yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2019-01-01] the uk instantaneous forward ois curve was now fully pricing in a 25 basis point rate cut during the first half of 2020.
[2019-01-01] Today, the Federal Reserve's duties fall into four general areas--some that would have been familiar to the central bankers in the Fed's early years and some that would have been unfamiliar: maintaini
[2019-01-01] a few participants remarked on the decline in energy prices and the associated reduction in activity in the energy sector.
[2019-01-01] there was broad agreement that monetary policy had to remain highly accommodative for an extended period of time in the face of a protracted weakness in the economy and subdued inflation developments.
[2019-01-01] a different member pointed out that, taking into account the current situation in which downside risks to economic activity and prices were significant, the bank should continue to examine whether add
[2019-01-01] nevertheless, credit conditions for some borrowers had remained tighter than they had been for some time following the strengthening of lending policies and practices over recent years.
[2019-01-01] some members pointed out that, although a decline in exports, mainly of capital goods and it-related goods, had pushed down production for january, firm domestic demand had been underpinning productio
[2019-01-01] Vice Chair Richard H. Clarida At the 2020 U.S. Monetary Policy Forum, sponsored by the Initiative on Global Markets at the University of Chicago Booth School of Business, New York, New York Share Than
[2019-01-01] according to the cbi industrial trends survey, the availability and cost of corporate credit had increased as a concern, but had remained fairly low down the list of factors judged by companies to be
[2019-01-01] Consumer sentiment remains solid, and the employment picture is positive.
[2019-01-01] The staff interpreted the increases in prices of energy and nonmarket services that recently boosted consumer price inflation as largely transitory.
[2019-01-01] While deflation appears to have eased in Japan recently, it is difficult to know how much of the improvement is due to monetary policy, and, of the part due to monetary policy, how much is due to the
[2019-01-01] global economic activity is expected to pick up during 2019 and average 3 ¼ per cent over the projection period, supported by accommodative financial conditions and as a number of temporary factors we
[2019-01-01] as for the policy rates, the bank expects short- and long-term interest rates to remain at their present or lower levels as long as it is necessary to pay close attention to the possibility that the m
[2019-01-01] trade conflicts between the united states and china, in particular, are curbing manufacturing activity and business investment and pushing down commodity prices.
[2019-01-01] We're looking at wages and we're looking at ultimately inflation.
[2019-01-01] turning to the euro area, real gdp growth in the second quarter of 2019 had been confirmed at 0.2% in eurostat’s third release.
[2019-01-01] Output was forecast to expand at a rate a little above the staff's estimate of its potential rate of growth in 2019 through 2021 and then to slow to a pace slightly below potential output growth in 20
[2019-01-01] credit conditions for households and firms remained accommodative.
[2019-01-01] as for the outlook, members shared the view that the economy was likely to maintain its expansion, partly underpinned by expansionary fiscal measures in a situation where the federal reserve conducted
[2019-01-01] the jp morgan global composite output pmi, which had started to pick up in february, had increased a little further in march.
[2019-01-01] Moreover, measures of labor compensation showed only moderate gains while relatively wide profit margins could allow firms to absorb somewhat larger increases in labor and other costs without boosting
[2019-01-01] similarly, the spreads of most euro area sovereign bond yields over equivalent german government bond yields had fallen since the start of the year.
[2019-01-01] u.s. and european long-term interest rates were more or less unchanged when fluctuations were smoothed out, due in part to speculation about monetary easing in these economies.
[2019-01-01] staff economic outlook the projection for u.s. economic activity prepared by the staff for the july fomc meeting was revised up somewhat in the near term, as an upward revision to households' real dis
[2019-01-01] since the governing council’s monetary policy meeting in july, risk-free interest rates had declined, partly in anticipation of additional monetary policy stimulus but also in response to a worsening
[2019-01-01] euro area goods exports had contracted in the second quarter as the stockbuilding in the united kingdom, which had lifted euro area goods exports in the first quarter, had reversed.
[2019-01-01] cpi inflation is projected to edge further down and be below 2 per cent through much of 2019, owing mainly to lower gasoline prices.
[2019-01-01] inflationary pressures were expected to pick up in response to above-trend growth in output and gradually tightening labour market conditions.
[2019-01-01] quarterly gdp growth was expected to be around ½ per cent, supported by a strong recovery in resource exports from earlier supply disruptions.
[2019-01-01] Today a rise in oil prices has mixed effects on the economy, lowering real household incomes and thus demand, but raising investment in drilling over time and benefiting oil-producing areas more gener
[2019-01-01] the united states had proceeded to increase tariffs from 10 per cent to 25 per cent on us$200 billion of imports from china, and china had responded by announcing that tariffs would increase by 5–25 p
[2019-01-01] the mpc’s most recent economic projections, set out in the may inflation report, assumed a smooth adjustment to the average of a range of possible outcomes for the united kingdom’s eventual trading re
[2019-01-01] this was consistent with information from liaison that a larger share of firms expected wages growth to be stable (rather than increasing) in the year ahead compared with a year or so earlier.
[2019-01-01] moreover, their relative shares would be maintained at the levels prevailing at the end of the net purchase phase.
[2019-01-01] growth in canada is expected to slow in the second half of this year to a rate below its potential.
[2019-01-01] another possibility might be for the committee to express the inflation goal as a range centered on 2 percent and aim to achieve inflation outcomes in the upper end of the range in periods when resour
[2019-01-01] members concurred that emerging economies as a whole maintained their moderate recovery trend, but some had decelerated due to country-specific factors, and the nies and asean economies were under dow
[2019-01-01] some reassurance regarding the outlook for underlying inflation was drawn from recent developments in wage growth.
[2019-01-01] I don’t think we look at—I understand what you’re asking, but we’re looking at—our mandate is price inflation and maximum employment, and that’s what we’re looking at with setting interest rates.
[2019-01-01] business investment was expected to have increased modestly in the december quarter, led by the non-mining sector.
[2019-01-01] ongoing trade conflicts and uncertainty are restraining business investment, trade, and global growth.
[2019-01-01] given all of these developments, governing council judges that an accommodative policy interest rate continues to be warranted.
[2019-01-01] Admittedly, some of the wage increases is being eaten away by inflation.
[2019-01-01] He was concerned that the flattening yield curve was partly due to falling longer-term inflation expectations or a lower neutral real rate of interest.
[2019-01-01] that was despite a further weakening in survey indicators of output since the start of the year, which by themselves suggested somewhat weaker activity.
[2019-01-01] Increasingly, it will be important for the Federal Reserve to take into account the effects of climate change and associated policies in setting monetary policy to achieve our objectives of maximum em
[2019-01-01] this meant that average outstanding mortgage rates had declined by around 65 basis points since the middle of the year.
[2019-01-01] members noted that the central forecast scenario was based on the usual technical assumption that the cash rate followed the path implied by market pricing, which suggested interest rates were expecte
[2019-01-01] based on leading indicators, no immediate recovery was in sight.
[2019-01-01] Looking ahead, however, members reiterated earlier concerns that aggregate demand could continue to grow faster than potential aggregate supply, even under optimistic assumptions regarding future prod
[2019-01-01] however, both the retail and transportation sectors had experienced well below-average conditions.
[2019-01-01] We think that the economy will need highly accommodative monetary policy and the use of our tools for an extended period.
[2019-01-01] One participant, however, objected that purchases of MBS, when compared to purchases of longer-term Treasury securities, would likely result in higher interest rates for many borrowers in other sector
[2019-01-01] So we view maximum employment as the maximum sustainable level of employment, meaning it’s not so much that it will cause the economy to overheat.
[2019-01-01] Confirming that variations in growth rates of liquidity (especially unusual changes in liquidity growth that could be called excessive) systematically lead to wide swings in real asset prices requires
[2019-01-01] that said, contacts recognized that some potentially sizeable downside risks remained.
[2019-01-01] unit labour costs had been growing at rates above those consistent with meeting the inflation target in the medium term, and core services cpi inflation, excluding rents, had risen to rates consistent
[2019-01-01] A couple of participants remarked that the very low levels of inventories would likely be a factor supporting increases in production as demand continued to recover.
[2019-01-01] market pricing implied that further monetary policy easing was expected following recent data and the bank's communication since the previous meeting.
[2019-01-01] 1 Chair Yellen intended to say that “interest rate differentials globally do tend to induce capital flows that have impacts on exchange rates.” GREG ROBB.
[2019-01-01] one member noted that it was necessary to closely monitor future developments in exports, as a sense of vigilance was intensifying among japanese exporting firms, mainly reflecting a reignition of the
[2019-01-01] overall, the bank projects real gdp growth of 1.2 per cent in 2019 and around 2 per cent in 2020 and 2021.
[2019-01-01] a straight read of ois (overnight index swap) forward rates implied that the federal funds rate would decline about 60 basis points in 2019 and about 35 basis points in 2020.
[2019-01-01] headline inflation was now only expected to reach 1.6% in 2021, at the end of the projection horizon.
[2019-01-01] a few participants noted that the current weakness in capital expenditures could lead to a slower pace of productivity growth in future years.
[2019-01-01] we will continue to evaluate the appropriate degree of monetary policy accommodation as new data arrive.
[2019-01-01] inflation in market-based services had remained steady, which was consistent with a lack of wage pressures in the economy.
[2019-01-01] Moreover, many members saw some risk that an easing move at this point might trigger a strong further advance in stock market prices that would not be justified on the basis of likely future earnings
[2019-01-01] the trade surplus was at its highest level, and the current account deficit at its lowest level, measured as a share of gdp, since the 1970s.
[2019-01-01] the current regime was therefore effective both in providing control of the policy rate and in ensuring transmission of the policy stance to other rates and broader financial markets.
[2019-01-01] market-based, longer-term inflation expectations had also declined, mainly in reaction to weak macroeconomic data releases, and measures of underlying inflation remained muted.
[2019-01-01] at the same time, wages growth had remained low and there were few indications that wage pressures were building.
[2019-01-01] Nonetheless, on balance, most members currently considered the upside risks to inflation to be a bit less pressing than those on the downside for the next few quarters.
[2019-01-01] the nominal u.s. international trade deficit remained about unchanged in june before narrowing in july.
[2019-01-01] growth in housing lending to owner-occupiers had slowed to 4¾ per cent in six-month-ended annualised terms, although the monthly growth rate had increased slightly in february.
[2019-01-01] according to national accounts data for the second quarter, employment growth in the manufacturing sector had declined from 0.4%, in quarter-on-quarter terms, in the first quarter of 2019, to 0.2% in
[2019-01-01] meanwhile, one member pointed out that the sluggish increase in wages was partly attributable to the prevailing practice in which wage increases were determined based on the previous year's inflation
[2019-01-01] the lower prices primarily reflect sustained increases in us oil supply and, more recently, increased worries about global demand.
[2019-01-01] Long-term sovereign bond yields declined notably in the advanced economies, in part as foreign central banks announced additional monetary policy easing measures.
[2019-01-01] nevertheless, most members shared the recognition that it was necessary to keep paying close attention to the possibility that the momentum toward achieving the price stability target would be lost, g
[2019-01-01] the annual growth rate of loans to nfcs remained stable at 3.9% in july, only somewhat below its september 2018 peak of 4.3%.
[2019-01-01] weaker-than-anticipated housing and consumption also contributed to slower growth.
[2019-01-01] as these transitory effects unwind and excess capacity is absorbed, inflation will return to around the 2 per cent target by late 2019.
[2019-01-01] The staff forecast prepared for this meeting suggested that the expansion in economic activity would slow in coming quarters to a pace somewhat above that of the economy's estimated potential and woul
[2019-01-01] with regard to economic activity, members agreed that the economy had been on a moderate expanding trend, with a virtuous cycle from income to spending operating, although exports, production, and bus
[2019-01-01] the manager pro tem turned next to a review of money market developments and open market desk operations.
[2019-01-01] turning to price developments, according to eurostat’s flash estimate, annual hicp inflation had decreased to 1.2% in may, from 1.7% in april, mainly due to lower energy and services price inflation.
[2019-01-01] these members continued that future developments in the labor force participation rate therefore warranted attention.
[2019-01-01] as for the outlook, such expectations are likely to follow an increasing trend, with the output gap remaining positive.
[2019-01-01] this member added that a rise in the savings rate for households amid a decrease in the fiscal deficit suggested room for fiscal expansion.
[2019-01-01] members agreed that it would be important to reassess the economic outlook in february 2020, when the bank would prepare updated forecasts.
[2019-01-09] Minutes of the Federal Open Market Committee December 18-19, 2018: HTML | PDF
[2019-01-09] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on December 18-19, 2018. A summary of economic projections made
[2019-01-09] FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
[2019-01-09] 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
[2019-01-15] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on December 10 and December 19, 2018.
[2019-01-30] i. Generally directed at countering disorderly market conditions; or
[2019-01-30] iii. Subject to reasonable limitations on the total amount of a specific issue of Eligible Securities that may be auctioned; and
[2019-01-30] 2. The Committee directs the Selected Bank to execute warehousing transactions, if so requested by the United States Treasury and if approved by the Foreign Currency Subcommittee (the "Subcommittee"),
[2019-01-30] C. The Subcommittee, in consultation with the Committee, may provide additional instructions to the Selected Bank regarding holdings of foreign currencies.
[2019-01-30] 2. All transactions in foreign currencies undertaken pursuant to paragraph 1 above shall, unless otherwise authorized by the Committee, be conducted:
[2019-01-30] Jeffrey D. Walker, Deputy Associate Director, Division of Reserve Bank Operations and Payment Systems, Board of Governors
[2019-01-30] 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
[2019-01-30] i. All arrangements are subject to annual review and approval by the Committee;
[2019-01-30] A. To purchase and sell foreign currencies (also known as cable transfers) at home and abroad in the open market, including with the United States Treasury, with foreign monetary authorities, with the
[2019-01-30] ii. At a minimum lending fee consistent with the objectives of the program;
[2019-01-30] By unanimous vote, the Federal Reserve Bank of New York was selected to execute transactions for the System Open Market Account (SOMA).
[2019-01-30] Bank of Canada Bank of England Bank of Japan European Central Bank Swiss National Bank
[2019-01-30] It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, March 19-20, 2019. The meeting adjourned at 10:30 a.m. on January 30, 2019.
[2019-01-30] C. To designate Federal Reserve System persons authorized to communicate with the United States Treasury concerning System Open Market Account foreign currency operations; and
[2019-01-30] 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
[2019-01-30] 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
[2019-01-30] Charles L. Evans, President of the Federal Reserve Bank of Chicago, with Loretta J. Mester, President of the Federal Reserve Bank of Cleveland, as alternate
[2019-01-30] Notation Vote By notation vote completed on January 8, 2019, the Committee unanimously approved the minutes of the Committee meeting held on December 18-19, 2018.
[2019-01-30] Participants commented on a number of risks associated with their outlook for economic activity, the labor market, and inflation over the medium term. Participants noted that some risks to the downsid
[2019-01-30] A. The Selected Bank shall manage all holdings of foreign currencies for the System Open Market Account:
[2019-01-30] AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS (As amended effective January 29, 2019)
[2019-01-30] December FOMC communications were reportedly perceived by market participants as not fully appreciating the implications of tighter financial conditions and softening global data over recent months fo
[2019-01-30] A few participants expressed concerns that in the current environment of increased uncertainty, the policy rate projections prepared as part of the Summary of Economic Projections (SEP) do not accurat
[2019-01-30] 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
[2019-01-30] Any such adjustment described in subparagraph A of this paragraph 5 shall be made in the context of the Committee's discussion and decision about the stance of policy at its most recent meeting and th
[2019-01-30] The staff provided an update on its views with respect to potential risks to financial stability. The increase in financial market volatility seen over the fall of last year was characterized as a ret
[2019-01-30] Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board of Governors; Andreas Lehnert, Director, Division of Financial Stability, Board of Governors
[2019-01-30] 4. Committee organizational documents are available at https://www.federalreserve.gov/monetarypolicy/rules_authorizations.htm. Return to text
[2019-01-30] Total nonfarm payroll employment expanded strongly in December. The national unemployment rate edged up but was still at a low level of 3.9 percent, while the labor force participation rate also incre
[2019-01-30] 5. The Committee authorizes the Selected Bank to maintain reciprocal currency arrangements established under the North American Framework Agreement, standing dollar liquidity swap arrangements, and st
[2019-01-30] 11. Any authority of the Subcommittee pursuant to this Authorization may be exercised by the Chairman if the Chairman believes that consultation with the Subcommittee is not feasible in the time avail
[2019-01-30] After assessing current conditions and the outlook for economic activity, the labor market, and inflation, members decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 per
[2019-01-30] In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum emp
[2019-01-30] Following the briefing, participants raised a number of questions about market reports that the Federal Reserve's balance sheet runoff and associated "quantitative tightening" had been an important fa
[2019-01-30] Total real government purchases appeared to have increased moderately in the fourth quarter. Nominal defense spending in October and November pointed to solid growth in real federal purchases, althoug
[2019-01-30] 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
[2019-01-30] Participants' Views on Current Conditions and the Economic Outlook Participants agreed that over the intermeeting period the labor market had continued to strengthen and that economic activity had bee
[2019-01-30] 3. The Committee authorizes the Selected Bank to undertake transactions of the type described in paragraphs 1 and 2 from time to time for the purpose of testing operational readiness, subject to the f
[2019-01-30] Kurt F. Lewis, Principal Economist, Division of Monetary Affairs, Board of Governors; Christopher L. Smith, Principal Economist, Division of Research and Statistics, Board of Governors
[2019-01-30] Annual Organizational Matters4 In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for a te
[2019-01-30] STATEMENT ON LONGER-RUN GOALS AND MONETARY POLICY STRATEGY (As amended effective January 29, 2019)
[2019-01-30] iii. Subject to paragraphs 7.A.i and 7.A.ii, to provide the highest rate of return possible in each currency; and
[2019-01-30] Thomas A. Connors, Rochelle M. Edge, Beverly Hirtle, Daniel G. Sullivan, Christopher J. Waller, William Wascher, Jonathan L. Willis, and Beth Anne Wilson, Associate Economists
[2019-01-30] Participants noted some of the key advantages of the Federal Reserve's current operating regime, including good control of the policy rate in a variety of conditions and good transmission to other mon
[2019-01-30] James Bullard, President of the Federal Reserve Bank of St. Louis, with Robert S. Kaplan, President of the Federal Reserve Bank of Dallas, as alternate