yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2017-01-01] one member added that the rate of change for all items less fresh food and energy had been stagnant at slightly above 0 percent, and this was due to the effects of the earlier sluggishness in private
[2017-01-01] recognizing the lag between monetary policy actions and future inflation, governing council considers it appropriate to raise its overnight rate target at this time.
[2017-01-01] the circumstances since the referendum on eu membership, and the accompanying depreciation of sterling, had been exceptional.
[2017-01-01] with this combination of a higher profile for economic activity and a lower profile for potential, the output gap is projected to close in the first half of 2018, a bit sooner than the bank anticipate
[2017-01-01] however, the rate of cpi inflation in the medium term would also depend substantially on the prospects for regular pay, non-wage costs and other drivers of domestic inflation.
[2017-01-01] over the 12 months ending in march, total consumer prices as measured by the consumer price index (cpi) rose 2-1/2 percent, while core cpi inflation was 2 percent.
[2017-01-01] it was underlined that the projected increase in hicp inflation excluding food and energy, from the current level of 0.9% to 1.8% in 2019, was based on a strong pick-up in wage growth.
[2017-01-01] meanwhile, public investment has been increasing and housing investment has been more or less flat.
[2017-01-01] Microeconomic studies provide corroborating information to the macroeconomic evidence of a post-1995 acceleration in productivity growth.
[2017-01-01] spare capacity in the labour market appeared to have been fully absorbed in japan, the united states and germany, although some spare capacity appeared to remain in other parts of the euro area.
[2017-01-01] with regard to the monetary policy stance, members widely shared the assessment provided by mr praet in his introduction that, while inflation was set to pick up over the coming years, supported by th
[2017-01-01] euro area sovereign credit spreads had remained resilient to the recent change in german government bond yields.
[2017-01-01] in the aftermath of the hurricanes, higher prices for gasoline and some other items were likely to boost inflation temporarily.
[2017-01-01] While bank lending continues to contract, financial market conditions remain supportive of economic growth.
[2017-01-01] Major stock price indexes were up a bit over the intermeeting period, as positive first-quarter earnings reports more than offset the negative effects of higher energy prices and rising interest rates
[2017-01-01] members observed that housing credit growth overall had been steady during the first part of 2017, with slower growth in lending to investors largely offset by a pick-up in the growth of lending to ow
[2017-01-01] regarding non-standard monetary policy measures, the governing council decided to continue its purchases under the app at the current monthly pace of €80 billion until the end of march 2017.
[2017-01-01] business investment should also add to growth, a view supported by the most recent business outlook survey.
[2017-01-01] the latest eurosystem staff projections also pointed to a solid and broad-based economic expansion, at a somewhat faster pace than previously expected.
[2017-01-01] During expansions, equity prices tend to rise, although they often decline before a downturn in the economy.
[2017-01-01] borrowing conditions for firms and households had remained very supportive.
[2017-01-01] as the effects of these relative price movements fade and excess capacity is absorbed, the bank expects inflation to return to close to 2 per cent by the middle of 2018.
[2017-01-01] While accommodative financial conditions and reduced income tax rates should continue to undergird consumer spending and the data on retail sales for July displayed relatively impressive gains, negati
[2017-01-01] it needed to be stressed that reinvestments would be conducted for an extended period of time after the end of the net asset purchases, and in any case for as long as necessary.
[2017-01-01] Several participants noted that the unseasonably warm weather of recent months added one more element of uncertainty to the interpretation of incoming data, and that this factor might account for a po
[2017-01-01] other indicators of household spending had been softer, however.
[2017-01-01] in the same vein, the latest results of the survey on the access to finance of enterprises (safe), covering the period from april to september 2016, showed that small and medium-sized enterprises had
[2017-01-01] a few members expressed the view that, among these factors, downside risks to developments in overseas economies appeared to be waning on the whole, as emerging economies had become firm and the uncer
[2017-01-01] developments in the international economy had been supportive of uk activity, with business surveys internationally being consistent with sustained demand growth in the near term.
[2017-01-01] as a consequence, the cost of bank borrowing both for nfcs and for households for house purchase had remained broadly stable at historically low levels in november.
[2017-01-01] this would facilitate a better assessment of the momentum and sustainability of the recovery and the prospects for a sustained adjustment in the path of inflation.
[2017-01-01] machinery orders and construction starts in terms of planned expenses for private and nondwelling construction -- both of which were leading indicators of business fixed investment -- continued a mode
[2017-01-01] cmbs issuance picked up in march, reportedly reflecting a return to a more normal pace after the adoption of a credit risk retention rule in late december caused some issuance to be shifted from janua
[2017-01-01] household spending will likely remain solid in the months ahead, supported by rising employment and wages, but its pace is expected to slow over the projection horizon.
[2017-01-01] corporate bond spreads narrowed modestly, and corporations continued to tap credit markets at a solid pace.
[2017-01-01] as such, the march quarter inflation data had generally increased confidence in the forecast that underlying inflation would pick up to around 2 per cent by early 2018.
[2017-01-01] in the central projection, gdp growth remained sluggish in the near term as the squeeze on_ households’ real income continued to weigh on consumption, before picking up over the remainder of the forec
[2017-01-01] in contrast, some other participants were more worried about risks arising from a labor market that had already reached full employment and was projected to tighten further or from the easing in finan
[2017-01-01] the bank still expects global growth to average around 3 1/2 per cent over 2017-19.
[2017-01-01] Some evidence exists that quantitative easing can stimulate the economy even when interest rates are near zero; see, for example, Christina Romer's (1992) discussion of the effects of increases in the
[2017-01-01] yet, despite the strengthening of the economic expansion, inflation remained subdued.
[2017-01-01] employment had increased in every state since the start of 2017, including solid growth in the mining-exposed states.
[2017-01-01] canada’s economy has been robust, fuelled by household spending.
[2017-01-01] several participants discussed the pickup in residential investment in the first quarter.
[2017-01-01] in addition, indicators of business sentiment were upbeat in recent months.
[2017-01-01] in that context, caution was also expressed regarding measures of economic slack, which were surrounded by large uncertainties.
[2017-01-01] During this time of reopening, we are likely to see some upward pressure on prices, and I’ll discuss why.
[2017-01-01] finally, spreading bond purchases over a longer horizon was also seen as having important implications for policy rate expectations via the sequencing embodied in the governing council’s forward guida
[2017-01-01] They also noted that even with this additional firming the risks were still weighted mainly in the direction of rising inflationary pressures.
[2017-01-01] regarding the bank's jgb purchases, they reconfirmed that, under the current policy framework, the bank had been conducting the purchases so as to achieve the target level of the long-term interest ra
[2017-01-01] Many expected those conditions to be met later this year, although several members were concerned about downside risks to the outlook for real activity and inflation.
[2017-01-01] it was recalled that labour markets had improved further, with around seven million jobs created in the euro area since the start of the recovery.
[2017-01-01] furthermore, the governing council could reflect the improved risk assessment in its forward guidance by dropping the easing bias on the key ecb interest rates and reiterate, in view of persistently s
[2017-01-01] the rates in russia and brazil had been declining, primarily due to a pause in the depreciation of their currencies.
[2017-01-01] the global economy continues to strengthen and growth is broadening across countries and regions.
[2017-01-01] it was possible that this combination could continue for a while yet, but it was also possible that inflation could pick up by more than expected as spare capacity diminished.
[2017-01-01] other members indicated that if the labor market appeared to be tightening significantly more than anticipated or if inflation pressures appeared to be developing more rapidly than expected as resourc
[2017-01-01] similarly, it was argued that the improved economic environment with vanishing tail risks, in principle, suggested also revisiting the easing bias with respect to the app purchases, whereby the govern
[2017-01-01] canada’s economic growth in the second quarter was stronger than expected, and was more broad-based across regions and sectors.
[2017-01-01] members noted that, over the same period, banks’ lending rates had increased slightly, driven by increases in housing lending rates for investors and on interest-only loans.
[2017-01-01] unemployment rates in the advanced economies had declined, but the tighter conditions in labour markets had not flowed through to higher growth in wages or broader inflation pressures.
[2017-01-01] the bank of canada today maintained its target for the overnight rate at 1 per cent.
[2017-01-01] members discussed current influences on the participation rate, noting in particular the rise in participation by older female workers as they delayed their retirement.
[2017-01-01] overall, credit conditions continued to be assessed as being favourable and supporting the economic expansion, thereby contributing to the return of inflation to the governing council’s medium-term in
[2017-01-01] at the same time, exports should make an increasing contribution to gdp growth.
[2017-01-01] Several participants observed that the trimmed mean measure of PCE price inflation constructed by the Federal Reserve Bank of Dallas had stayed near 2 percent recently, underscoring the view that the
[2017-01-01] And we’d like to see that in the form of a series of declining monthly inflation readings—that’s what we’re looking for.
[2017-01-01] fifth, with regard to the future conduct of monetary policy, he proposed a new expression that the bank will, with the aim to achieve the price stability target of 2 percent in the medium to long term
[2017-01-01] annual hicp inflation excluding food and energy had declined slightly, to 1.1% in september 2017, following 1.2% in august and july.
[2017-01-01] more broadly, bank funding costs were estimated to have declined a little further in recent months.
[2017-01-01] domestically, the increase in gdp growth in the june quarter confirmed that some of the weakness in the previous quarter had been temporary and was consistent with expectations that growth would incre
[2017-01-01] accordingly, members widely agreed that, while the growth outlook had become more favourable, the overall picture of the outlook for price stability had not fundamentally changed.
[2017-01-01] in sum, although near-term prospects for global growth had improved, whether this momentum would be sustained remained an open question.
[2017-01-01] recent data have bolstered the bank’s confidence in its outlook for above-potential growth and the absorption of excess capacity in the economy.
[2017-01-01] financial market conditions had remained favourable in most emerging markets, with the decline in government bond yields and the increase in equity prices since early 2017 having continued over the pr
[2017-01-01] What they have had is low unemployment, lots of social problems.
[2017-01-01] yield curves in the us and german bond markets had flattened quite materially, by around 40 basis points and 30 basis points respectively, since about mid-march.
[2017-01-01] In addition, the Survey of Terms of Business Lending conducted in the first week of November showed that interest rates on C&I loans were generally little changed while spreads remained extremely wide
[2017-01-01] While anecdotal reports suggested that softening was confined to only a few areas, the delayed effects of the drop in stock market prices and forecasts of slower employment and income growth suggested
[2017-01-01] in foreign exchange markets, the us dollar had depreciated a little further in trade-weighted terms over the preceding month to be lower than before the us election.
[2017-01-01] this global phenomenon was reflected in a substantial repricing in the us treasury market.
[2017-01-01] in contrast, some other participants continued to express concern that a substantial undershooting of the longer-run normal rate of unemployment, if it was to occur, posed a significant upside risk to
[2017-01-01] By getting unemployment down, we hope to bring back to work some of the people who’ve been out of work as long as they have and, in that respect, try to avoid the longer-term consequences of people be
[2017-01-01] because of high debt levels, household spending is likely more sensitive to interest rates than in the past.
[2017-01-01] members shared the recognition that, although the effects of the scheduled consumption tax hike on economic activity were likely to be smaller than those in fiscal and varied depending, for example, o
[2017-01-01] members noted that there had been several periods in the preceding decade in which housing prices had fallen, or growth had slowed significantly, in different parts of the country.
[2017-01-01] In furtherance of these objectives, the Committee at its meeting in February established ranges for growth of M2 and M3 of 1 to 5 percent and 2 to 6 percent respectively, measured from the fourth quar
[2017-01-01] in this context, governing council judges that the current stance of monetary policy is still appropriate and maintains the target for the overnight rate at 1/2 per cent.
[2017-01-01] They continued to expect that inflation would move up toward the Committee's 2 percent objective over the medium term as the effects of these transitory factors waned and conditions in the labor marke
[2017-01-01] with regard to firms' price-setting stance, one member pointed out that, in a situation where an increasing number of firms were beginning to raise prices, due mainly to labor shortages, there were ca
[2017-01-01] With a series of inflationary supply shocks, it is especially important to guard against the risk that households and businesses could start to expect inflation to remain above 2 percent in the longer
[2017-01-01] the low volatility regime posed risks of abrupt and unpredictable price movements.
[2017-01-01] the share of workers employed part time for economic reasons was little changed on net.
[2017-01-01] brent crude oil prices had increased by 3.8% in us dollar terms since the december monetary policy meeting and non-oil commodity prices had risen by 2.5%, while the euro had depreciated by 0.5% in nom
[2017-01-01] As the factors restraining economic growth are projected to fade further over time, the median rate rises to 3 percent by the end of 2018, close to its longer-run normal level.
[2017-01-01] employment data have been robust, although gains in hours worked are still soft.
[2017-01-01] the rapid back-up in global bond yields, partly reflecting market anticipation of us fiscal expansion, has pulled up canadian yields relative to the october monetary policy report (mpr).
[2017-01-01] As a consequence, a sustainable, non-inflationary expansion is likely to involve some moderation in the growth of economic activity to a rate more consistent with the expansion of the nationâ€™s under
[2017-01-01] And then, what the statement emphasizes, and this is the same language we used in December and January, we used the language especially if inflation is running below our 2 percent objective.
[2017-01-01] while less monetary policy stimulus will likely be required over time, governing council will be cautious in making future adjustments to the policy rate.
[2017-01-01] the us is close to full employment, unlike many other advanced economies, including canada, where material slack remains.
[2017-01-01] In agriculture, depressed levels of crop prices and weak global demand continued to weaken farm income.
[2017-01-01] based on this discussion, the chairman formulated the statement on monetary policy and put it to a vote.
[2017-01-01] on net, foreign yields declined somewhat less than u.s. yields, contributing to a modest depreciation of the dollar against both the afe and eme currencies.
[2017-01-01] the bank acknowledges recent softness in inflation but judges this to be temporary.
[2017-01-01] mr. t. kiuchi dissented considering that, with a view to maintaining the stability of the jgb market and the functioning of financial intermediation, (1) the short-term policy interest rate should be
[2017-01-01] trade in goods had expanded at the strongest pace in a decade in february 2017.
[2017-01-01] In furtherance of these objectives, the Committee reaffirmed at its meeting in June the ranges it had established in February for growth of M2 and M3 of 1 to 5 percent and 2 to 6 percent respectively,
[2017-01-01] as for upside and downside risks to prices, members pointed to the following three factors: (1) developments in firms' and households' medium- to long-term inflation expectations; (2) the fact that th
[2017-01-01] What monetary policy affects, primarily, is the state of the business cycle, the amount of excess unemployment or the extent of recession in the economy.
[2017-01-01] in any case, policy would be set at each meeting taking account of the available information; there was therefore scope to reverse any decision to marginally tighten policy should incoming development
[2017-01-01] as regards fiscal policies, it was essential that all countries intensified their efforts towards achieving a more growth-friendly composition of public finances, while remaining in compliance with th
[2017-01-01] too pessimistic on job creation and the decline in the unemployment rate.
[2017-01-01] consumer credit continued to grow on a year-over-year basis, but the expansion of credit card and auto loan balances appeared to slow from the rapid pace that was evident through the end of last year.
[2017-01-01] In furtherance of these objectives, the Committee at its meeting in July reaffirmed the ranges it had established in January for growth of M2 and M3 of 1 to 5 percent and 2 to 6 percent respectively,
[2017-01-01] with regard to the dimension of optionality, different positions were put forward as to whether an open-ended state-contingent formulation remained appropriate or whether the announcement of an end da
[2017-01-01] contacts in many districts were said to be generally optimistic about business prospects.
[2017-01-01] Once this process is completed, however, we might expect consumer price inflation to move into better alignment with long-run expectations and thus settle in around 2 percent.
[2017-01-01] the bank of canada is raising its target for the overnight rate to 3/4 per cent.
[2017-01-01] this included keeping in place all elements of the governing council’s forward guidance pertaining to the ecb’s key interest rates and the pace and horizon of app purchases, as well as the implicit se
[2017-01-01] in canada, recent data indicate that economic growth has been faster than was expected in the january mpr.
[2017-01-01] the rates in brazil and russia remained at high levels but had been declining due to the earlier pause in the depreciation of their currencies.
[2017-01-01] cpi inflation is now at the 2 per cent target, largely because of the transitory effects of higher oil prices and carbon pricing measures in two provinces, as well as other temporary factors.
[2017-01-01] downside risks related mainly to remaining uncertainties and vulnerabilities in the external environment.
[2017-01-01] the balance of risks to the economic outlook was seen as remaining on the downside, with risks related mainly to the global environment, political uncertainties and continued balance sheet weaknesses
[2017-01-01] one member noted that, if a series of upcoming political events in europe passed without incident, momentum for economic recovery could strengthen from the latter half of 2017.
[2017-01-01] In any case, however, the assessment of the adverse effects of the increase in longer-term rates on financial conditions and ultimately on economic activity would depend importantly upon the extent to
[2017-01-01] a few participants noted that other measures provided additional evidence that inflation was approaching the committee's objective; for example, the 12-month changes in the headline and core cpi, the
[2017-01-01] Some of the increase in sentiment and changes in asset prices could be tied to expectations of more expansive fiscal policy, another upside risk.
[2017-01-01] in particular, the global pmi for new export orders had remained above its historical average.
[2017-01-01] the outlook for non-mining business investment had improved further and the pick-up in public infrastructure investment was also supporting overall growth.
[2017-01-01] issuance of residential mortgage-backed securities (rmbs) had been strong in 2017.
[2017-01-01] more generally, the committee noted that companies could respond in a number of other ways to higher costs, including by reducing nominal pay growth.
[2017-01-01] total real government purchases looked to be roughly flat, on balance, in the third quarter.
[2017-01-01] As far as—as the policy rate, what we’ve said is that we will maintain the rate at this level until we’re confident that the economy has weathered recent events and is on track to achieve our maximum
[2017-01-01] meanwhile, the bank has revised down its projection of potential growth, reflecting persistently weak investment.
[2017-01-01] While a preemptive tightening move might be warranted in the not-too-distant future to help contain inflationary pressures in the economy, these members believed that a symmetrical directive would bes
[2017-01-01] it was noted that survey data covering several months, which had become available since the governing council’s meeting in early march, suggested that euro area growth in 2017 could be stronger than h
[2017-01-01] economic activity continues to strengthen and broaden across countries.
[2017-01-01] the pass-through of the strong pick-up in intermediate goods producer prices to non-food consumer goods producer prices still appeared to be weak.
[2017-01-01] thereafter, it was expected to remain more or less flat at a high level underpinned by olympic games-related construction, although the positive effects resulting from the set of stimulus measures wou
[2017-01-01] measures of core inflation have edged up, in line with a narrowing output gap and the diminishing effects of lower food prices.
[2017-01-01] the pipeline of work already approved or under way was expected to continue supporting dwelling investment around current levels over the subsequent year or so; the peak of apartment completions was e
[2017-01-01] emerging market currencies were generally resilient in recent weeks, reportedly benefiting from investors' anticipation of stronger global economic growth, after depreciating significantly against the