yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2021-11-03] In the residential mortgage market, financing conditions remained accommodative, particularly for borrowers who met standard conforming loan criteria. In the October SLOOS, banks reported easing lendi
[2021-11-03] Participants observed that uncertainty about the economic outlook remained high. They particularly stressed uncertainties associated with the labor market, including the evolution of labor force parti
[2021-11-03] Turning to Desk operations, the manager noted that, should the Committee decide to announce a reduction in the pace of net asset purchases at this meeting, the Desk would issue a monthly purchase sche
[2021-11-03] In the United States, the market-implied path of the federal funds rate rose, implying an earlier date for raising the target range for the federal funds rate and a faster pace of rate hikes than was
[2021-11-03] In the municipal bond market, financing conditions remained accommodative despite a modest increase in yields. Issuance of municipal debt was strong in September and October, and indicators of the cre
[2021-11-03] William F. Bassett, Antulio N. Bomfim, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, Chiara Scotti, and Nitish R. Sinha, Special Advisers to the Board, Division of Board Members, Board
[2021-11-03] Joseph W. Gruber and Geoffrey Tootell, Executive Vice Presidents, Federal Reserve Banks of Kansas City and Boston, respectively
[2021-11-03] Shaghil Ahmed, Brian M. Doyle, Rochelle M. Edge, Anna Paulson, and William Wascher, Associate Economists
[2021-11-03] Total PCE price inflation was 4.4 percent over the 12 months ending in September, and core PCE price inflation, which excludes changes in consumer energy prices and many consumer food prices, was 3.6
[2021-11-03] Participants remarked that supply chain challenges and limited labor availability continued to be major constraints on manufacturing activity and the business sector more broadly. Bottleneck pressures
[2021-11-03] Real PCE posted a modest increase in the third quarter after having risen sharply over the first half of the year. The third-quarter slowdown appeared to reflect a combination of factors, including th
[2021-11-03] Gianni Amisano, Byron Lutz, and Raven Molloy, Assistant Directors, Division of Research and Statistics, Board; Brian J. Bonis, Giovanni Favara, and Dan Li, Assistant Directors, Division of Monetary Af
[2021-11-03] 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
[2021-11-03] Policy sensitive rates increased across most advanced economies. The central banks of Norway and New Zealand raised their policy rates early in the period, and policy communications from the Bank of E
[2021-11-03] David H. Small, Project Manager, Division of Monetary Affairs, Board
[2021-11-03] Financing conditions for consumer credit remained accommodative for most borrowers, especially those with stronger credit scores. Lending standards for nonprime consumers in the credit card market con
[2021-11-03] In their discussion of the household sector, participants remarked that demand for most consumer goods had remained strong. They noted that businesses had generally recorded robust sales despite labor
[2021-11-03] Glenn Follette, Associate Director, Division of Research and Statistics, Board; Christopher J. Gust, Associate Director, Division of Monetary Affairs, Board; Jeffrey D. Walker,2 Associate Director, Di
[2021-11-03] Survey-based indicators suggested that small business owners became less pessimistic about their financial prospects, with the exception of owners in the educational services sector, for whom expectat
[2021-11-24] Minutes of the Federal Open Market Committee November 2-3, 2021: HTML | PDF
[2021-11-24] FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm
[2021-11-24] The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on November 2–3, 2021.
[2021-11-24] For media inquiries, e-mail [email protected] or call 202-452-2955
[2021-11-24] 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
[2021-11-30] For media inquiries, e-mail [email protected] or call 202-452-2955.
[2021-11-30] The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings on October 25 and November 3, 2021.
[2021-12-15] Real PCE growth appeared to be picking up in the fourth quarter despite an upturn in COVID-19 cases, the waning effect of previous fiscal stimulus measures, lingering supply bottlenecks, and recent in
[2021-12-15] David H. Small, Project Manager, Division of Monetary Affairs, Board
[2021-12-15] The staff's forecast for economic activity remained strong but was weaker, on net, than in the November projection. Although aggregate demand appeared to be rising sharply in the fourth quarter, the e
[2021-12-15] Foreign asset prices fluctuated over the intermeeting period in response to central bank communications, headlines regarding COVID-related restrictions in some countries, and the spread of the Omicron
[2021-12-15] Total real government purchases appeared to be rising moderately again in the fourth quarter. Federal defense spending rose, on net, in October and November relative to the third quarter. However, gro
[2021-12-15] Zina Bushra Saijid,3 Senior Financial Analyst, Division of International Finance, Board
[2021-12-15] Alyssa G. Anderson, Section Chief, Division of Monetary Affairs, Board; Penelope A. Beattie,2 Section Chief, Office of the Secretary, Board
[2021-12-15] Linsey Molloy3 Quantitative Policy and Analysis Manager, Federal Reserve Bank of New York
[2021-12-15] 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
[2021-12-15] 4. Attended through the discussion of policy normalization considerations and all of Wednesday's session. Return to text
[2021-12-15] Edward Nelson and Annette Vissing-Jørgensen, Senior Advisers, Division of Monetary Affairs, Board; Jeremy B. Rudd, Senior Adviser, Division of Research and Statistics, Board
[2021-12-15] Minutes of the Federal Open Market Committee December 14-15, 2021 A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held by videoconfere
[2021-12-15] 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
[2021-12-15] Survey-based indicators suggested that credit supply conditions for small firms remained stable but tighter than before the pandemic. Small business loan originations ticked down in October, likely re
[2021-12-15] Some participants commented that removing policy accommodation by relying more on balance sheet reduction and less on increases in the policy rate could help limit yield curve flattening during policy
[2021-12-15] Finally, the manager provided an update on the transition away from LIBOR (London interbank offered rate). Overall, considerable progress had been made in the transition away from LIBOR to the Secured
[2021-12-15] Manufacturing output increased in October, and available indicators of production were consistent with another gain in November. Motor vehicle output moved up in October from its low level in Septembe
[2021-12-15] Participants judged that labor markets continued to strengthen, with the unemployment rate falling rapidly and payrolls growing at a solid pace. A few participants noted the recent decline in the unem
[2021-12-15] Participants remarked that inflation readings had been higher and were more persistent and widespread than previously anticipated. Some participants noted that trimmed mean measures of inflation had r
[2021-12-15] 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
[2021-12-15] Eric C. Engstrom and Elizabeth K. Kiser, Associate Directors, Division of Research and Statistics, Board; Christopher J. Gust, Associate Director, Division of Monetary Affairs, Board; Jeffrey D. Walke
[2021-12-15] Incoming data were consistent with a pickup in foreign economic growth in the current quarter, driven mainly by the reopening of Asian economies following lockdowns earlier in the year to contain a re
[2021-12-15] 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
[2021-12-15] Sally Davies, Deputy Director, Division of International Finance, Board; Michael T. Kiley, Deputy Director, Division of Financial Stability, Board
[2021-12-15] Committee Policy Action In their discussion of monetary policy for this meeting, members agreed that with progress on vaccinations and strong policy support, indicators of economic activity and employ
[2021-12-15] The manager turned next to a discussion of foreign developments. Foreign policy-sensitive rates were relatively steady over the intermeeting period, as several central banks in advanced foreign econom
[2021-12-15] The staff continued to judge that the risks to the baseline projection for economic activity were skewed to the downside and that the risks around the inflation projection were skewed to the upside. I
[2021-12-15] In their comments on inflation expectations, some participants discussed the risk that recent elevated levels of inflation could increase the public's longer-term expectations for inflation to a level
[2021-12-15] 3. Attended through the discussion of policy normalization considerations. Return to text
[2021-12-15] Financing conditions for consumer credit remained accommodative for most borrowers, especially those with higher credit scores. Conditions for nonprime consumers in the credit card market continued to
[2021-12-15] Financing conditions in commercial real estate (CRE) markets remained accommodative. CRE loan balances on banks' books continued to expand at a solid pace in October and November. Issuance of commerci
[2021-12-15] James Hebden3 and James M. Trevino,3 Lead Technology Analysts, Division of Monetary Affairs, Board
[2021-12-15] Roc Armenter, Kathryn B. Chen,3 Jonathan P. McCarthy, and Matthew D. Raskin,3 Vice Presidents, Federal Reserve Banks of Philadelphia, New York, New York, and New York, respectively
[2021-12-15] Members agreed that the Federal Reserve was 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 stabilit
[2021-12-15] As elevated inflation had persisted for longer than they had previously anticipated, members agreed that it was appropriate to remove the reference to "transitory" factors affecting inflation in the p
[2021-12-15] Notation Vote By notation vote completed on November 23, 2021, the Committee unanimously approved the minutes of the Committee meeting held on November 2–3, 2021.
[2021-12-15] Turning to Desk operations and money markets, the manager noted that the Desk had reduced net purchases of Treasury securities and agency MBS in accordance with the directive issued at the November me
[2021-12-15] In their discussion of current economic conditions, participants noted that, with progress on vaccinations and strong policy support, indicators of economic activity and employment had continued to st
[2021-12-15] In domestic credit markets, financing conditions for nonfinancial corporations remained accommodative. Gross corporate bond issuance by both investment- and speculative-grade borrowers was solid, and
[2021-12-15] Patrick Harker and Neel Kashkari, Presidents of the Federal Reserve Banks of Philadelphia and Minneapolis, respectively
[2021-12-15] Participants judged that several aspects of the previous approach remained applicable in the current environment. In particular, they noted that the principles and plans underlying policy normalizatio
[2021-12-15] Over the period, market participants considered potential drivers of the notable decline in far-forward sovereign yields in the United States and other advanced economies. News of the Omicron variant
[2021-12-15] In their discussion of the household sector, participants generally noted that demand for consumer goods had remained strong, likely supported by accommodative fiscal and monetary policies, increased
[2021-12-15] The vote also encompassed approval of the statement below for release at 2:00 p.m.:
[2021-12-15] Linda Robertson, Assistant to the Board, Division of Board Members, Board
[2021-12-15] The credit quality of large nonfinancial corporations remained solid amid strong earnings growth. S&P 500 firms' earnings reports for the third quarter again exceeded analyst expectations. In November
[2021-12-15] Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board voted unanimously to maintain the interest rate paid on reserve balances at 0.15 perc
[2021-12-15] Attendance 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 C
[2021-12-15] Developments in Financial Markets and Open Market Operations The manager turned first to a discussion of financial market developments over the period. Financial markets responded to significant new i
[2021-12-15] Participants observed that growth of economic activity appeared to have been strong in the fourth quarter after having slowed in the third quarter, and they generally expected robust growth to continu
[2021-12-15] Members agreed that the postmeeting statement should be updated to reflect the Committee's assessment of the progress the economy had made toward the criteria specified in its forward guidance for the
[2021-12-15] After reaching a record level in September, the U.S. international trade deficit narrowed in October, reflecting a large rebound in exports. The export rebound was broad based, with sizable increases
[2021-12-15] James Bullard, Esther L. George, Naureen Hassan, Loretta J. Mester, and Kenneth C. Montgomery, Alternate Members of the Committee
[2021-12-15] 1. The Federal Open Market Committee is referenced as the "FOMC" and the "Committee" in these minutes; the Board of Governors of the Federal Reserve System is referenced as the "Board" in these minute
[2021-12-15] Participants had an initial discussion about the appropriate conditions and timing for starting balance sheet runoff relative to raising the federal funds rate from the ELB. They also discussed how th
[2021-12-15] Participants noted that supply chain bottlenecks and labor shortages continued to limit businesses' ability to meet strong demand. They judged that these challenges would likely last longer and be mor
[2021-12-15] Participants continued to stress that maintaining flexibility to implement appropriate policy adjustments on the basis of risk-management considerations should be a guiding principle in conducting pol
[2021-12-15] Norman J. Morin, Deputy Associate Director, Division of Research and Statistics, Board; Zeynep Senyuz3 and Rebecca Zarutskie, Deputy Associate Directors, Division of Monetary Affairs, Board
[2021-12-15] Participants also discussed some key differences between current economic conditions and those that prevailed during the previous episode and remarked that the Committee would have to take these diffe
[2021-12-15] Matthew J. Eichner,3 Director, Division of Reserve Bank Operations and Payment Systems, Board; Michael S. Gibson, Director, Division of Supervision and Regulation, Board; Andreas Lehnert, Director, Di
[2021-12-15] Participants welcomed additional analysis from the staff on issues related to normalization and agreed that continuing their deliberations at upcoming meetings would be useful.
[2021-12-15] Inflation readings remained high, and various indicators suggested that inflationary pressures had broadened in recent months. Total PCE price inflation was 5.0 percent over the 12 months ending in Oc
[2021-12-15] Market participants' views on the expected path for the federal funds rate—as implied by a straight read of overnight index swap quotes—suggested that they had pulled forward expected rate increases m
[2021-12-15] Staff Review of the Economic Situation The information available at the time of the December 14–15 meeting suggested that U.S. real GDP growth was picking up in the fourth quarter after having slowed
[2021-12-15] Staff Review of the Financial Situation Over the intermeeting period, rising inflation and FOMC communications appeared to have put substantial upward pressure on shorter-dated Treasury yields. Even s
[2021-12-15] On net, inflation compensation had declined moderately since the November FOMC meeting, as heightened concerns about the inflation outlook appeared to be outweighed by increases in the perceived prosp
[2021-12-15] The participants' discussion was preceded by staff presentations. The staff reviewed the previous normalization episode, including how the Committee commenced normalization by raising the target range
[2021-12-15] Participants discussed considerations regarding the longer-run size of the balance sheet consistent with the efficient and effective implementation of monetary policy in an ample-reserves regime. Part
[2021-12-15] Regarding the outlook for U.S. monetary policy, expectations for a reduction in policy accommodation shifted forward notably. Respondents to the Open Market Desk's surveys of primary dealers and marke
[2021-12-15] William F. Bassett, Antulio N. Bomfim, Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, Chiara Scotti, and Nitish R. Sinha, Special Advisers to the Board, Division of Board Members, Board
[2021-12-15] Broad equity indexes were little changed, on net, since the previous FOMC meeting, as strong economic data appeared to offset concerns regarding monetary policy, inflation, and the pandemic. Spreads o
[2021-12-15] In discussing recently established backstop facilities, the manager noted continued progress towards expanding access to the standing repurchase agreement (repo) facility (SRF) to depository instituti
[2021-12-15] In the municipal bond market, issuance was robust in October and November, and financing conditions remained accommodative, supported by low yields. The credit quality of municipal debt continued to b
[2021-12-15] Becky C. Bareford, First Vice President, Federal Reserve Bank of Richmond
[2021-12-15] 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 System Open Market Acc
[2021-12-15] David López-Salido and Min Wei, Senior Associate Directors, Division of Monetary Affairs, Board; John J. Stevens, Senior Associate Director, Division of Research and Statistics, Board; Paul R. Wood,4
[2021-12-15] ï»¿ The Fed - Monetary Policy: Skip to main content An official website of the United States Government Here's how you know Official websites use .gov A .gov website belongs to an official government
[2021-12-15] Joseph W. Gruber and Geoffrey Tootell, Executive Vice Presidents, Federal Reserve Banks of Kansas City and Boston, respectively
[2021-12-15] "Effective December 16, 2021, the Federal Open Market Committee directs the Desk to:
[2021-12-15] 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. With progres
[2021-12-15] Participants pointed to a number of signs that the U.S. labor market was very tight, including near-record rates of quits and job vacancies, as well as a notable pickup in wage growth. In line with th
[2021-12-15] 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
[2021-12-15] In light of inflation developments and the further improvement in the labor market, members decided to reduce the monthly pace of the Federal Reserve's net asset purchases by $20 billion for Treasury
[2021-12-15] Jon Faust and Joshua Gallin, Senior Special Advisers to the Chair, Division of Board Members, Board
[2021-12-15] In the residential mortgage market, financing conditions stayed accommodative, particularly for borrowers who met standard conforming loan criteria. Conditions continued to ease for lower-score borrow
[2021-12-15] Meredith Black, Interim President of the Federal Reserve Bank of Dallas
[2021-12-15] 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
[2021-12-15] At the end of the meeting, the Chair noted that the Board's staff had made substantial progress in developing formal polices to implement the tough and comprehensive ethics rules for senior officials
[2021-12-15] 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
[2021-12-15] Participants also discussed the composition of the Federal Reserve's asset holdings. Consistent with the previous normalization principles, some participants expressed a preference for the Federal Res
[2021-12-15] Camille Bryan, Senior Project Manager, Division of Monetary Affairs, Board
[2021-12-15] Randall A. Williams, Group Manager, Division of Monetary Affairs, Board
[2021-12-15] In support of the Committee's goals of maximum employment and inflation at the rate of 2 percent over the longer run, participants judged that it would be appropriate for the Committee to keep the tar
[2021-12-15] A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held by videoconference on Tuesday, December 14, 2021, at 9:00 a.m. and continued on W
[2021-12-15] With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen. The sectors most adversely affected by the pandemic have improved
[2021-12-15] 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.
[2021-12-15] Isaiah C. Ahn, Information Management Analyst, Division of Monetary Affairs, Board
[2021-12-15] Participants observed that uncertainty about the economic outlook remained high. Most agreed that risks to inflation were weighted to the upside. Several participants pointed to the possibility that s
[2021-12-15] Growth in business fixed investment appeared to be rising at a slow pace again in the fourth quarter, as supply bottlenecks continued to weigh on business equipment spending, and the limited availabil
[2021-12-15] Jonathan E. Goldberg,3 Sebastian Infante, and Francisco Vazquez-Grande, Principal Economists, Division of Monetary Affairs, Board
[2021-12-15] Staff Economic Outlook The projection for U.S. consumer price inflation prepared by the staff for the December FOMC meeting was higher than in the November projection. The near-term outlook was revise
[2021-12-15] Although the Desk surveys and interest rate futures indicated expectations for earlier increases in the target range than at the time of the November meeting, expectations for the federal funds rate a
[2021-12-15] Robert Lerman3 and Jamie Pfeifer,3 Assistant Vice Presidents, Federal Reserve Bank of New York