yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2012-01-01] there had been little movement in inflation expectations over the month.
[2012-01-01] one important pre-condition was a restructuring of private-sector holdings of greek debt with a haircut of effectively more than 70 per cent, which was to occur later in the week.
[2012-01-01] In the near term, 12-month measures of PCE inflation are expected to move above 2 percent as the very low readings from early in the pandemic fall out of the calculation and past increases in oil pric
[2012-01-01] a few members noted that, if the pace of growth in the chinese economy were to decelerate noticeably, this would affect the bank's economic outlook, which assumed a rise in overseas economic growth.
[2012-01-01] many members commented that, although risk aversion among investors had temporarily eased following the announcement of financial assistance to spain by the eurogroup, the likelihood that tensions in
[2012-01-01] they were expected to continue to be essentially flat for the time being and increase moderately thereafter, mainly reflecting a pick-up in the pace of recovery in overseas economies.
[2012-01-01] the staff's forecast for inflation over the projection period was just a bit above the forecast prepared for the march fomc meeting, reflecting somewhat higher-than-expected data on core consumer pric
[2012-01-01] reflecting all of these factors, the bank yesterday maintained the target for the overnight rate at 1 per cent.
[2012-01-01] to the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary policy stimulus may
[2012-01-01] for the global economy, data received over the previous month had been somewhat more positive.
[2012-01-01] The second point that I made was that when short-term interest rates hit zero, the tools of a central bank are no longer—are not exhausted, there are still other things that the central bank can do to
[2012-01-01] the board's decision to lower the cash rate by 25 basis points at the october meeting had been largely anticipated by the market and did not have a large effect on the yield curve.
[2012-01-01] u.s. and european stock prices had risen, mainly reflecting u.s. economic indicators that were stronger than market expectations, amid the easing of risk aversion among investors.
[2012-01-01] imports from china were especially weak, which may in part reflect seasonal adjustment issues related to the timing of the chinese new year.
[2012-01-01] the sterling effective exchange rate index had been stable, and the euro had depreciated a little against the dollar.
[2012-01-01] in addition, this member -- noting that, even if such payment were to be abolished, market functioning would be maintained under the current guideline for money market operation -- expressed the view
[2012-01-01] in october, nominal new orders for nondefense capital goods excluding aircraft moved up a little, but shipments of these capital goods edged down and the level of orders remained below that of shipmen
[2012-01-01] in addition, lower mortgage rates had spurred a rise in refinancing activity, which, along with the increases in household wealth attributable to higher home values and equity prices, would provide su
[2012-01-01] after being roughly flat over most of the intermeeting period, initial claims for unemployment insurance rose moderately toward the end of the period but remained at a level consistent with further mo
[2012-01-01] the bank will continue to monitor carefully economic and financial developments in the canadian and global economies, together with the evolution of risks, and set monetary policy consistent with achi
[2012-01-01] with regard to the recent weakness, many members pointed to the effects of (1) the deceleration in overseas economies, (2) recent developments in the relations between japan and china, and (3) the end
[2012-01-01] the economic expansion in the united states continues at a gradual but somewhat slower pace, while developments in europe point to a renewed contraction.
[2012-01-01] Consumer price inflation remained subdued in November, with both the overall index and the index excluding food and energy items rising at the same relatively low rates as in October.
[2012-01-01] since the last change to monetary policy in june, the board had concluded that the stance of monetary policy resulting in interest rates being a bit below average was appropriate, given low inflation
[2012-01-01] as for prices, the year-on-year rate of increase in the consumer price index (cpi) for all items decelerated, reflecting the decline in energy prices, whereas the year-on-year rate of increase in the
[2012-01-01] members observed that, after abstracting from the effects of the earlier natural disasters, growth over the year had been close to trend.
[2012-01-01] Staff Economic Outlook In the economic forecast prepared by the staff for the March FOMC meeting, real GDP growth was revised down somewhat in the near term, largely reflecting the federal spending se
[2012-01-01] participants' economic projections and policy assessments are described in more detail in the summary of economic projections, which is attached as an addendum to these minutes.
[2012-01-01] this reflects the dynamics of foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar.
[2012-01-01] it is projected to return to target by the end of 2013, somewhat later than previously anticipated.
[2012-01-01] production was expected to increase moderately as domestic demand stayed firm, and as the pace of recovery in overseas economies picked up gradually.
[2012-01-01] a key ongoing uncertainty was the possibility that the slowing in the chinese property market would have larger-than-expected ripple effects throughout the broader economy.
[2012-01-01] in view of the need to dispel such misunderstanding and suspicions, thereby encouraging further permeation of monetary easing effects, as well as to influence market expectations, these members then r
[2012-01-01] on this basis, one member said that the combination of an increase in the size of the program and the removal of the minimum bidding yield would generate more powerful monetary easing effects.
[2012-01-01] some members expressed the opinion that, with a view to promoting the transition from the first stage to the second stage of the transmission mechanism of monetary easing, the bank had been making con
[2012-01-01] current market pricing did not indicate any expectation of a change in monetary policy at this meeting.
[2012-01-01] there had been very strong gross issuance in non-financial corporate bond markets, although in the united kingdom these markets continued to be accessed by a relatively small number of companies.
[2012-01-01] inflation had been subdued in recent months, there was little evidence of wage or cost pressures, and longer-term inflation expectations had remained stable.
[2012-01-01] Staff Economic Outlook In the economic forecast prepared for the January FOMC meeting, the staff's projection for the growth in real gross domestic product (GDP) in the near term was revised down a bi
[2012-01-01] some members expressed the view that the weakening of household and business sentiment had been spreading from peripheral countries to core countries recently.
[2012-01-01] the wage price index for the private sector increased by 0.9 per cent in the march quarter, to be 3.7 per cent higher over the year; growth of public-sector wages slowed a little in the quarter and wa
[2012-01-01] they then shared the recognition that exports and industrial production would probably remain relatively weak for the time being; however, although domestic demand was likely to remain resilient, main
[2012-01-01] The central tendency rises to 2.4 to 2.7 percent next year, somewhat above estimates of the longer-run growth rate.
[2012-01-01] further steps were likely over coming weeks and months to alleviate strains in the euro area and to provide additional support for vulnerable member states as they sought to finance public and externa
[2012-01-01] Inflation has moved up in recent months, mainly reflecting higher prices for some commodities and imported goods.
[2012-01-01] it was highly probable that business sentiment had been affected by the continuing financial and political tensions within the euro area.
[2012-01-01] on a year-ended basis, underlying inflation was running at around 2½ per cent, the midpoint of the medium-term target range.
[2012-01-01] the committee also anticipates that over coming quarters, inflation will run at levels at or below those consistent with the committee's dual mandate.
[2012-01-01] as for long-term interest rates, yields on government bonds with short-term maturities had been more or less unchanged and those with medium- to long-term maturities remained in a similar situation, a
[2012-01-01] the government would accelerate preparations for submitting related bills, primarily those on fundamental reform of the tax system, to the diet by the end of fiscal 2011.
[2012-01-01] several significant upside and downside risks are present in the inflation outlook for canada.
[2012-01-01] Participants' Views on Current Conditions and the Economic Outlook In conjunction with this FOMC meeting, meeting participants--the 7 members of the Board of Governors and the presidents of the 12 Fed
[2012-01-01] with regard to outright purchases of t-bills, some members noted that it was necessary to devise ways to ensure smooth purchases because undersubscription could occur if the bank increased the amount
[2012-01-01] although consumer spending had continued to advance, growth in business fixed investment appeared to have slowed.
[2012-01-01] one member said that, although the bank's purchase under the program was an unconventional policy measure, its transmission mechanism was no different from that of a conventional measure, in that the
[2012-01-01] regarding the special rules for small-lot investments and loans, many members noted that, although the amount of loans at the first disbursement was relatively small, the breakdown by area of loans pr
[2012-01-01] after peaking in the september quarter, australia's terms of trade fell by almost 5 per cent in the december quarter 2011, owing to declines in bulk commodity prices.
[2012-01-01] the combination of increasing global excess capacity over the projection horizon and reduced commodity prices is expected to moderate global inflationary pressures.
[2012-01-01] members began their discussion on financial markets with the observation that most markets had been relatively steady over the past month, despite uncertainty about fiscal negotiations in the united s
[2012-01-01] Overall consumer prices increased in July and August at about the second-quarter rate.
[2012-01-01] the australian dollar had depreciated slightly over the past month, but remained close to its post-float high.
[2012-01-01] business investment is projected to remain robust, reflecting solid balance sheets, very favourable credit conditions, continuing strong terms of trade and heightened competitive pressures.
[2012-01-01] however, for the lower-income economies in the region, growth remained close to long-run averages.
[2012-01-01] one of these members -- referring to the view that the year-on-year decline in the monetary base represented a weakening of the bank's stance of maintaining the monetary easing -- added that this view
[2012-01-01] core inflation is expected to increase gradually over coming quarters, reaching 2 per cent by the middle of 2013 as the economy gradually absorbs the current small degree of slack, the growth of labou
[2012-01-01] over time, some modest withdrawal of monetary policy stimulus will likely be required, consistent with achieving the 2 per cent inflation target.
[2012-01-01] PCE core is at about 2, and I think we see that, you know, the temporary increase in headline inflation as being a function of oil prices probably, and we expect inflation to go back down to 2 percent
[2012-01-01] however, there are signs of stabilization around current growth rates.
[2012-01-01] the bank continues to project that the expansion will be driven mainly by growth in consumption and business investment, reflecting in part very stimulative domestic financial conditions.
[2012-01-01] with regard to business sentiment, a few members expressed concern that sentiment in manufacturing was deteriorating significantly and that the effects of such weak sentiment were spreading to some se
[2012-01-01] The vote encompassed approval of the paragraph below for inclusion in the press statement to be released shortly after the meeting: "The Committee perceives the upside and downside risks to the attain
[2012-01-01] Participants' Views on Current Conditions and the Economic Outlook In conjunction with this FOMC meeting, participants submitted their projections of the most likely outcomes for real GDP growth, the
[2012-01-01] but, set against those factors, net trade had reduced growth in the first quarter.
[2012-01-01] given the recent drop in gasoline prices and with futures prices suggesting persistently lower oil prices, the bank expects total cpi inflation to remain noticeably below the 2 per cent target over th
[2012-01-01] The shock that the—from the pandemic was unprecedented both in its nature and in its size and in the amount of unemployment that it created and in the shock to economic activity.
[2012-01-01] members noted that the household and business sectors in australia had continued to display a relatively prudent approach towards their finances in recent quarters.
[2012-01-01] however, their pace will be influenced by external headwinds, notably the effects of lower commodity prices on canadian incomes and wealth, as well as by record-high household debt.
[2012-01-01] the timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments.
[2012-01-01] members noted that economic recoveries from financial crises tended to be slower, and that fiscal consolidation was also likely to be a drag on growth in coming years.
[2012-01-01] other forward-looking indicators, such as subdued readings from surveys of business conditions and capital spending plans, also pointed toward roughly flat real expenditures for business equipment in
[2012-01-01] The vote also encompassed approval of the sentence below for inclusion in the press statement to be released shortly after the meeting: Against the background of its long-run goals of price stability
[2012-01-01] with regard to the first factor, one member said that inflation expectations for fiscal 2012 and 2013 had been relatively low at around 0 percent, although medium- to long-term inflation expectations
[2012-01-01] the economy is expected to reach full capacity in the second half of 2013, thus operating with a small amount of slack for somewhat longer than previously anticipated.
[2012-01-01] The unemployment rate declined in May and , 2020 June but, at 11.1 percent, remains far above its level before the outbreak and greater than the Chair Powell’s Press Conference FINAL peak during the G
[2012-01-01] guy debelle (assistant governor, financial markets), christopher kent (assistant governor, economic), jonathan kearns (head, economic analysis department), anthony dickman (secretary), peter stebbing
[2012-01-01] Inflation is also being held down, reflecting weaker demand as well as significantly lower energy prices.
[2012-01-01] after taking into account revisions to the national accounts, which had the effect of raising measured growth for this year, the bank now projects that the economy will grow by 2.2 per cent in 2012.
[2012-01-01] consumer price inflation was subdued, and measures of long-run inflation expectations remained stable.
[2012-01-01] in addition, one member said that it was becoming difficult for greece to make progress toward fiscal consolidation, as negative economic growth continued.
[2012-01-01] The producer price index for core intermediate materials dropped for a fifth month in February, reflecting, in part, weaker global demand and steep declines in the prices of a wide variety of energy-i
[2012-01-01] the bank expects the economy to grow at a pace roughly in line with its production potential in the near term, before picking up through 2013.
[2012-01-01] The possibility that longer-term inflation expectations may have edged down was roughly counterbalanced by the risks that somewhat firmer inflation this year could be more persistent than expected, pa
[2012-01-01] in this situation, long-term interest rates in the united states and germany were rising marginally, although they remained at low levels.
[2012-01-01] The economy is continuing to make progress toward the FOMC’s objective of maximum sustainable employment.
[2012-01-01] the three main upside risks to inflation in canada relate to the possibility of stronger-than-expected inflationary pressures in the global economy, stronger-than-expected growth in the u.s. economy a
[2012-01-01] in canada, while global headwinds continue to restrain economic activity, domestic factors are supporting a moderate expansion.
[2012-01-01] Consumer price inflation had remained relatively subdued over the summer months.
[2012-01-01] the bank projects that the economy will grow by 2.1 per cent in 2012, 2.3 per cent in 2013 and 2.5 per cent in 2014.
[2012-01-01] reports during the month had suggested that several regional administrations in spain would apply to the central government’s regional liquidity fund, raising concerns that targets for spanish fiscal
[2012-01-01] (3) the government deemed it necessary to work toward narrowing the negative output gap in order to overcome deflation.
[2012-01-01] overall, economic momentum in canada is slightly firmer than the bank had expected in january.
[2012-01-01] Reports from several Districts suggested that firms had greater scope than in the recent past to raise prices in response to strong demand or increases in input costs, including those associated with
[2012-01-01] the three main upside risks relate to the possibility of higher global inflationary pressures, stronger canadian exports and renewed momentum in canadian residential investment.
[2012-01-01] The asset purchases are about creating some near-term momentum in the economy, trying to strengthen growth and job creation in the near term, and the increases in the federal funds rate target, when t
[2012-01-01] members noted that current market pricing implied around an even chance of a 25 basis point easing in monetary policy at this meeting.
[2012-01-01] a key question remained as to whether these developments would increase the capacity and willingness of european banks to lend.
[2012-01-01] regarding the understanding, most members acknowledged that there was a view that it did not effectively communicate the bank's policy stance, and recognized that one factor behind this view was that
[2012-01-01] progress in reducing unemployment over the projection period was expected to be relatively slow.
[2012-01-01] this programme of outright monetary transactions (omts) would be focused on secondary market purchases of short-dated sovereign bonds of countries that agreed to enter a european financial stability f
[2012-01-01] overall, the bank judges that these risks are roughly balanced over the projection horizon.
[2012-01-01] the nikkei 225 stock average temporarily declined to some extent in response to the drop in u.s. stock prices and japanese firms' somewhat weaker-than-expected corporate results for the july-september
[2012-01-01] exports and industrial production were expected to remain relatively weak for the time being and increase moderately thereafter as overseas economies gradually emerged from the deceleration phase.
[2012-01-01] as for domestic demand in the nies and the asean countries, while the rate of increase in business fixed investment seemed to be slowing, private consumption remained firm.
[2012-01-01] the ecb’s ltro had reduced some of the most immediate risks facing european banks, but concerns remained about the indebtedness and competitiveness of some euro-area countries.
[2012-01-01] Overall inflation was projected to remain subdued, with the staff's forecasts for headline and core inflation little changed from the previous projection.
[2012-01-01] together with a small fall in the participation rate, this had left the unemployment rate at around 5¼ per cent.
[2012-01-01] [6] in this situation, the uncollateralized overnight call rate had been in the range of 0.075 to 0.085 percent.
[2012-01-01] on the other hand, there was a case for injecting further monetary stimulus.
[2012-01-01] the australian dollar had depreciated by around 5 per cent since the previous board meeting – in contrast to the resilience it had displayed in the period of heightened risk aversion earlier in the ye
[2012-01-01] the incoming information on inflation over the intermeeting period was largely in line with participants' expectations.
[2012-01-01] while global headwinds are restraining canadian economic activity, domestic factors are expected to support moderate growth in canada.
[2012-01-01] members also shared the recognition that, on the price front, careful attention should be paid to the responsiveness of prices to the aggregate supply and demand balance as well as future developments
[2012-01-01] The changes—the financial market changes that you described, particularly the increase in stock prices, the increase in longer-term rates, and the strengthening of the dollar, suggest that many market
[2012-01-01] net exports are expected to contribute little to growth, reflecting moderate foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar.
[2012-01-01] in the midst of the substantial fiscal deficit, the government -- while devising ways to allocate the budget -- had been taking measures to deal with the low birth rate and to stabilize and enhance th
[2012-01-01] with growth expected to be close to trend and inflation consistent with the target, the board considered that this setting was appropriate for the overall macroeconomic outlook.
[2012-01-01] in the united states, the federal reserve had announced that it would purchase $40 billion of agency mortgage-backed securities per month, in addition to reinvesting funds from maturing assets, until
[2012-01-01] some members, referring to varied market speculation about the bank's conduct of monetary policy, said that monetary policy should be conducted in light of its objective to achieve sustainable economi
[2012-01-01] it was expected to turn upward, albeit marginally, in the october-december quarter.
[2012-01-01] public investment was expected to continue increasing for the time being, albeit at a slower pace.
[2012-01-01] there are upside and downside risks around the evolution of household imbalances.
[2012-01-01] overall, the bank judges that the risks to canada’s inflation outlook are roughly balanced over the projection period.
[2012-01-01] Last year, we had 1.9 percent productivity, which is much higher.
[2012-01-01] while the financial situation in europe remained fragile, the likelihood of an extremely bad outcome seemed to have diminished somewhat over the previous couple of months, partly reflecting actions by
[2012-01-01] however, members continued that, with the aim of operating the program more smoothly, it would be appropriate to reduce the maximum outstanding amount of the fixed-rate funds-supplying operation again
[2012-01-01] nevertheless, it was on the way to recovery at a moderate pace, reflecting the effects of a range of policy measures.
[2012-01-01] there was limited evidence of increased strains in unsecured, short-term dollar funding markets over the intermeeting period despite heightened concerns about the situation in europe.
[2012-01-01] participants again exchanged views on the likely benefits and costs of a new large-scale asset purchase program.
[2012-01-01] sterling’s effective exchange rate had depreciated a little on the month, but remained near the top of the range it had occupied over the past couple of years.