was generally seen as underpinning the monetary accommodation needed to support inflation converging toward
[2019-01-01] the vice-president, standing in for mr cœuré, reviewed the latest financial market developments.
[2019-01-01] If we adjust the 6.7 percent headline unemployment rate for the decline in participation since February and the Bureau of Labor Statistics estimate of misclassification, the unemployment rate would be
[2019-01-01] consistent with lower mortgage rates, home-purchase mortgage originations increased, reversing a yearlong decline.
[2019-01-01] market pricing suggested that the federal funds rate was expected to decline by a further 100 basis points or so over the following year.
[2019-01-01] the manager pro tem next turned to a review of money market developments since early october.