yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2006-01-01] Moreover, monetary policy actions addressed at a perceived bubble in one sector may have undesirable effects on other asset prices and the economy more generally.
[2006-01-01] if the pricing power of firms increased as the degree of spare capacity was removed, there was a risk that firms would seek to restore their profit margins by pushing up prices.
[2006-01-01] indeed, inflation might edge a bit lower in the early stages of the expansion.
[2006-01-01] Venezuela provides one counterexample, with a long-term inflation forecast now of 15 percent.
[2006-01-01] as for the employment and income situation, household income had continued rising moderately, reflecting improvements in employment and wages, in a situation where various indicators for labor market
[2006-01-01] Still, if aggregate demand and potential aggregate supply follow the paths that I outlined earlier, the slack in resource utilization should diminish, unit labor costs should begin to move higher, and
[2006-01-01] some members said that, while indicators related to services consumption continued to increase, some sluggishness was being observed in indicators related to retail sales and consumer sentiment.
[2006-01-01] The Role of Government Policy You will have noted that I have not mentioned the role of government policy in creating a higher rate of trend productivity growth.
[2006-01-01] Some participants judged the risks to the outlook for inflation as tilted to the downside, particularly in the near term, in light of the large amount of resource slack already prevailing in the econo
[2006-01-01] However, it was noted that the Committee had in place tools that would enable it to remove policy accommodation quickly if necessary to avoid an undesirable increase in inflation.
[2006-01-01] these markets had risen by 20–25 per cent over 2006 to date, after even larger rises in 2005 as improving economic conditions had become apparent.
[2006-01-01] Indeed, I would argue that over the past eight years, the framework served us well and supported the Federal Reserve's efforts after the Global Financial Crisis (GFC) first to achieve and then, for se
[2006-01-01] Fast growth of productivity, by buoying expectations of future advances of wages and earnings and thus aggregate demand, enables real interest rates to be higher than would otherwise be the case witho
[2006-01-01] Setting the horizon on the interest rate caps to reinforce forward guidance on the policy rate would augment the credibility of the yield curve caps and thereby diminish concerns about an open-ended b
[2006-01-01] Indeed, few long-term inflation forecasts in any country currently exceed 5 percent,
[2006-01-01] these members said that there was a view that the potential growth rate of the u.s. economy had recently declined, and added that they would take this into account as they watched developments in infl
[2006-01-01] Indeed, given the externalities involved, it seems plausible that a monopoly central bank that issued fiat money would not respond optimally to crises (it would charge too much for liquidity) or to cy
[2006-01-01] they also agreed that the gradual increase in household income was likely to continue against the background that firms were increasingly feeling a shortage of labor and corporate profits were expecte
[2006-01-01] But this belief will persist only as long as we on the Federal Open Market Committee continue to ratify the publicâ€™s expectations that inflation will remain low and stable.
[2006-01-01] some members said that they would continue to pay attention to developments in the u.s. economy since there was some uncertainty regarding the extent to which the adjustment in the housing market woul
[2006-01-01] Stock options are incorporated, based on gains upon exercising the options, in the productivity and cost measure, but not in the ECI.
[2006-01-01] However, we also believe now is a good time to step back and assess whether, and in what possible ways, we can refine our strategy, tools, and communication practices to achieve and maintain our goals
[2006-01-01] Measures of forward inflation compensation based on Treasury Inflation-Protected Securities and inflation swaps fell further.
[2006-01-01] However, the historical record suggests that permanently lowering inflation expectations may require keeping monetary policy tight for a substantial period, resulting in considerable output and employ
[2006-01-01] several meeting participants observed that, although the economy's sustainable potential output could not be observed directly or estimated with precision, historical patterns and recent data suggeste
[2006-01-01] members discussed what level the loan rate for the complementary lending facility should be.
[2006-01-01] meat), and several of these effects tended to be reversed in the period following drought.
[2006-01-01] members agreed that overseas economies taken as a whole continued to expand and were likely to keep expanding.
[2006-01-01] based on the available survey evidence for output, firm growth was likely in the fourth quarter also.
[2006-01-01] In our new framework, we acknowledge that policy decisions going forward will be based on the FOMC's estimates of "shortfalls [emphasis added] of employment from its maximum level"â€”not "deviations.
[2006-01-01] votes for this action: messrs. bernanke and geithner, ms. bies, messrs. guynn, kohn, kroszner, ms. pianalto, mr. warsh, and ms.yellen.
[2006-01-01] However, the fact that most other industrial countries did not experience the same increase in productivity growth as the United States during that period, even as they became more open to trade, sugg
[2006-01-01] in contrast, dollar interest rates had fallen by a little more from mid-2007 onwards.
[2006-01-01] a different member expressed the view that while the rate of increase in the cpi would definitely rise gradually as a trend, there remained some uncertainty about the precise pace of its rise.
[2006-01-01] If the prices are wrong -- built on the base on an incorrect view of the economy or Federal Reserve intentions -- we will prove them wrong and provide an anchor for the market to adjust to.
[2006-01-01] Nevertheless, a number of participants cited notable declines in survey measures of consumer confidence since the onset of financial turbulence in mid-summer, along with sharply higher oil prices, dec
[2006-01-01] this member continued that the deceleration seemed to be consistent with the current moderate economic recovery.
[2006-01-01] However, other participants noted that the continued subdued trend in wages was evidence of an absence of upward pressure on inflation from the current level of resource utilization.
[2006-01-01] business-sector debt was increasing briskly, as the expansion of business loans remained robust.
[2006-01-01] In particular, Do all equity price movements--whether related to fundamentals or not--have the same effect on investment spending?
[2006-01-01] However, we have also found that excluding volatile food and energy prices generally gives a better sense of underlying inflation pressures that are likely to persist and dominate total inflation over
[2006-01-01] Another factor that has contributed to the swing toward current-account surplus among the non-industrialized nations in the past few years is the sharp rise in oil prices.
[2006-01-01] This observation raises the question of why, in some cases, the putative productivity benefits of investments in new technologies do not occur until years after those investments are made.
[2006-01-01] although business fixed investment in the second quarter was a little lower than had been expected, participants noted that this development appeared mainly to reflect the timing of purchases, particu
[2006-01-01] The members concluded that retaining a risk statement weighted toward more inflation pressures would best represent their current thinking, but they believed it was desirable to provide some recogniti
[2006-01-01] motor vehicle purchases bounced back in late 2005 and early 2006 from the sluggish pace that followed the end of the past summer's employee pricing programs.
[2006-01-01] in the near term, the risks to inflation were likely to be on the upside, related to the possibility of higher commodity and energy prices.
[2006-01-01] overall, the market had been relatively strong, having risen by 12 per cent over the year to date.
[2006-01-01] But the importance of price stability has sometimes been insufficiently appreciated in our central bank's history, and, as Allan Meltzer will soon point out, such episodes have had unfortunate consequ
[2006-01-01] incoming data for foreign industrial economies were generally favorable and pointed to continued expansion.
[2006-01-01] there were signs of some rebalancing in the composition of world demand, with a pickup in the pace of euro-area and asian growth and a possible slowdown in the united states.
[2006-01-01] members debated the appropriate characterization of inflation expectations in the statement.
[2006-01-01] on balance, most members felt there was no need to stimulate demand at this time given the signs of a pickup in growth and the near-term risks to inflation from higher energy prices.
[2006-01-01] Some participants believed that considerable labor market slack remained, especially when indicators other than the unemployment rate were taken into account, including the unusually large fraction of
[2006-01-01] the us share market rose early in november but declined later in the month following the release of softer than expected economic data.
[2006-01-01] Construction employment posted another large increase, probably owing in part to hurricane-related activity.
[2006-01-01] But we are also searching for an absolute concept, the point of balance between supply and demand in the respective markets that divides excess demand from excess supply--in effect, the origin in a di
[2006-01-01] outlays on drilling and mining structures continued to climb in the first quarter, and available data pointed to ongoing growth.
[2006-01-01] Second, the correction in equity prices points to a downward revision to consumer spending and to business fixed investment and residential construction as well.
[2006-01-01] Although inflation is ultimately a monetary phenomenon, it seems natural to expect, as others have argued, that these developments would have exerted some downward pressure on inflation in the United
[2006-01-01] The associated declines in wealth could amplify the effects on economic activity, which could have further knock-on effects on financial markets.
[2006-01-01] regarding japan's economy, members agreed that exports had continued to increase, reflecting the expansion of overseas economies, and were likely to continue to increase.
[2006-01-01] However, the volatility of these and other commodity prices is such that possible future increases in these prices remain a risk to the inflation outlook.
[2006-01-01] Near-term risks to the economic outlook appear roughly balanced, but the Committee is monitoring inflation developments closely.
[2006-01-01] Improved prospects for a trade deal between the United States and China and accommodative monetary policy were cited as driving factors that outweighed weaker-than-expected announcements of corporate
[2006-01-01] a similar development had occurred in countries where resource stocks carried a high weighting in the share market, e.g.
[2006-01-01] many members expressed the opinion that it would be appropriate to raise the rate to 0.4 percent when the uncollateralized overnight call rate target was raised to rate would be 0.5 percent.
[2006-01-01] Some participants judged that a less accommodative future stance of policy would likely be warranted and that the Committee should convey a strong commitment to address elevated inflation pressures.
[2006-01-01] but it was far from clear that it had been modest enough, because the growth in real wage costs faced by employers had outstripped trend productivity growth.
[2006-01-01] the issuing environment for cp and corporate bonds was favorable, and the lending attitude of private banks had continued to be accommodative.
[2006-01-01] If the FOMC were to tie mechanically our actions to market prices, then we would be placed in the sorry position of validating whatever whim that currently struck investors' fancy.
[2006-01-01] In part, the high inflation reflects supply chain disruptions associated with the economic effects of the pandemic and efforts made to contain it.
[2006-01-01] however, high levels of resource utilization and the high prices for energy and other commodities had the potential to sustain inflation pressures.
[2006-01-01] But the cumulative force of recent developments appears likely to yield a slowing in the pace of growth next year.
[2006-01-01] If the demand growth that caused the oil price increases is domestic, it could mean that the price shock might be less permanent.
[2006-01-01] Another example of deficit targets comes from the balanced-budget requirements of the states, which can be viewed as deficit targets with the target set at zero.
[2006-01-01] And, of course, despite the improvements seen in the May jobs report, the unemployment rate, at 13.3 percent, remains historically high.
[2006-01-01] subsequently moved up against the backdrop of an improving global growth outlook, higher commodity prices, depreciation of the dollar, and the stronger-than-expected reading on core inflation in the D
[2006-01-01] more recently, retail sales had risen in august, and the fall in july had been revised away.
[2006-01-01] Consumer price inflation continued to run below the Committee's longer-run objective of 2 percent, restrained in part by earlier decreases in energy prices and in prices of non-energy imports.
[2006-01-01] the five major australian banks had now all announced their profits for the 2005/06 financial year, mostly ending in september (except for the cba, whose financial year ended in june).
[2006-01-31] Minutes of the Federal Open Market Committee January 31, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washingt
[2006-01-31] The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-1/2 percent. Although recent economic data have been uneven, the expansion in eco
[2006-03-28] The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 4-3/4 percent. The slowing of the growth of real GDP in the fourth quarter of 2005
[2006-03-28] So I was just wondering, does that result convey a lack of credibility in the estimated Taylor rule, or what do you think is going on there?
[2006-03-28] Minutes of the Federal Open Market Committee March 27-28, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washing
[2006-03-28] So it is certainly true that the capital flows might be exogenous.
[2006-05-10] I'm not exactly sure where right is, and so as a consequence of that I want to make sure that we have some flexibility going forward and that we continue to emphasize the data-driven nature of our dec
[2006-05-10] We still plan to have two full rounds of discussion, the first round on the economy and the outlook, and I hope we can complete that before the coffee break.
[2006-05-10] The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 5 percent. Economic growth has been quite strong so far this year. The Committee se
[2006-05-10] Minutes of the Federal Open Market Committee May 10, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington,
[2006-06-29] Minutes of the Federal Open Market Committee June 28-29, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washingt
[2006-06-29] The Federal Open Market Committee decided today to raise its target for the federal funds rate by 25 basis points to 5-1/4 percent. Recent indicators suggest that economic growth is moderating from it
[2006-08-08] The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth has moderated from its quite strong pace earlier this year, partly refle
[2006-08-08] Minutes of the Federal Open Market Committee August 8, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington
[2006-09-20] The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. The moderation in economic growth appears to be continuing, partly reflecting a cooling
[2006-09-20] Minutes of the Federal Open Market Committee September 20, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washin
[2006-10-25] Minutes of the Federal Open Market Committee October 24-25, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washi
[2006-10-25] That distinction is part of it, as is whether the way you estimate the cyclical component of employment and so forth affects the forecast and whether it adjusts very quickly or very slowly in shaping
[2006-10-25] The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth has slowed over the course of the year, partly reflecting a cooling of t
[2006-10-25] So some of the buttressing, President Minehan, is coming from significant amounts of liquidity in the system.
[2006-10-25] Governor Kohn, concerning the assessment of risk, I think I heard you say about alternative B+ that you weren't sure what effect it would have.
[2006-12-12] That distinction is important, I think, because I don't know how you get into repeating or summarizing your past position without inevitably getting into the broader set of choices that we're going to
[2006-12-12] If dealers see those flows, you will tend to get speculators who will follow it or try to front run it.
[2006-12-12] In that comment I was referring specifically to our estimated policy rules, which are empirical renditions of the Committee's past behavior.
[2006-12-12] Minutes of the Federal Open Market Committee December 12, 2006 A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washing
[2006-12-12] The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5-1/4 percent. Economic growth has slowed over the course of the year, partly reflecting a substantial
[2007-01-01] Because an interest rate, by definition, is the exchange rate for money against non-monies, money obviously is central to monetary policy.
[2007-01-01] members noted that there was an inevitable element of pro-cyclicality in public investment spending, as periods of rapid growth in private investment spending tended to require complementary investmen
[2007-01-01] With sales contracting and inventory imbalances still substantial, the manufacturing sector continued its sharp slide, and aggregate employment plunged.
[2007-01-01] it decreased in the january-march quarter, but the decline was largely due to a reaction to the high growth in the previous quarter.
[2007-01-01] over the past month, monetary policy had been tightened in the united kingdom, canada and new zealand.
[2007-01-01] d. to maintain an overall open position in all foreign currencies not exceeding $25.0 billion.
[2007-01-01] Because inflation normally responds slowly to such shocks, inflation targeters could respond in any of three ways.
[2007-01-01] success was fairly uniform across both the inflation-targeting and nontargeting countries.
[2007-01-01] Committee Policy Action In their discussion of monetary policy for the period ahead, Committee members agreed that the stance of monetary policy should not be changed at this meeting.
[2007-01-01] Compared with the baseline, the disruption to economic activity was more severe and protracted in this scenario, with real GDP and inflation lower and the unemployment rate higher by the end of the me
[2007-01-01] members were informed that the most accurate indicator of current trends in house prices was the case-shiller series, which was a monthly repeat-sales index derived from sales of houses in the 20 larg
[2007-01-01] that is, the Federal Reserve seeks to promote the two coequal objectives of maximum employment and price stability.
[2007-01-01] there had also been a fall in petrol prices, although the underlying oil price remained volatile.
[2007-01-01] and second, large nonmanufacturing firms' fixed investment plans for fiscal 2007 showed relatively high growth.
[2007-01-01] as a result of the strong growth in output, measures of productivity had increased by almost 3 per cent over the year to the june quarter, well above average productivity growth in recent years.
[2007-01-01] the question to be addressed at that time would be whether the interest rates faced by borrowers as a result of the combination of policy action and market developments would exert sufficient restrain
[2007-01-01] however, the recent decrease in energy prices had already led to a reduction in drilling activity and was likely to reduce some investment in alternative fuels.
[2007-01-01] the committee thought that the statement should reiterate the view that the adjustment in the housing market was ongoing, but that nevertheless the economy seemed likely to expand at a moderate pace o
[2007-01-01] as for employment and income, in a situation where labor market conditions had continued to tighten, household income had continued rising moderately, supported by the increase in the number of employ
[2007-01-01] Palmer was a professor at Wharton, a fellow of the American Statistical Association, a worldwide expert on manpower and labor mobility, and a consultant with the Office of Statistical Standards.5 She
[2007-01-01] there were some dampening factors affecting the outlook for the us economy, but these had had little effect elsewhere thus far, and global economic growth was expected to continue at an above-average
[2007-01-01] Overall, though shifts in business attitudes are difficult to measure, I believe that markets reward businesses that outperform their competitors and that, as demand picks up, companies will respond t
[2007-01-01] When anticipations of Fed tapering led to higher U.S. interest rates and higher market volatility, these trades may have been quickly unwound, engendering particularly sharp declines in EME exchange r
[2007-01-01] us 10-year bond yields declined by around 25 basis points to 4½ per cent in reaction to weaker us economic data and the fall in the chinese share market.
[2007-01-01] Most participants remarked that the standard of "substantial further progress" had been met with regard to the Committee's price-stability goal or that it was likely to be met soon.
[2007-01-01] That said, our model accords the greatest roles to increased productivity growth, which has made the United States a magnet for foreign saving, and to the slump in foreign domestic demand, which has l
[2007-01-01] on the other hand, one member expressed the view that, from a forward-looking perspective, the bank should maintain the uncollateralized overnight call rate target at around 0.25 percent because there
[2007-01-01] Again, the FOMC has done just that through its commitment to adjust policy as required to keep inflation at bay.
[2007-01-01] However, if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal
[2007-01-01] the committee will continue to assess the effects of financial and other developments on economic prospects and will act as needed to foster price stability and sustainable economic growth.