yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2021-04-28] Incoming data were consistent with a sharp slowdown in foreign economic growth in the first quarter, following a tightening of social-distancing restrictions to contain new waves of COVID-19 infection
[2021-04-28] 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
[2021-04-28] 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
[2021-04-28] 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 Trevor A. Reeve, Econo
[2021-04-28] The Committee voted unanimously to renew the reciprocal currency arrangements with the Bank of Canada and the Bank of Mexico; these arrangements are associated with the Federal Reserve's participation
[2021-04-28] Total PCE price inflation was 1.6 percent over the 12 months ending in February and continued to be held down by low rates of resource utilization. Core PCE price inflation, which excludes changes in
[2021-04-28] 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
[2021-04-28] After rising sharply in recent months, longer-term Treasury yields declined modestly over the intermeeting period, even as market expectations for U.S. growth continued to be revised higher. Contacts
[2021-04-28] "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.
[2021-04-28] Michele Cavallo, Jonathan E. Goldberg, Edward Herbst, and Krista Schwarz, Principal Economists, Division of Monetary Affairs, Board of Governors
[2021-04-28] Carol C. Bertaut, Senior Associate Director, Division of International Finance, Board of Governors; David Bowman, Senior Associate Director, Division of Monetary Affairs, Board of Governors; Diana Han
[2021-04-28] Voting for this action: Jerome H. Powell, John C. Williams, Thomas I. Barkin, Raphael W. Bostic, Michelle W. Bowman, Lael Brainard, Richard H. Clarida, Mary C. Daly, Charles L. Evans, Randal K. Quarle
[2021-04-28] Participants judged that uncertainty was elevated and that the outlook was highly dependent on the course of the virus. Amid considerable progress on vaccinations, the unwinding of social distancing,
[2021-04-28] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2021-04-28] The staff provided an update on its assessments of the stability of the financial system. The staff noted that corporate bond spreads had declined notably since late last year and were at the lower en
[2021-04-28] Participants judged that the Committee's current guidance for the federal funds rate and asset purchases was serving the economy well. Participants also noted that the existing outcome-based guidance
[2021-04-28] Sally Davies, Deputy Director, Division of International Finance, Board of Governors
[2021-04-28] Financing conditions in the municipal bond market remained accommodative over the intermeeting period. Issuance of municipal bonds was strong in March, and indicators of the credit quality of municipa
[2021-04-28] Financing conditions for nonfinancial businesses in capital markets remained highly accommodative over the intermeeting period, as reflected in low corporate bond yields and high price-to-earnings rat
[2021-04-28] Jon Faust, Senior Special Adviser to the Chair, Division of Board Members, Board of Governors
[2021-04-28] Members agreed that, in assessing the appropriate stance of monetary policy, they would continue to monitor the implications of incoming information for the economic outlook and that they would be pre
[2021-04-28] Courtney Demartini,2 Lead Financial Institution Policy Analyst, Division of Monetary Affairs, Board of Governors
[2021-04-28] Total real government purchases appeared to have moved up in the first quarter after having declined over the second half of 2020. Available data suggested that a jump in federal nondefense purchases
[2021-04-28] The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Amid progress on vaccinations and strong policy support, indicators of economic a
[2021-04-28] Participants commented on the continued improvement in labor market conditions in recent months. Job gains in the March employment report were strong, and the unemployment rate fell to 6.0 percent. Ev
[2021-04-28] Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Presidents of the Federal Reserve Banks of Philadelphia, Dallas, and Minneapolis, respectively
[2021-04-28] Jennifer Gallagher, Special Assistant to the Board, Division of Board Members, Board of Governors
[2021-04-28] Staff Review of the Financial Situation Investor sentiment improved over the intermeeting period, reflecting a pickup in the pace of vaccinations, prospects for infrastructure spending, and stronger-t
[2021-04-28] Developments in Financial Markets and Open Market Operations The System Open Market Account (SOMA) manager first discussed developments in financial markets over the intermeeting period. Financial con
[2021-04-28] 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
[2021-04-28] Marnie Gillis DeBoer and Min Wei, Associate Directors, Division of Monetary Affairs, Board of Governors; Glenn Follette, Associate Director, Division of Research and Statistics, Board of Governors
[2021-04-28] Average hourly earnings for all employees rose 4.2 percent over the 12 months ending in March. The 12‑month change in average hourly earnings continued to be influenced by the effect of the pandemic o
[2021-04-28] Factors that had stressed foreign financial markets earlier this year—rising U.S. interest rates, resurging COVID-19 cases, and renewed lockdowns in a number of countries—appeared less concerning to g
[2021-04-28] 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
[2021-04-28] 2. Attended through the discussion of repurchase agreement arrangements. Return to text
[2021-04-28] Staff Economic Outlook The U.S. economic projection prepared by the staff for the April FOMC meeting was slightly stronger than the March forecast. Real GDP growth was projected to post a substantial
[2021-04-28] In their discussion of considerations related to the establishment of a standing repo facility as part of the Committee's overall approach to policy implementations in an ample reserves regime, a subs
[2021-04-28] The manager turned next to money markets and the Federal Reserve's balance sheet. Reserve balances increased further this intermeeting period to a record level of $3.9 trillion. The effective federal
[2021-04-28] The staff continued to judge that the risks to the baseline projection for economic activity were skewed to the downside and that the uncertainty around the forecast was elevated. In particular, despi
[2021-04-28] Robert Lerman2 and William E. Riordan,2 Assistant Vice Presidents, Federal Reserve Banks of New York and New York, respectively
[2021-04-28] In their consideration of the stance of monetary policy, participants reaffirmed the Federal Reserve's commitment to using its full range of tools to support the U.S. economy during this challenging t
[2021-04-28] Real PCE declined in February; however, available indicators—including the components of the nominal retail sales data used to estimate PCE—pointed to a large increase in March and for the first quart
[2021-04-28] 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
[2021-04-28] Manufacturing output rebounded strongly in March following weather-related disruptions to production in February. The March rise in factory output occurred despite lingering supply constraints; for ex
[2021-04-28] Participants who commented on financial stability agreed that the financial sector had shown resilience during the pandemic, in large part reflecting strong policy support. Some remarked that the capi
[2021-04-28] C&I loans outstanding at banks expanded in February and March after contracting for more than half a year. In the April Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), banks repo
[2021-04-28] Broad stock price indexes increased over the intermeeting period, with outperformance by technology stocks and stocks sensitive to consumer discretionary spending. One-month option-implied volatility
[2021-04-28] Brett Berger,2 Senior Adviser, Division of International Finance, Board of Governors; Ellen E. Meade, Senior Adviser, Division of Monetary Affairs, Board of Governors; Jeremy B. Rudd, Senior Adviser,
[2021-04-28] Anne Baum, Carlos Garriga, Samuel Schulhofer-Wohl,2 Mark L.J. Wright, and Nathaniel Wuerffel,2 Senior Vice Presidents, Federal Reserve Banks of New York, St. Louis, Chicago, Minneapolis, and New York,
[2021-04-28] 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
[2021-04-28] The staff's outlook for inflation was broadly unchanged. The 12‑month changes in total and core PCE prices were expected to move above 2 percent in coming months as the unusually low readings from the
[2021-04-28] Recent financial market developments across advanced economies reflected differing expectations for economic growth and monetary policy. Some countries that were expected to recoup COVID-19-related ou
[2021-04-28] Financing conditions in the residential mortgage market were little changed over the intermeeting period and remained accommodative for stronger borrowers who met standard conforming loan criteria. Cr
[2021-04-28] David H. Small, Project Manager, Division of Monetary Affairs, Board of Governors
[2021-04-28] The credit quality of nonfinancial corporations showed further signs of improvement for lower-rated firms. Following a modest uptick in February, the volume of nonfinancial corporate bond downgrades s
[2021-04-28] Penelope A. Beattie,2 Section Chief, Office of the Secretary, Board of Governors
[2021-04-28] PRESENT: Jerome H. Powell, Chair John C. Williams, Vice Chair Thomas I. Barkin Raphael W. Bostic Michelle W. Bowman Lael Brainard Richard H. Clarida Mary C. Daly Charles L. Evans Randal K. Quarles Chr
[2021-04-28] For commercial real estate (CRE) financed through capital markets, financing conditions remained accommodative over the intermeeting period. Although overall delinquency rates in agency commercial mor
[2021-04-28] Financing conditions in consumer credit markets generally remained accommodative for borrowers with strong credit scores but tight for those with subprime scores. Consumer loans grew at a robust pace
[2021-04-28] The manager concluded with an update on three operational issues. Following the review of the ON RRP facility discussed at the previous meeting, the Desk planned to relax counterparty eligibility crit
[2021-04-28] Members agreed that the postmeeting statement should acknowledge that indicators of economic activity and employment had strengthened but that, despite showing improvement, the sectors of the economy
[2021-04-28] All members agreed to keep the target range for the federal funds rate at 0 to 1/4 percent, and they expected that it would be appropriate to maintain this target range until labor market conditions h
[2021-04-28] Kenneth C. Montgomery, First Vice President, Federal Reserve Bank of Boston
[2021-04-28] It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, June 15–16, 2021. The meeting adjourned at 10:20 a.m. on April 28, 2021.
[2021-04-28] A joint meeting of the Federal Open Market Committee and the Board of Governors was held by videoconference on Tuesday, April 27, 2021, at 9:30 a.m. and continued on Wednesday, April 28, 2021, at 9:00
[2021-04-28] In their discussion of the household sector, participants remarked that indicators of consumer spending surged in March and expected that further gains in spending would contribute significantly to th
[2021-04-28] Ann E. Misback, Secretary, Office of the Secretary, Board of Governors
[2021-04-28] In their comments about inflation, participants anticipated that inflation as measured by the 12-month change of the PCE price index would move above 2 percent in the near term as very low readings fr
[2021-04-28] 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
[2021-04-28] Total nonfarm payroll employment surged in March, with a notable gain in the leisure and hospitality sector. As of March, payroll employment had retraced almost two-thirds of the losses seen at the on
[2021-04-28] Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Thomas I. Barkin; Raphael W. Bostic; Michelle W. Bowman; Lael Brainard; Richard H. Clarida; Mary C. Da
[2021-04-28] Matthew Nemeth,2 Pia Orrenius, Nicolas Petrosky-Nadeau, and Matthew D. Raskin,2 Vice Presidents, Federal Reserve Bank of New York, Dallas, San Francisco, and New York, respectively
[2021-05-19] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on April 27–28, 2021.
[2021-05-19] FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
[2021-05-19] Minutes of the Federal Open Market Committee April 27–28, 2021: HTML | PDF
[2021-05-19] 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
[2021-05-25] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from April 5 through April 28, 2021.
[2021-06-02] The Federal Reserve Board on Wednesday announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed
[2021-06-02] The SMCCF was established with the approval of the Treasury Secretary and equity provided by the Treasury Department under the CARES Act.
[2021-06-02] SMCCF portfolio sales will be gradual and orderly, and will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity and trading conditions for
[2021-06-04] The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2022:
[2021-06-16] Participants noted that overall financial conditions remained highly accommodative, in part reflecting the stance of monetary policy, which continued to deliver appropriate support to the economy. Sev
[2021-06-16] Randall A. Williams, Lead Information Manager, Division of Monetary Affairs, Board of Governors
[2021-06-16] Andrew Figura, Associate Director, Division of Research and Statistics, Board of Governors; Christopher J. Gust, Associate Director, Division of Monetary Affairs, Board of Governors
[2021-06-16] David M. Byrne, Principal Economist, Division of Research and Statistics, Board of Governors; Michele Cavallo, Bernd Schlusche, Mary Tian, and Francisco Vazquez-Grande, Principal Economists, Division
[2021-06-16] Notation Vote By notation vote completed on May 18, 2021, the Committee unanimously approved the minutes of the Committee meeting held on April 27–28, 2021.
[2021-06-16] Staff Economic Outlook The U.S. economic projection prepared by the staff for the June FOMC meeting was stronger than the April forecast. Real GDP growth was projected to increase substantially this y
[2021-06-16] Financing conditions for small businesses were little changed, with supply of small business loans remaining tight and demand still subdued outside of the PPP. While small business loan originations r
[2021-06-16] Patrick Harker, Robert S. Kaplan, and Neel Kashkari, Presidents of the Federal Reserve Banks of Philadelphia, Dallas, and Minneapolis, respectively
[2021-06-16] Members agreed that, in assessing the appropriate stance of monetary policy, they would continue to monitor the implications of incoming information for the economic outlook and that they would be pre
[2021-06-16] The pace of increases in several measures of labor compensation had moved up in recent months. Average hourly earnings for all employees jumped at a sizable monthly rate in April and May, even though
[2021-06-16] Recent data pointed to a pickup in foreign economic activity in the second quarter. Demand improved as social-distancing restrictions were lifted in the United Kingdom and the euro area following the
[2021-06-16] Participants judged that the current stance of monetary policy and policy guidance remained appropriate to promote maximum employment as well as to achieve inflation that averages 2 percent over time
[2021-06-16] Discussion of Repurchase Agreement Arrangements Participants resumed their discussion from the April 2021 FOMC meeting of considerations related to the establishment of a domestic standing repurchase
[2021-06-16] Roc Armenter, Jennifer S. Crystal,2 Jonas Fisher, and Matthew Nemeth,2 Vice Presidents, Federal Reserve Banks of Philadelphia, New York, Chicago, and New York, respectively
[2021-06-16] The vote also encompassed approval of the statement below for release at 2:00 p.m.:
[2021-06-16] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes. Return to text
[2021-06-16] Total real government purchases looked to be about flat, on balance, in the second quarter. Data through May indicated that real federal defense spending was rising only slightly, and nondefense spend
[2021-06-16] Joseph W. Gruber and Ellis W. Tallman, Executive Vice Presidents, Federal Reserve Banks of Kansas City and Cleveland, respectively
[2021-06-16] Karel Mertens, Senior Economic Policy Advisor, Federal Reserve Bank of Dallas
[2021-06-16] Jon Faust, Senior Special Adviser to the Chair, Division of Board Members, Board of Governors
[2021-06-16] Participants' Views on Current Economic Conditions and the Economic Outlook In conjunction with this FOMC meeting, participants submitted their projections of the most likely outcomes for real GDP gro
[2021-06-16] Participants discussed the Federal Reserve's asset purchases and progress toward the Committee's goals since last December when the Committee adopted its guidance for asset purchases. The Committee's
[2021-06-16] Participants observed that economic activity was expanding at a historically rapid pace, led by robust gains in consumer spending. A vast majority of participants revised up their projections for real
[2021-06-16] In their discussions on inflation, participants stated that they had expected inflation to move above 2 percent in the near term, in part as the drop in prices from early in the pandemic fell out of t
[2021-06-16] In their discussion of the household sector, participants remarked that indicators of consumer spending had continued to surge and expected that further gains in spending would contribute significantl
[2021-06-16] William F. Bassett, Antulio N. Bomfim, Wendy E. Dunn, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, Chiara Scotti, and Nitish R. Sinha, Special Advisers to the Board, Division of Board Members, Boa
[2021-06-16] Amid heightened demand and reduced supply for short-term investments, the ON RRP continued to maintain a floor on overnight rates. Growth in the ON RRP and other nonreserve liabilities helped expand t
[2021-06-16] The proposed design for a standing FIMA repo facility was similar in structure to the existing temporary FIMA repo facility. Under the draft terms, the range of eligible counterparties for the FIMA re
[2021-06-16] The nominal U.S. international trade deficit widened to a record size in March and then reversed that widening in April. Real goods exports in March surpassed their January 2020 levels for the first t
[2021-06-16] Carol C. Bertaut, Senior Associate Director, Division of International Finance, Board of Governors; Marnie Gillis DeBoer and David López-Salido, Senior Associate Directors, Division of Monetary Affair
[2021-06-16] "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.
[2021-06-16] Ann E. Misback, Secretary, Office of the Secretary, Board of Governors
[2021-06-16] Anne Baum, Carlos Garriga, Susan McLaughlin,2 Anna Nordstrom,2 Giovanni Olivei, Paolo A. Pesenti, Julie Ann Remache,2 Robert G. Valletta, and Mark L.J. Wright, Senior Vice Presidents, Federal Reserve
[2021-06-16] Michael S. Gibson, Director, Division of Supervision and Regulation, Board of Governors; Andreas Lehnert, Director, Division of Financial Stability, Board of Governors
[2021-06-16] In discussing the uncertainty and risks associated with the economic outlook, participants commented that the process of reopening the economy was unprecedented and likely to be uneven across sectors.
[2021-06-16] In their consideration of the stance of monetary policy, participants reaffirmed the Federal Reserve's commitment to using its full range of tools to support the U.S. economy during this challenging t
[2021-06-16] Alyssa Arute,2 Manager, Division of Reserve Bank Operations and Payment Systems, Board of Governors
[2021-06-16] Available indicators suggested that equipment and intangibles investment—particularly in high-tech categories—was increasing solidly in the second quarter. Rising orders for nondefense capital goods e
[2021-06-16] 2. Attended through the discussion of developments in financial markets and open market operations. Return to text
[2021-06-16] In their discussion of considerations related to the design of a standing FIMA repo facility, a substantial majority supported the broad structure discussed in the staff presentation. Many participant
[2021-06-16] Staff Review of the Economic Situation The information available at the time of the June 15–16 meeting suggested that U.S. real gross domestic product (GDP) was expanding in the second quarter at a pa
[2021-06-16] Developments in Financial Markets and Open Market Operations The manager turned first to a discussion of financial market developments over the intermeeting period. On net, U.S. financial conditions e
[2021-06-16] Stephanie E. Curcuru2 and Andrea Raffo, Deputy Associate Directors, Division of International Finance, Board of Governors; Laura Lipscomb,2 Deputy Associate Director, Division of Monetary Affairs, Boa
[2021-06-16] In their discussion of current conditions, participants noted that progress on vaccinations had reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indic
[2021-06-16] The path of the economy will depend significantly on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, but risks
[2021-06-16] Various participants offered their views on the Committee's agency MBS purchases. Several participants saw benefits to reducing the pace of these purchases more quickly or earlier than Treasury purcha
[2021-06-16] Over the period, market participants focused on data showing lower employment growth and higher inflation readings than had been expected. The median 2021 core personal consumption expenditures (PCE)