yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2008-01-01] the latest data on the us mortgage market, which related to the september quarter 2007, showed a further large rise in delinquencies on sub-prime loans, to over 16 per cent, as well as a smaller rise
[2008-01-01] The lagged effects of the earlier rise in the foreign exchange value of the dollar were expected to place continuing, though diminishing, restraint on the demand for U. S. exports for some period ahea
[2008-01-01] However, those concerns generally were seen as outweighed by the benefit of avoiding tying the Committee's decision too closely to the unemployment rate alone,
[2008-01-01] meeting participants were highly uncertain about future financial developments and their implications for the broader economy.
[2008-01-01] members concurred that the following thinking on the monetary policy stance for the future remained unchanged: the bank would carefully assess the future outlook for economic activity and prices, clos
[2008-01-01] the recent fall in sterling, if sustained, might postpone the point at which inflation started to fall back sharply towards the target.
[2008-01-01] the staff reported that liquidity conditions in u.s. dollar funding markets had deteriorated significantly worldwide.
[2008-01-01] the committee agreed that that the statement to be released after the meeting should take note of the substantial policy easing to date and the ongoing measures to foster market liquidity.
[2008-01-01] on the guideline for money market operations for the intermeeting period ahead, members agreed that, given the assessment of economic activity and prices described above, it would be appropriate to ma
[2008-01-01] Fortunately, as we make monetary policy we have the advantage of several forecasts.
[2008-01-01] with the uncertainties in the outlook for both economic activity and inflation elevated, members noted that appropriately calibrating the stance of policy was difficult, partly because some time would
[2008-01-01] the number of housing starts, a leading indicator of housing investment, continued to pick up until january 2008 and had since been more or less flat.
[2008-01-01] third, the additional recent depreciation of sterling would increase pressures on prices along the supply pipeline.
[2008-01-01] Real residential investment appeared to have declined again in the fourth quarter, likely reflecting in part decreases in the affordability of housing arising from both the net increase in mortgage in
[2008-01-01] real exports posted a solid increase in the january-march quarter from the previous quarter, after exhibiting high growth throughout the second half of 2007.
[2008-01-01] households’ expectations of near-term inflation expectations had fallen back, even though cpi inflation had continued to rise.
[2008-01-01] However, some participants indicated that underlying inflation remained subdued
[2008-01-01] there had been minimal issuance of residential mortgage-backed securities.
[2008-01-01] Real GDP was forecast to decline and the unemployment rate to rise, on net, in the first half of this year.
[2008-01-01] members noted that other signs of weakness in the us economy included the continued decline in housing activity and house prices, and a moderation in consumer spending.
[2008-01-01] Therefore, monetary policy in Japan might be affected not only by views about how such policies would affect macroeconomic performance, for given fiscal policies,
[2008-01-01] (2) furthermore, the government considered that it was important for the soundness of the japanese financial system that financial authorities in japan and abroad continue to cooperate closely.
[2008-01-01] Recent data on consumer prices and unit labor costs led the staff to revise down slightly its projection for core PCE price inflation for 2010 and 2011
[2008-01-01] weakness in retail sales over the past year was concentrated in the smaller retailers, but these data were less reliable than previously, owing to reduced sampling.
[2008-01-01] movements in the month took markets back to levels of 2003, and in japan, to levels of the early 1980s.
[2008-01-01] However, with monetary policy assumed to remain highly accommodative, the staff continued to anticipate that real GDP growth would outpace that of potential over much of this period, leading to a decl
[2008-01-01] members recognised that these forecasts were subject to a high degree of uncertainty and that there were significant risks on both the upside and downside.
[2008-01-01] in contrast, spreads on commercial paper not eligible for purchase under the cpff remained elevated.
[2008-01-01] recent cutbacks in new residential construction reduced the level of new home inventories, and the relative stability in sales of new homes allowed those inventory reductions to begin to bring down th
[2008-01-01] the committee's action at the january 30 meeting had been viewed by market participants as the most likely outcome, but near-term futures rates declined a few basis points as investors had placed some
[2008-01-01] banks were still keenly bidding for deposits across the yield curve.
[2008-01-01] as for prices, the year-on-year rate of increase in the consumer price index (cpi) for all items less energy and food, or the core cpi, had remained slightly over 2 percent.
[2008-01-01] still, projected resource utilization was lower over the next two years than in the previous forecast.
[2008-01-01] house prices had fallen sharply again, with both the halifax and nationwide indices declining by around 5% during the third quarter.
[2008-01-01] M2 growth picked up appreciably during December and January, evidently reflecting extra demands for liquidity and safety during the century-date-change period.
[2008-01-01] this was a significant change from the strong rate of increase over 2007.
[2008-01-01] as for employment and income, growth in household income had recently been sluggish.
[2008-01-01] the slowdown might be amplified by financial institutions’ responses to increased financial fragility.
[2008-01-01] meeting participants noted that real consumer spending had been weakening through the summer, responding to lower employment and tighter credit.
[2008-01-01] based on the discussion, members made an assessment in terms of the first perspective, that is to say, they assessed the most likely outlook for economic activity and prices.
[2008-01-01] the government considered that these commitments had been received very positively so far by the market in each of the g-7 countries.
[2008-01-01] reflecting investor concerns about the conditions of financial institutions, spreads on credit default swaps for u.s. banks widened sharply, and those for insurance companies remained elevated.
[2008-01-01] the authorities in some economies had moved to tighten policy somewhat recently, but monetary policies were still expansionary in the region.
[2008-01-01] as before, core inflation was projected to be quite subdued at rates below last year's pace.
[2008-01-01] also by views about how fiscal policy might adjust to monetary policy.
[2008-01-01] still being clear about the Committee's intention to provide the monetary accommodation needed to support a return to maximum employment and stable prices.
[2008-01-01] that might to some extent reflect respondents’ expectations of a rise in unemployment, as indicated by the drift upwards over the past few months in the balance of expectations about unemployment repo
[2008-01-01] From a low near $30 per barrel in late 2003, the price of oil rose to $70 per barrel by the middle of 2006, and it has stayed high, with the current price more than $80.
[2008-01-01] turning to the u.s. economy, members concurred that overall economic conditions had deteriorated as the negative feedback loop between financial markets and economic activity worsened.
[2008-01-01] on september 19, it announced the asset-backed commercial paper money market mutual fund liquidity facility (amlf), which extends nonrecourse loans at the primary credit rate to u.s. depository instit
[2008-01-01] The labor market improved in August, and the unemployment rate edged down to 5.
[2008-01-01] The information reviewed at this meeting indicated that economic activity had turned up in the final quarter of last year and strengthened further since then.
[2008-01-01] However, some others emphasized that deferring the decision until later in the year would permit additional time to assess the outlook for economic activity and inflation.
[2008-01-01] the general collateral (gc) repo rate had remained relatively high due to lenders' cautious stance on trading.
[2008-01-01] Participants expected economic activity to contract sharply in the fourth quarter of 2008 and in early 2009.
[2008-01-01] sales at department stores and supermarkets, which primarily sold nondurable and semi-durable consumer goods, had been more or less unchanged, with fluctuations caused by the weather.
[2008-01-01] the exchange rate had depreciated by more than 20 per cent over the past year and was now about 5 per cent below its post-float average.
[2008-01-01] the financial positions of firms had continued to be favorable as a whole, although those of small firms had deteriorated somewhat.
[2008-01-01] Fourth and finally, the statement codifies the key lesson from the Global Financial Crisisâ€”that financial stability is necessary for the achievement of our statutory goals of maximum employment and
[2008-01-01] moreover, some participants noted that the specifics and effectiveness of some government programs to support financial markets and institutions remained unclear.
[2008-01-01] changes in bank rate could not be expected to smooth out all short-term fluctuations in output growth.
[2008-01-01] members concurred that, as there were downside risks to the outlook for the global economy, developments in japan's exports continued to require careful monitoring.
[2008-01-01] equity prices had varied widely and were substantially lower, on net.
[2008-01-01] the january non-farm payrolls data had shown a contraction in employment and downward revisions to the level and growth of employment during 2007.
[2008-01-01] as in the united states, producer price inflation had increased, reaching 4.9% in january.
[2008-01-01] in this situation, the bank had actively injected liquidity into the money market through both same-day-start and future-day-start operations to ensure market stability.
[2008-01-01] the staff proposed that the bank make necessary amendments to its guidelines on eligible collateral and the principal terms and conditions for repo operations and securities lending in view of the res
[2008-01-01] M2 growth dropped in the second quarter and remained modest in July, consistent with moderating growth of nominal income and rising opportunity cost.
[2008-01-01] the added clarity in that regard might help forestall the development of expectations that inflation would decline below desired levels, and hence keep real interest rates low and support aggregate de
[2008-01-01] there had also been declines in a number of other asian currencies, prompted by concerns relating to the global economic slowdown and the effects of high oil prices.
[2008-01-01] the uk current account deficit was now estimated to have increased to 5.7% of gdp in q3 – the biggest quarterly deficit in the past 50 years and proportionally the largest in the g7.
[2008-01-01] However, some participants noted that the recent rise in the prices of oil and other commodities, as well as increases in import prices stemming from the decline in the foreign exchange value of the d
[2008-01-01] Incoming data suggested that, after a weak start to the year, foreign economic activity accelerated in the second quarter.
[2008-01-01] this was a significant increase over such a period and much of the effect of it was still to be seen.
[2008-01-01] the governor proposed that members consider a substantial reduction in the cash rate.
[2008-01-01] the committee noted that labour market data in early 2009 might be a good indicator of whether companies believed that the slowdown in output would be short-lived, in which case they might just reduce
[2008-01-01] However, with the contraction in housing activity expected to abate this year, the pace of economic growth was anticipated to edge back up to a level that was close to the staff's estimate of potentia
[2008-01-01] The invasion and related events were creating additional upward pressure on inflation and were likely to weigh on economic activity.
[2008-01-01] a few other members expressed the view that marginal demand for labor might be weakening somewhat, noting the fact that the pace of increase in the number of employees in the labour force survey had b
[2008-01-01] indeed, the severe ongoing financial market strains, the large reductions in household wealth, and the global nature of the economic slowdown were seen by some participants as suggesting the distinct
[2008-01-01] and measures of breakeven rates of inflation at three- and five-year horizons had also increased.
[2008-01-01] there had been further increases in the sterling price of oil and the wholesale gas futures curve had shifted upwards.
[2008-01-01] the motor vehicle and construction-related industries continued to hold down overall manufacturing output even as high-tech production posted moderate increases.
[2008-01-01] on asian economies, members concurred that china and india continued to show high growth.
[2008-01-01] in relation to economic activity, they were (1) the ongoing financial crises in the united states and europe and their impact, (2) developments in emerging economies and commodity-exporting countries,
[2008-01-01] the australian dollar had also traded in a relatively wide range in the recent period and closely tracked the changing sentiment in global financial markets.
[2008-01-01] policy rates were also steady in japan and the uk, but had been cut by 50 basis points in canada.
[2008-01-01] regarding economic developments, members noted the following points: (1) strains in global financial markets had intensified in the wake of failures and rescues of u.s. and european financial institut
[2008-01-01] as for domestic private demand, business fixed investment had continued to trend upward and was expected to continue to do so since the growth in domestic and external demand and the high level of cor
[2008-01-01] a few members expressed the view that overseas economies were unlikely to recover in the short run, given that adjustments in the u.s. housing market, which had caused financial system disruptions in
[2008-01-01] However, with longer-term interest rates already very low, there did not appear to be a need for enhanced forward guidance at this juncture or much scope for forward guidance to put additional downwar
[2008-01-01] in this situation, financial institutions had been tightening their lending standards.
[2008-01-01] Conclusion In conclusion, let us not forget that the declines in inflation over the past two decades and the resulting boost to monetary credibility we currently enjoy were earned with some economic p
[2008-01-01] the three-month libor to swap spread in the australian market was now back at the low end of the international range, which had been the situation for most of the period since the onset of the financi
[2008-01-01] they added, however, that attention should be paid to the risk that, depending on future economic developments, firms might postpone implementation of their fixed investment.
[2008-01-01] a number of the term securities lending facility (tslf) auctions were oversubscribed, as was the auction of options for 13-day schedule 2 tslf loans straddling the end of the year.
[2008-01-01] one member noted, however, that financial institutions' lending attitudes toward construction and real estate firms had become cautious, and this had led to the recent increase in the number of bankru
[2008-01-01] in their discussion of the economic situation and outlook, fomc participants noted that the data received since the march fomc meeting, while pointing to continued weakness in economic activity, had b
[2008-01-01] although some stabilization in housing markets was likely needed to help underpin an economic recovery in coming quarters, there was little indication that that process had yet begun.
[2008-01-01] strength in sales appeared to be concentrated among large retailers, whose sales were rising rapidly.
[2008-01-01] members were informed that, measured by the change in the terms of trade over the past five years, australia had received a larger income gain than any other comparable country, even before taking thi
[2008-01-01] a slowdown in the economy of the euro area had become somewhat more evident.
[2008-01-01] Therefore, even in the case of personal computers, where we have made such great strides in measuring quality changes, I suspect that important phenomena still may not be adequately captured by our pu
[2008-01-01] Real outlays for office and computing equipment continued to grow rapidly as prices of personal computers and networking equipment remained on a steep downtrend.
[2008-01-01] some members noted that effects of financial market turmoil in industrialized economies had spread worldwide, especially to emerging economies.
[2008-01-01] another member said that it would be appropriate to adopt the auction method that would provide funds at a fixed rate, so that u.s. dollar funding in the tokyo market would not be disadvantageous comp
[2008-01-01] however, the marked deterioration in global financial conditions over the past couple of months, which had also had an effect on australian financial markets and share prices, was likely to have a sig
[2008-01-01] measures of hourly labor compensation continued to increase moderately with no sign of acceleration.
[2008-01-01] profits of non-financial companies had increased strongly in the june quarter, especially in the mining sector.
[2008-01-01] yields on nominal treasury coupon securities declined over the intermeeting period while yields on inflation-indexed treasury securities were roughly unchanged, which left inflation compensation notic
[2008-01-01] the decline in imports was led by lower imports of non-oil industrial supplies, capital goods, and automotive products, although these declines were partly offset by an increase in the value of oil im
[2008-01-01] as for employment and income, in a situation where firms were increasingly feeling a shortage of labor, household income had continued rising moderately.
[2008-01-01] however, a number of arguments were discussed for not moving bank rate by the full extent implied by those projections.
[2008-01-01] there had been a decline in the bank’s regional agents’ scores for investment intentions and a reduction in capital goods orders had been reported in the latest cips/ntc survey of manufacturing.
[2008-01-01] business expenditures were also likely to be held back by a weaker sales outlook and tighter credit conditions.
[2008-01-01] Computing power may not be falling in price quite so rapidly now as in the late 1990s, but a dollar nevertheless buys a great deal more computational capacity today than it did even five years ago.
[2008-01-01] members noted that consumer sentiment had remained well below average in the past few months, with this being particularly evident in consumers' views on buying conditions.
[2008-01-01] Low readings on overall and core consumer price inflation in recent months, as well as the weakened economic outlook, kept near-term inflation expectations reported in surveys well below their high le
[2008-01-01] some members, however, said that the deceleration of overseas economic growth seemed to be starting to affect japan's exports, and therefore due attention should be paid to the degree of the decelerat
[2008-01-01] they also agreed that, in a situation where the output gap was likely to remain more or less at the same level, it seemed likely that the year-on-year rate of change in the cpi (excluding fresh food)
[2008-01-01] However, several participants pointed out that the 3-month change in that index had firmed recently, signaling some improvement in the inflation outlook.
[2008-01-01] liquidity in foreign exchange swap markets was low, and there continued to be intense funding strains in markets for u.s. dollar funds maturing beyond the year-end.
[2008-01-01] as for prices, members said that the three-month rate of change in the cgpi had become negative and the cgpi was likely to continue decreasing for the time being, mainly due to the fall in commodity p
[2008-01-01] thereafter, they were expected to drift lower, reflecting the effect of the expected slowing in world gdp growth.
[2008-01-01] the latest imf and private-sector forecasts were suggesting that growth in both the developed and emerging economies in 2009 would be significantly lower than thought only a few months earlier.
[2008-01-01] From a longer-term perspective we have been guided by a firm commitment to contain any forces that would undermine economic expansion and efficiency by raising inflation, and we have kept our focus fi
[2008-01-01] M2 expanded in February, however, as liquid deposits resumed their growth.
[2008-01-01] the recent financial reporting season for european banks had not produced any major unexpected losses or problems with reported capital buffers.
[2008-01-01] members discussed the implications of the current financial market turmoil for global economic prospects, particularly through the channel of credit provision to businesses and households.
[2008-01-01] Real yields increased more than their nominal counterparts, while inflation compensation implied by Treasury Inflation-Protected Securities declined.
[2008-01-01] prices of non-tradable items, which were mainly services, had increased strongly over the past year; the largest contributions in the june quarter had come from increases in rents, house purchase and
[2008-01-01] funding conditions for firms and households had deteriorated further.
[2008-01-01] interest rates on euroyen futures, particularly those with distant contract months, had fallen further.
[2008-01-01] However, waiting was an acceptable alternative given the favorable economic news and the persisting uncertainties surrounding the relationship of output to prices.
[2008-01-01] looking at business conditions more broadly, members noted that commercial loan approvals, though typically volatile, had fallen sharply from the high levels recorded in 2007.
[2008-01-01] inflation data had been disappointing in recent months, and a few participants cited anecdotal reports that some firms were able to pass on costs to consumers.
[2008-01-01] Increase the System Open Market Account holdings of Treasury securities, agency mortgage-backed securities (MBS), and agency commercial mortgage-backed securities (CMBS) at least at the current pace t
[2008-01-01] members voted unanimously to approve the staff proposal and agreed that the decision should be made public.
[2008-01-01] There was also a sharp acceleration in productivity over 1997, which held down unit labor costs.
[2008-01-01] Therefore, maximum employment (at least if interpreted as full employment or being at NAIRU) and price stability, the statutory mandate of the Federal Reserve, are compatible in the long run.
[2008-01-01] one member added that firms might have changed their price-setting behavior in the course of the recent increases in energy and materials prices and might now tend to revise their sales prices in resp
[2008-01-01] members agreed that, although overseas economies taken as a whole had continued to expand, the pace of growth was slowing and downside risks remained elevated, mainly reflecting the increasing tension
[2008-01-01] participants agreed that in coming quarters inflation was likely to move down to levels consistent with price stability, reflecting the recent declines in the prices of energy and other commodities, t
[2008-01-01] some members commented that firms were increasingly suffering from difficult funding conditions, especially limited availability of funds, as shown by, for example, the continuing decrease in the issu