yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2022-01-01] an economic contraction owing to the russia-ukraine war could lead to a weaker labour market, as observed in the 1980s.
[2022-01-01] however, price pressures remain broadly based, with two-thirds of cpi components increasing more than 5% over the past year.
[2022-01-01] it also increased the interest rate on exchange settlement balances by 25 basis points to 3 per cent.
[2022-01-01] caution was also expressed about looking only at nominal wage growth, as growth in unit labour costs was ultimately the more relevant indicator for inflation trends and showed only modest dynamics.
[2022-01-01] in that period the ecb had granted exceptionally favourable conditions to credit institutions that borrowed via these operations, with the aim of sustaining the supply of bank loans to the real econom
[2022-01-01] in any case, macroprudential policy remained the first line of defence in preserving financial stability and addressing medium-term vulnerabilities.
[2022-01-01] By contrast, economic activity in China and other developing countries showed greater buoyancy.
[2022-01-01] on the other hand, it was maintained that the current environment differed from the 1970s in important respects, such as improved central bank transparency, weaker aggregate demand conditions, a lower
[2022-01-01] At the time, we could only observe outcomes that did not fit with preconceptions; try to find rationales that explained what we were seeing; and in the process, derive implications about the future th
[2022-01-01] Implications of Economic Theory I am going to assert some conclusions based on economic theory that help to understand the potential for monetary policy to achieve these objectives and the consistency
[2022-01-01] By the same token, the rate of price inflation was lower than had been reported, consistent with the findings of a number of studies of distortions in published price data.
[2022-01-01] these factors supported an argument for taking more pre-emptive action.
[2022-01-01] from mid-2023, inflation was expected to fall sharply, conditioned on the elevated path of market interest rates, and as previous increases in energy prices dropped out of the annual comparison.
[2022-01-01] the unemployment rate in august was 3.5 per cent, around the lowest rate in almost 50 years.
[2022-01-01] yields on 10-year australian government securities had risen by around 40 basis points since the previous meeting, exceeding 3 per cent for the first time since 2015.
[2022-01-01] growth was then expected to slow to around 1¾ per cent over both 2023 and 2024.
[2022-01-01] As students of economics, you may already know that the Federal Reserve conducts monetary policy to support a strong and stable economy in the United States.
[2022-01-01] this would counter inflationary pressures, while it could also exert a negative effect on economic activity.
[2022-01-01] consistent with the committee’s decision at its february 2022 meeting to begin to reduce the stock of uk government bond purchases by ceasing to reinvest maturing assets, the £5.9 billion of cash flow
[2022-01-01] taking into account the foregoing discussion among the members, upon a proposal by the president, the governing council confirmed the decisions taken at its monetary policy meeting last december and a
[2022-01-01] In essence, monetary credibility helps the central bank do its job, by inducing private sector participants also to take actions that help achieve the central bank's low inflation objective.
[2022-01-01] economic activity and demand were likely to remain muted in the early part of 2022 as pandemic containment measures were affecting activity in consumer services, and high energy costs were constrainin
[2022-01-01] yet, in contrast to previous episodes of heightened volatility in sovereign bond markets, there had so far been no visible differentiation between banks across euro area jurisdictions.
[2022-01-01] ultimately, if upside risks to inflation were to materialise, or the credibility of the path to reduce inflation came into question, it would be costly to re-establish low inflation.
[2022-01-01] however, larger or prolonged disruptions in commodities markets could interfere with other markets and real activity more broadly.
[2022-01-01] the timing and pace of further increases in the policy rate will be guided by the bank’s ongoing assessment of the economy and its commitment to achieving the 2% inflation target.
[2022-01-01] looking further ahead, in the absence of new disruptions, energy costs were expected to stabilise and supply bottlenecks to ease.
[2022-01-01] In the 1988-90 period, the behavior of crude oil prices, unemployment, and the exchange rate were not especially surprising or anomalous.
[2022-01-01] risks to the medium-term inflation outlook were seen to be clearly tilted to the upside.
[2022-01-01] following the governor’s announcement in his mansion house speech on 19 july that the mpc would publish more details on its strategy for beginning to sell the gilts held in the asset purchase facility
[2022-01-01] at that time, the governing council will consider exiting the reinvestment phase and reducing the size of its balance sheet by allowing roll-off of maturing government of canada bonds.
[2022-01-01] while consumption had held up so far, the higher interest rates and high inflation were putting pressure on household budgets at a time when housing prices were also falling.
[2022-01-01] the bank is also continuing its policy of quantitative tightening (qt).
[2022-01-01] In that regard, the changes in the macroeconomic environment that underlie our monetary policy review may have some implications for financial stability.
[2022-01-01] in this respect, attention was drawn to the correlation between movements in oil prices and market-based measures of inflation compensation.
[2022-01-01] both the bank/ipsos and the citi/yougov surveys had reported a further rise in households’ short-term inflation expectations in 2022 q1.
[2022-01-01] Back then, FOMC participants were forecasting unemployment rates around 7-3/4 percent and 7 percent for year-end 2013 and 2014, respectively, in our Summary of Economic Projections; as of the June 201
[2022-01-01] while the war would likely dent economic growth in the short term, annual growth was projected to remain positive even in the severe scenario, pointing to “slowflation” rather than stagflation.
[2022-01-01] in the last three months, cpi inflation has declined from 8.1% to 6.9%, primarily due to a fall in gasoline prices.
[2022-01-01] reinvestment was considered important for as long as necessary to maintain ample liquidity, thereby ensuring orderly money market conditions, and an appropriate monetary policy stance.
[2022-01-01] energy price inflation had remained the main driver of overall inflation, with an increasing contribution from gas and electricity prices.
[2022-01-01] according to a purely mechanical update of the latest short-term inflation projections, in the near term inflation was expected to be higher than projected in december and would likely remain above 2%
[2022-01-01] members observed that inflation in many countries was increasingly driven by domestic demand pressures, and that the longer high inflation persists, the more central banks might need to tighten moneta
[2022-01-01] in the united states, fears of a recession had, at least temporarily, weighed on natural gas prices, and on commodity prices more generally.
[2022-01-01] the governing council therefore decided to end its extraordinary commitment to hold its policy rate at the effective lower bound.
[2022-01-01] Later in the week, however, market interest rates moved up in response to the release of the minutes of the February meeting and the mention therein of some sentiment for a larger policy tightening th
[2022-01-01] And that’s because of this misalignment between supply and demand.
[2022-01-01] inflationary pressures had earlier proven more persistent than expected and there were upside risks to inflation from the labour market, rents and energy costs.
[2022-01-01] In each case, my own preferred approach is to take the other variable into account in performing our main job of dealing with inflation and unemployment
[2022-01-01] european gas and thermal coal prices had fallen significantly over the prior month owing to the commitment to implement energy rationing and the imposition of a windfall tax on non-gas energy generati
[2022-01-01] that judgement also reflects that monetary policy will act to ensure that longer-term inflation expectations are well anchored around the 2% target.
[2022-01-01] the argument for an increase of 25 basis points was that a sequence of 25 basis point moves represented a steady approach to withdrawing monetary policy stimulus and that this was appropriate in an un
[2022-01-01] however, the july bank lending survey indicated a drop in demand for housing loans in the second quarter and in the following months.
[2022-01-01] At some point, continued large-scale trade deficits could trigger equilibrating, and possibly dislocating, changes in prices, interest rates, and exchange rates.
[2022-01-01] recent private sector forecasts continued to predict real gdp growth of around 3% in 2022, with predictions for growth in 2023 largely unchanged from before the war.
[2022-01-01] We’re also, as part of our review, looking at potential innovations, changes to the way we think about things, changes to the framework that would lead us—that would be more supportive of achieving in
[2022-01-01] at the same time, core inflation was expected to decline over the projection horizon owing to the fading impact of the pandemic, the easing of bottlenecks and the indirect contribution of the current
[2022-01-01] But a longer-term trend--slow productivity growth--helps explain why we don't think dramatic interest rate increases are required to move our federal funds rate target back to neutral.
[2022-01-05] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 14–15, 2021.
[2022-01-05] FOMC minutes can be viewed on the Board’s website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
[2022-01-05] For media inquiries, e-mail [email protected] or call 202-452-2955
[2022-01-05] Minutes of the Federal Open Market Committee December 14-15, 2021: HTML | PDF
[2022-01-05] 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
[2022-01-11] Note: On October 18, 2022, updates were made to add the November 15, 2021, minutes, which were inadvertently omitted from a previous posting.
[2022-01-11] For media inquiries, e-mail [email protected] or call 202-452-2955.
[2022-01-11] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on December 6 and December 15, 2021.
[2022-01-26] 11. Any authority of the Subcommittee pursuant to this Authorization may be exercised by the Chair if the Chair believes that consultation with the Subcommittee is not feasible in the time available.
[2022-01-26] Business fixed investment appeared to post only a small gain in the fourth quarter, as investment in transportation equipment was held back by supply bottlenecks and limited supplies of construction m
[2022-01-26] E. For reciprocal currency arrangements, standing and temporary dollar liquidity swap arrangements, and standing foreign currency liquidity swap arrangements:
[2022-01-26] The maximum level of employment is a broad-based and inclusive goal that is not directly measurable and changes over time owing largely to nonmonetary factors that affect the structure and dynamics of
[2022-01-26] David Altig, Kartik B. Athreya, and Sylvain Leduc, Executive Vice Presidents, Federal Reserve Banks of Atlanta, Richmond, and San Francisco, respectively
[2022-01-26] PRINCIPLES FOR REDUCING THE SIZE OF THE FEDERAL RESERVE'S BALANCE SHEET (As adopted effective January 25, 2022)
[2022-01-26] i. Primarily, to ensure sufficient liquidity to enable the Selected Bank to conduct foreign currency operations as directed by the Committee;
[2022-01-26] i. All arrangements are subject to annual review and approval by the Committee;
[2022-01-26] B. To hold balances of, and to have outstanding forward contracts to receive or to deliver, foreign currencies.
[2022-01-26] ii. Undertake repo transactions in Eligible Securities with Foreign Accounts; and
[2022-01-26] B. Any Federal Reserve Bank that maintains Customer Accounts, for any such Customer Account, when appropriate and subject to all other necessary authorization and approvals, to:
[2022-01-26] 1. The Federal Open Market Committee (the "Committee") authorizes and directs the Federal Reserve Bank selected by the Committee to execute open market transactions (the "Selected Bank"), to the exten
[2022-01-26] The Federal Open Market Committee (the "Committee") authorizes and directs the Open Market Desk at the Federal Reserve Bank of New York (the "Selected Bank"), for the System Open Market Account ("SOMA
[2022-01-26] Esther L. George, President of the Federal Reserve Bank of Kansas City, with Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, as alternate.
[2022-01-26] 5. The Committee directs the Selected Bank to report to the Committee, at each regular meeting of the Committee, on transactions undertaken pursuant to paragraphs 1 and 6 of the Authorization. The Sel
[2022-01-26] 3. For any operation that involves standalone spot or forward transactions in foreign currencies:
[2022-01-26] Annual Organizational Matters4 The agenda for this meeting reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for a term beginnin
[2022-01-26] Deborah Leonard2 and Rania Perry,2 Vice Presidents, Federal Reserve Bank of New York
[2022-01-26] James Bullard, President of the Federal Reserve Bank of St. Louis, with Meredith Black, Interim President of the Federal Reserve Bank of Dallas, as alternate
[2022-01-26] 10. All Federal Reserve banks shall participate in the foreign currency operations for System Open Market Account in accordance with paragraph 3G(1) of the Board of Governors' Statement of Procedure w
[2022-01-26] In their discussion of risks to the outlook, participants agreed that uncertainty regarding the path of inflation was elevated and that risks to inflation were weighted to the upside. Participants cit
[2022-01-26] iii. Subject to paragraphs 7.A.i and 7.A.ii, to provide the highest rate of return possible in each currency; and
[2022-01-26] The inflation rate over the longer run is primarily determined by monetary policy, and hence the Committee has the ability to specify a longer-run goal for inflation. The Committee reaffirms its judgm
[2022-01-26] Transactions undertaken with Customer Accounts under the provisions of this paragraph 4 may provide for a service fee when appropriate. Transactions undertaken with Customer Accounts are also subject
[2022-01-26] C. To designate Federal Reserve System persons authorized to communicate with the United States Treasury concerning System Open Market Account foreign currency operations; and
[2022-01-26] 12. The Committee authorizes the Chair, in exceptional circumstances where it would not be feasible to convene the Committee, to foster the Committee's objectives by instructing the Selected Bank to e
[2022-01-26] Manufacturing output moved down in December after advancing strongly in October and November. Motor vehicle assemblies reversed some of their November increase; in addition, manufacturing production o
[2022-01-26] ii. As a temporary operation: on a same-day or deferred delivery basis, to purchase such Eligible Securities subject to an agreement to resell ("repo transactions") or to sell such Eligible Securities
[2022-01-26] David Na,2 Senior Financial Institution and Policy Analyst, Division of Monetary Affairs, Board
[2022-01-26] Principles for Reducing the Size of the Balance Sheet Participants continued their discussion of topics associated with potential adjustments in the Committee's policy tools that may be appropriate to
[2022-01-26] The U.S. international trade deficit widened at the end of last year. Imports of goods rose sharply in November and December, led by increases in consumer goods, while exports of goods were little cha
[2022-01-26] iii. Any changes in the terms of existing arrangements must be approved in advance by the Chair. The Chair shall keep the Committee informed of any changes in terms, and the terms shall be consistent
[2022-01-26] Commercial and industrial (C&I) loans expanded over the fourth quarter following more than a year of declines. In the January Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), bank
[2022-01-26] Indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved in recent months but are being affected by the recent sha
[2022-01-26] B. Undertake transactions with respect to Eligible Securities in order to appropriately address temporary disruptions of an operational or highly unusual nature in U.S. dollar funding markets.
[2022-01-26] 4. The Committee directs the Selected Bank to hold and to invest foreign currencies in the portfolio in accordance with the provisions of paragraph 7 of the Authorization.
[2022-01-26] By unanimous vote, the Committee selected the Federal Reserve Bank of New York to execute transactions for the System Open Market Account (SOMA).
[2022-01-26] iv. To achieve such other objectives as may be authorized by the Committee.
[2022-01-26] i. Reject bids that, as determined in its sole discretion, could facilitate a bidder's ability to control a single issue;
[2022-01-26] The expected path for the federal funds rate over the next few years—implied by a straight read of overnight index swap quotes—rose notably since the December FOMC meeting, apparently reflecting less-
[2022-01-26] Broad equity indexes decreased markedly, on net, particularly in the latter part of the intermeeting period, as shifts in expectations about the pace of monetary policy tightening, global inflationary
[2022-01-26] Commercial real estate (CRE) loan balances on banks' books expanded at a solid pace in the fourth quarter, and, in the January SLOOS, banks reported an easing of standards on such loans amid stronger
[2022-01-26] iv. Subject to reasonable limitations on the amount of Eligible Securities that each borrower may borrow.
[2022-01-26] i. The Committee must direct the Selected Bank in advance to execute the operation if it would result in the overall volume of standalone spot and forward transactions in foreign currencies, as define
[2022-01-26] Alyssa G. Anderson and Valerie S. Hinojosa, Section Chiefs, Division of Monetary Affairs, Board; Penelope A. Beattie,3 Section Chief, Office of the Secretary, Board
[2022-01-26] In the Committee's annual reconsideration of the Statement on Longer-Run Goals and Monetary Policy Strategy, all participants supported the statement as written, and the Committee voted unanimously to
[2022-01-26] Attendance Jerome H. Powell, Chair John C. Williams, Vice Chair Michelle W. Bowman Lael Brainard James Bullard Esther L. George Loretta J. Mester Christopher J. Waller
[2022-01-26] Members agreed to remove the opening sentence from previous postmeeting statements regarding using the Federal Reserve's full range of tools to support the U.S. economy. This language was adopted duri
[2022-01-26] 7. The Committee authorizes the Selected Bank to hold foreign currencies for the System Open Market Account in accounts maintained at foreign central banks, the Bank for International Settlements, and
[2022-01-26] Thomas I. Barkin, Raphael W. Bostic, and Mary C. Daly, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively
[2022-01-26] Real PCE was unchanged in November, and available indicators—including the components of the nominal retail sales data used to estimate PCE—pointed to a decline in December, possibly reflecting the sh
[2022-01-26] A. To buy or sell in the open market securities that are direct obligations of, or fully guaranteed as to principal and interest by, the United States, and securities that are direct obligations of, o
[2022-01-26] Staff Economic Outlook The near-term projection for U.S. economic activity prepared by the staff for the January FOMC meeting was weaker than in December, reflecting the sharp rise in COVID-19 infecti
[2022-01-26] 9. The Committee authorizes the Selected Bank to undertake transactions of the type described in this Authorization, and foreign exchange and investment transactions that it may be otherwise authorize
[2022-01-26] C. For standing foreign currency liquidity swap arrangements all drawings must be approved in advance by the Committee (or by the Subcommittee, if the Subcommittee believes that consultation with the
[2022-01-26] 2. All transactions in foreign currencies undertaken pursuant to paragraph 1 above shall, unless otherwise authorized by the Committee, be conducted:
[2022-01-26] 2. In order to ensure the effective conduct of open market operations, the Committee authorizes the Selected Bank to operate a program to lend Eligible Securities held in the SOMA to dealers on an ove
[2022-01-26] David B. Cashin, Principal Economist, Division of Research and Statistics, Board; Erin E. Ferris, Kyungmin Kim, and Bernd Schlusche,2 Principal Economists, Division of Monetary Affairs, Board; Colin J
[2022-01-26] C. The outstanding amount of the transactions described in paragraphs 1.A.ii and 2 shall not exceed $5 billion at any given time.
[2022-01-26] Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board; Michael S. Gibson, Director, Division of Supervision and Regulation, Board
[2022-01-26] Staff Review of the Economic Situation The information available at the time of the January 25–26 meeting suggested that U.S. real gross domestic product (GDP) growth had picked up in the fourth quart
[2022-01-26] By unanimous vote, the following officers of the Committee were selected to serve until the selection of their successors at the first regularly scheduled meeting of the Committee in 2023:
[2022-01-26] A. Adjust somewhat in exceptional circumstances the stance of monetary policy and to take actions that may result in material changes in the composition and size of the assets in the SOMA; or
[2022-01-26] AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS (As reaffirmed effective January 25, 2022)
[2022-01-26] The manager discussed expectations for the evolution of the Federal Reserve's administered rates in connection with a potential future change in the target range for the federal funds rate. The Desk s
[2022-01-26] The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to keep the target range for the federal
[2022-01-26] In the municipal bond market, financing conditions remained accommodative, as municipal bond yields stayed near historical lows. Issuance of municipal debt was strong in November and December. The cre
[2022-01-26] i. Purchasing and selling obligations of, or fully guaranteed as to principal and interest by, a foreign government or agency thereof ("Permitted Foreign Securities") through outright purchases and sa
[2022-01-26] 1. The Federal Open Market Committee (the "Committee") authorizes the Federal Reserve Bank selected by the Committee (the "Selected Bank") to execute open market transactions for the System Open Marke
[2022-01-26] Regarding the monetary policy outlook, with data showing continuing tightening of labor market conditions and elevated inflationary pressures, policymaker communications were perceived as pointing to
[2022-01-26] iii. Conducted for such other purposes as may be determined by the Committee.
[2022-01-26] A. For reciprocal currency arrangements all drawings must be approved in advance by the Committee (or by the Subcommittee, if the Subcommittee believes that consultation with the Committee is not feas