yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2020-08-11] Today's changes will ensure the MLF continues to provide an effective backstop to assist U.S. states and local governments as they weather the pandemic.
[2020-08-11] The MLF was established under Section 13(3) of the Federal Reserve Act, with approval of the Treasury Secretary. It offers up to $500 billion in lending to states and municipalities to help manage cas
[2020-08-11] The Federal Reserve Board on Tuesday announced revised pricing for its Municipal Liquidity Facility (MLF). The revised pricing reduces the interest rate spread on tax-exempt notes for each credit rati
[2020-08-19] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 28-29, 2020.
[2020-08-19] Minutes of Federal Open Market Committee July 28-29, 2020: HTML | PDF
[2020-08-19] The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Re
[2020-08-19] FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
[2020-08-25] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from June 22 through July 29, 2020.
[2020-08-27] Finally, the Committee explored the range of issues that were brought to light during the course of the review in five consecutive meetings beginning in July 2019. Analytical staff work put together b
[2020-08-27] Following an extensive review that included numerous public events across the country, the Federal Open Market Committee (FOMC) on Thursday announced the unanimous approval of updates to its Statement
[2020-08-27] "The economy is always evolving, and the FOMC's strategy for achieving its goals must adapt to meet the new challenges that arise," said Federal Reserve Chair Jerome H. Powell. "Our revised statement
[2020-08-27] Among the more significant changes to the framework document are:
[2020-08-27] This first public review of the FOMC framework was announced by Chair Powell in November 2018, and involved three distinct components. First, the Federal Reserve hosted a series of 15 Fed Listens even
[2020-08-27] Second, the Federal Reserve in June 2019 convened a research conference at which prominent academic experts addressed economic topics central to the review. That conference program, links to the confe
[2020-08-27] The FOMC reported it would continue its practice of considering the Statement of Longer-Run Goals and Policy each January and that it intends to undertake a public review of its monetary policy strate
[2020-09-16] Jumping ahead 15 years, following his appointment as Director of Monetary Affairs, Thomas would frequently, and very earnestly, ask me how he could be most effective in his role as an adviser to the F
[2020-09-16] Joshua Gallin, Special Adviser to the Chair, Division of Board Members, Board of Governors
[2020-09-16] All members agreed to incorporate into the postmeeting statement key elements of the Committee's revised Statement on Longer-Run Goals and Monetary Policy Strategy. Members judged that this action wou
[2020-09-16] Financing conditions for commercial real estate (CRE) intermediated through capital markets recovered further over the intermeeting period. Spreads on triple-B non-agency CMBS remained wide, though th
[2020-09-16] As friends, colleagues, and collaborators, we all grieve his loss. His absence leaves a space that cannot truly be filled. We will miss Thomas Laubach's intellect and his insight. More importantly, we
[2020-09-16] "Thomas Laubach was a remarkable human being who just happened to be a world class economist. His passing last week represents of course an incalculable loss for his family, but is also a devastating
[2020-09-16] William F. Bassett, Antulio N. Bomfim, Wendy E. Dunn, Ellen E. Meade, Chiara Scotti, and Ivan Vidangos, Special Advisers to the Board, Division of Board Members, Board of Governors
[2020-09-16] Brian J. Bonis and Laura Lipscomb, Assistant Directors, Division of Monetary Affairs, Board of Governors
[2020-09-16] Total PCE price inflation was 1.0 percent over the 12 months ending in July, reflecting both weak aggregate demand and a considerable drop in consumer energy prices early this year. Core PCE price inf
[2020-09-16] PRESENT: Jerome H. Powell, Chair John C. Williams, Vice Chair Michelle W. Bowman Lael Brainard Richard H. Clarida Patrick Harker Robert S. Kaplan Neel Kashkari Loretta J. Mester Randal K. Quarles
[2020-09-16] Market participants attributed these developments to a stronger economic outlook, better news on the COVID-19 trajectory, better-than-feared corporate earnings reports, and accommodative policy. Again
[2020-09-16] Participants continued to see the uncertainty surrounding the economic outlook as very elevated, with the path of the economy highly dependent on the course of the virus; on how individuals, businesse
[2020-09-16] Market participants continued to anticipate that the Committee would update its forward guidance for the federal funds rate. Most respondents to the Desk's surveys continued to indicate that they expe
[2020-09-16] The staff continued to observe that the uncertainty related to the course of the COVID‑19 pandemic and its associated economic effects was extremely elevated and that the risks to the outlook were sti
[2020-09-16] Thomas was also an exceptional colleague, leader, and friend. No one here will be surprised to know that as condolences pour in, the admiration for his kindness and equanimity match, if not exceed, th
[2020-09-16] Staff Review of the Financial Situation Financial market sentiment improved over the intermeeting period, boosted by declines in the number of new COVID-19 cases in the United States and stronger-than
[2020-09-16] The release of the revised Statement on Longer-Run Goals and Monetary Policy Strategy (consensus statement) elicited relatively modest immediate reaction across markets. However, market participants g
[2020-09-16] Committee Policy Action In their discussion of monetary policy for this meeting, members agreed that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States a
[2020-09-16] Conditions in short-term funding markets were stable over the intermeeting period. Spreads on commercial paper (CP) and negotiable certificates of deposit across different tenors changed little, on ne
[2020-09-16] Argia M. Sbordone and Patricia Zobel, Vice Presidents, Federal Reserve Bank of New York
[2020-09-16] 2. Attended through the discussion of developments in financial markets and open market operations. Return to text
[2020-09-16] The path of the economy will depend significantly on the course of the virus. The ongoing public health crisis will continue to weigh on economic activity, employment, and inflation in the near term,
[2020-09-16] While the economic outlook had brightened, market participants continued to see significant risks ahead. Some noted concerns about elevated asset valuations in certain sectors. Many also cited geopoli
[2020-09-16] Municipal market financing conditions remained accommodative since the July FOMC meeting. However, the credit quality of municipal debt deteriorated somewhat, driven by a relatively large volume of cr
[2020-09-16] The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
[2020-09-16] Participants noted that business investment, which had plummeted in the second quarter, appeared to have begun to turn around. They pointed to data showing gains in capital goods orders and shipments
[2020-09-16] Regarding asset purchases, participants judged that it would be appropriate over coming months for the Federal Reserve to increase its holdings of Treasury securities and agency MBS at least at the cu
[2020-09-16] "Thomas was unquestionably one of the great economic minds of his generation, and his research has been central to some of our biggest discussions and policy actions over the past several years. He ha
[2020-09-16] In their consideration of monetary policy at this meeting, participants reaffirmed that they were committed to using the Federal Reserve's full range of tools in order to support the U.S. economy duri
[2020-09-16] Glenn Follette, Associate Director, Division of Research and Statistics, Board of Governors; David López-Salido, Associate Director, Division of Monetary Affairs, Board of Governors
[2020-09-16] In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adj
[2020-09-16] James Bullard, Esther L. George, and Eric Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively
[2020-09-16] In the staff's medium-term projection, the baseline assumptions included that the current restrictions on social interactions and business operations, along with voluntary social distancing by individ
[2020-09-16] 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
[2020-09-16] Christopher J. Gust, Deputy Associate Director, Division of Monetary Affairs, Board of Governors; John M. Roberts, Deputy Associate Director, Division of Research and Statistics, Board of Governors; J
[2020-09-16] After declining sharply earlier this year, exports and imports of goods and services increased strongly in June and July. On net, over these two months, the nominal U.S. international trade deficit wi
[2020-09-16] All members agreed to maintain the target range for the federal funds rate at 0 to 1/4 percent. Almost all members viewed this meeting as the appropriate time to modify forward guidance to provide gre
[2020-09-16] Yields on 2-year nominal Treasury securities were little changed since the July FOMC meeting, while 10- and 30-year yields rose moderately. Market commentary attributed the increases in longer-term yi
[2020-09-16] Linda Robertson, Assistant to the Board, Division of Board Members, Board of Governors
[2020-09-16] Ann E. Misback, Secretary, Office of the Secretary, Board of Governors
[2020-09-16] David Bowman, Senior Associate Director, Division of Monetary Affairs, Board of Governors; Eric M. Engen, Diana Hancock, and John J. Stevens, Senior Associate Directors, Division of Research and Stati
[2020-09-16] The vote also encompassed approval of the statement below for release at 2:00 p.m.:
[2020-09-16] Financing conditions in the residential mortgage market were little changed over the intermeeting period. While mortgage rates hovered near historical lows, the spread between primary mortgage rates a
[2020-09-16] Developments in Financial Markets and Open Market Operations The System Open Market Account (SOMA) manager first discussed developments in financial markets. On net, financial conditions eased over th
[2020-09-16] Jenny Tang, Senior Economic Policy Advisor, Federal Reserve Bank of Boston
[2020-09-16] The effective federal funds rate and the Secured Overnight Financing Rate averaged 9 basis points over the intermeeting period. The amount of Federal Reserve repo outstanding remained at zero over the
[2020-09-16] The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals. The COVID-19
[2020-09-16] Real PCE expanded strongly in July and continued to be bolstered by supportive fiscal and monetary policy actions. In August, the components of retail sales used to estimate PCE, along with sales of l
[2020-09-16] Staff Economic Outlook In the U.S. economic projection prepared by the staff for the September FOMC meeting, the rate of real GDP growth and the pace of declines in the unemployment rate were faster o
[2020-09-16] Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly, Charles L. Evans, and Michael Strine, Alternate Members of the Federal Open Market Committee
[2020-09-16] President Kaplan dissented because he expects that it will be appropriate to maintain the current target range until the Committee is confident that the economy has weathered recent events and is on t
[2020-09-16] Total real government purchases appeared to be increasing modestly, on balance, in the third quarter. Federal defense spending continued to rise through August, and federal employment was boosted mark
[2020-09-16] The credit quality of nonfinancial corporations showed tentative signs of stabilization over the intermeeting period. The dollar volume of nonfinancial corporate bond downgrades continued to exceed up
[2020-09-16] Staff Review of the Economic Situation The COVID-19 pandemic and the measures undertaken to contain its spread continued to affect economic activity in the United States and abroad. The information av
[2020-09-16] In their discussion of monetary policy for the period ahead, members generally agreed that the Committee's policy guidance expressed its assessment about the path for the federal funds rate most likel
[2020-09-16] Financing conditions for small businesses remained tight, al­though some indicators pointed to a slight improvement. Thirty-day delinquency rates fell modestly between May and July but remained compar
[2020-09-16] 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
[2020-09-16] Participants generally noted that outcome-based forward guidance for the federal funds rate of this type was not an unconditional commitment to a particular path. Indeed, outcome-based guidance of thi
[2020-09-16] The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have picked up in recent months but remain well
[2020-09-16] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2020-09-16] "Effective September 17, 2020, the Federal Open Market Committee directs the Desk to:
[2020-09-16] Meredith Black, First Vice President, Federal Reserve Bank of Dallas
[2020-09-16] Mark A. Carlson, Senior Economic Project Manager, Division of Monetary Affairs, Board of Governors
[2020-09-16] The manager turned next to a discussion of funding market conditions and open market operations over the period. Conditions in short-term dollar funding markets remained stable over the period. Overni
[2020-09-16] All participants agreed that the completion of the framework review and the publication of the revised consensus statement provided a strong foundation for monetary policy decisions and communications
[2020-09-16] Broad stock price indexes rose, on net, during the intermeeting period, consistent with generally better-than-expected news on both the economy and second-quarter corporate earnings. One-month option-
[2020-09-16] The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to
[2020-09-16] Industrial production expanded further in July and August, al­though at a less rapid pace than over the preceding two months. The increase in factory output was broad based, but the gains for most man
[2020-09-16] Participants observed that the incoming data indicated that economic activity was recovering faster than expected from its depressed second-quarter level, when much of the economy was shut down to ste
[2020-09-16] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2020-09-16] A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Tuesday, September 15, 2020, at 11:00 a.m. and continued on Wednesday, September 16, 2020
[2020-09-16] Randall A. Williams, Senior Information Manager, Division of Monetary Affairs, Board of Governors
[2020-09-16] In line with the modest improvement in risk sentiment, the staff's broad dollar index declined moderately, on net, with the dollar depreciating more against EME currencies. The Chinese renminbi was bo
[2020-09-16] Penelope A. Beattie,3 Section Chief, Office of the Secretary, Board of Governors; Dana L. Burnett and Felicia Ionescu, Section Chiefs, Division of Monetary Affairs, Board of Governors
[2020-09-16] Opening Remarks The Chair, Vice Chair Williams, and Governor Clarida opened the meeting with remarks in memory of Thomas Laubach.
[2020-09-16] Members considered the staff proposal to eliminate the requirement in the directive to increase the holdings of agency CMBS in the SOMA portfolio. In light of the substantial improvement in market fun
[2020-09-16] Housing-sector activity continued to expand, likely supported by the effects of low interest rates. Starts and building permit issuance for single-family homes, along with starts of multifamily units,
[2020-09-16] Thomas made everyone that he worked with better and inspired to put forth their best energy and effort to achieve larger goals. That was most certainly the case in the framework review, and I'll secon
[2020-09-16] Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors voted unanimously to leave the interest rates on required and excess res
[2020-09-16] Participants widely echoed the remarks at the opening of the meeting in memory of Thomas Laubach. Participants universally recognized his great leadership and intellectual contributions to the work of
[2020-09-16] Total nonfarm payroll employment expanded strongly in July and August, al­though payrolls had retraced only about half of the jobs lost at the onset of the pandemic. The unemployment rate moved down f
[2020-09-16] Indicators of business fixed investment suggested that this sector was beginning to recover on balance. Nominal new orders and shipments of nondefense capital goods excluding aircraft increased in Jul
[2020-09-16] Against this backdrop, participants discussed a range of issues associated with providing greater clarity about the likely path of the federal funds rate in the years ahead. Most participants supporte
[2020-09-16] Participants noted that the COVID-19 pandemic was causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment had picked up in recent
[2020-09-16] 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
[2020-09-16] Financing conditions in consumer credit markets remained accommodative for borrowers with relatively strong credit scores but continued to be tight for subprime borrowers. Auto loan balances increased
[2020-09-16] James A. Clouse, Secretary Matthew M. Luecke, Deputy Secretary Michelle A. Smith, Assistant Secretary Mark E. Van Der Weide, General Counsel Michael Held, Deputy General Counsel Stacey Tevlin, Economi
[2020-09-16] Financing conditions in capital markets remained accommodative over the intermeeting period. Amid historically low corporate bond yields, gross issuance of both investment- and speculative-grade corpo
[2020-09-16] In their comments about inflation, participants noted that consumer prices had increased more quickly than expected in recent months and that market-based measures of inflation compensation had increa
[2020-09-16] I remember well our first meeting 25 years ago, and I was struck then by Thomas's enthusiasm that he brought to economics as a graduate student. Thomas of course never lost that spark and joy for the
[2020-09-16] Before I arrived at the Board, I knew Thomas primarily through his research. His book on inflation targeting with Ben Bernanke, Rick Mishkin, and Adam Posen is a classic reference on the subject, as i
[2020-09-16] Shaghil Ahmed, Michael Dotsey, Marc Giannoni, Trevor A. Reeve, Ellis W. Tallman, William Wascher, and Mark L.J. Wright, Associate Economists
[2020-09-16] It was agreed that the next meeting of the Committee would be held on Wednesday–Thursday, November 4–5, 2020. The meeting adjourned at 11:00 a.m. on September 16, 2020.
[2020-09-16] 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
[2020-09-16] Voting against the action were Robert S. Kaplan, who expects that it will be appropriate to maintain the current target range until the Committee is confident that the economy has weathered recent eve
[2020-09-16] Foreign economic activity plunged in the second quarter as a result of the COVID-19 pandemic and the associated restrictive measures to contain it. With some of these measures having been rolled back
[2020-09-16] Notation Votes By notation vote completed on August 18, 2020, the Committee unanimously approved the minutes of the Committee meeting held on July 28–29, 2020.
[2020-09-16] Al­though business contacts indicated that overall business activity had been stronger than they expected, it remained well below pre-pandemic levels. Business contacts pointed to several factors that
[2020-09-16] David Altig, Kartik B. Athreya, Joseph W. Gruber, Sylvain Leduc, Anna Paulson, Daleep Singh, and Christopher J. Waller, Executive Vice Presidents, Federal Reserve Banks of Atlanta, Richmond, Kansas Ci
[2020-09-16] His role as trusted adviser was never more on display or important than during the framework review as Chair Powell just commented. Thomas focused on making sure the Committee was prepared with the ve
[2020-09-16] Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Patrick Harker; Loretta J. Mester; and Randal K
[2020-09-16] Jeremy B. Rudd, Senior Adviser, Division of Research and Statistics, Board of Governors
[2020-09-16] I understand that in Thomas's last days, he was able to watch the Chair's speech at Jackson Hole rolling out the new framework, and that he was so proud to have been part of what the Wall Street Journ
[2020-09-16] Markets for Treasury securities and agency mortgage-backed securities (MBS) continued to function smoothly, with bid-ask spreads and a range of other indicators remaining near pre-pandemic levels. Ind
[2020-09-16] Members noted that the Committee's asset purchases had helped foster significant improvements in market functioning over recent months. In addition, purchases of securities were contributing to accomm
[2020-09-16] Foreign asset price movements were generally muted, with market participants likely weighing concerns over rising infection rates in some countries against the prospect of a COVID-19 vaccine. In emerg
[2020-09-16] Michele Cavallo, Jonathan E. Goldberg, and Kurt F. Lewis, Principal Economists, Division of Monetary Affairs, Board of Governors
[2020-09-16] The expected path for the federal funds rate over the next few years, as implied by a straight read of overnight index swap quotes, was little changed, on net, since the July FOMC meeting and remained
[2020-09-16] Minutes of the Federal Open Market Committee September 15â16, 2020 A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Tuesday, September 1
[2020-09-16] Participants observed that labor market conditions continued to improve in recent months and that the economy through August had regained roughly half of the 22 million jobs that were lost in March an
[2020-09-16] Participants observed that lower-paid workers had been disproportionally affected by the economic effects of the pandemic. Many of these workers were employed in the service sector or other industries