yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2012-01-01] the two main downside risks to inflation in canada relate to sovereign debt and banking concerns in europe and the possibility that growth in household spending could be weaker than projected.
[2012-01-01] a few members raised the possibility that japan's economy would be adversely affected if a substantial risk materialized, stemming from the european debt problem.
[2012-01-01] The unwinding in the early months of 1997 of special factors that had boosted net exports in the fourth quarter of 1996 was offsetting some of the effects on production of the persisting strength in d
[2012-01-01] moreover, it was possible that the weakness of productivity was in part associated with the impact of the crisis on the banking system’s ability to allocate credit efficiently across the economy – a c
[2012-01-01] private consumption was expected to remain resilient as a trend, although it would show some weakness for the time being, mainly since car sales had fallen back.
[2012-01-01] the hsbc composite pmis in both brazil and india had increased in june, possibly in part reflecting past policy easing.
[2012-01-01] The unemployment rate was unchanged over the period between the April and June meetings,
[2012-01-01] members noted that most model-based estimates of the currency generally placed a large weight on the terms of trade.
[2012-01-01] and the renewed sense of caution in financial markets might delay any significant easing in credit conditions.
[2012-01-01] in this context, canadian authorities are co-operating closely to monitor the financial situation of the household sector, and are responding appropriately.
[2012-01-01] in china and other major emerging economies, growth has slowed somewhat more than expected.
[2012-01-01] uk short-term interest rates had changed little on the month, while longer-term rates had risen slightly.
[2012-01-01] production, while remaining more or less flat, had shown some signs of picking up.
[2012-01-01] a different member said that the effects of monetary policy could be constrained if market participants began to question the bank's stance toward overcoming deflation.
[2012-01-01] The moderation reflected lower growth in most major expenditure sectors.
[2012-01-01] the bank continues to assume that european authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks.
[2012-01-01] some members noted that, in formulating a specific numerical expression, the policy board should continue to take three perspectives into consideration: (1) a measurement bias in the price index; (2)
[2012-01-01] residential investment could regain momentum, thereby reinforcing existing imbalances.
[2012-01-01] these members said that, in addition to successive monetary easing measures implemented in response to the recent decline in inflation rates, future infrastructure investment plans were being brought
[2012-01-01] the increase in exports primarily reflected higher exports of services and agricultural products.
[2012-01-01] that new language was meant to clarify that the maintenance of a very low federal funds rate over that period did not reflect an expectation that the economy would remain weak, but rather reflected th
[2012-01-01] meeting participants generally agreed that the recovery in the housing sector had continued.
[2012-01-01] as a result, business and household confidence are improving faster than forecast.
[2012-01-01] the softening in global activity had been associated with a general decline in commodity prices.
[2012-01-01] on this point, a different member commented that the effects of deleveraging by european financial institutions in central and eastern european economies had so far been less serious than previously a
[2012-01-01] Inflation has declined further below our longer-run objective, largely reflecting the lower energy prices I just mentioned.
[2012-01-01] in global financial markets, while investors had remained somewhat less risk averse on the back of the european debt problem, particular attention should be given to developments in these markets.
[2012-01-01] the two main downside risks to inflation in canada relate to a reintensi­fication of sovereign debt and banking concerns in europe, and the pos­sibility that growth in canadian household spending coul
[2012-01-01] a key question was whether the necessary adjustment was occurring at an overall pace of growth that kept the economy close to trend and inflation close to target.
[2012-01-01] The members recognized that a typical recovery-period surge in consumer spending was unlikely inasmuch as expenditures had registered solid growth through the economic downturn, implying an absence of
[2012-01-01] members were briefed on credit conditions, which continued to improve for both us and european corporates in october.
[2012-01-01] overall, the bank judges that the risks to the inflation outlook in canada are roughly balanced over the projection period.
[2012-01-01] housing activity is expected to decline from historically high levels.
[2012-01-01] although public investment continued to increase, as seen in the statistics on the amount of public construction completed, the value of public works contracted -- a measure that reflected public work
[2012-01-01] The central tendency of the unemployment rate projections is slightly lower than in the March projections and now stands at 6.0 to 6.1 percent at the end of this year.
[2012-01-01] global growth prospects have weakened since the bank released its april mpr.
[2012-01-01] activity in the rest of east asia continued to recover from the natural disasters in 2011, which had disrupted supply chains throughout the region.
[2012-01-01] The members generally agreed that, if necessary, their concerns about rising inflation could be addressed at the meeting in early February.
[2012-01-01] they had recovered, however, due to the announcement of financial assistance to spain by the eurogroup and heightened expectations for additional monetary easing.
[2012-01-01] the committee’s central view was that cpi inflation would fall a little further from its march level over the course of the year, but remain above the 2% target in the near term.
[2012-01-01] in the united kingdom, there was little to alter the view that output was likely to be broadly flat in 2011 q4 and 2012 q1.
[2012-01-01] sales of motor vehicles remained an area of strength, in part due to favorable credit conditions.
[2012-01-01] Some uncertainties, such as those associated with the election, had been resolved, but others persisted, including the prospects for oil prices and their consequences for the economy.
[2012-01-01] Over the same period, demand for auto loans reportedly strengthened further at many banks.
[2012-01-01] some members, noting that households' and firms' short-term inflation expectations were susceptible to actual price developments, expressed the view that attention should be paid to the possibility of
[2012-01-01] short-term sterling interbank interest rates, relative to market expectations of bank rate, had continued to fall on the month, as they had since the original announcements of the funding for lending
[2012-01-01] as for prices, in many of the nies and the asean economies, core inflation rates were at relatively high levels, mainly reflecting the higher wage inflation caused by tight labor market conditions.
[2012-01-01] exports and industrial production were expected to continue decreasing for the time being and start picking up thereafter as overseas economies gradually emerged from the deceleration phase.
[2012-01-01] the process of fiscal consolidation and rebalancing in these economies would need to continue for some time yet, with the consequence that euro-area activity was likely to remain subdued for quite a w
[2012-01-01] the statement also reiterated the committee's intention to extend the average maturity of its securities holdings as announced in june.
[2012-01-01] in china and other emerging economies, the deceleration in growth has been greater than anticipated, reflecting past policy tightening and weaker external demand.
[2012-01-01] with regard to the purchases of jgbs, one member commented that it might be necessary to communicate more clearly to the public the relationship between purchases under the asset purchase program and
[2012-01-01] however, the bank expects the recovery will proceed at a more modest pace going forward, owing to ongoing household deleveraging, fiscal consolidation and the spillovers from europe.
[2012-01-01] members noted that, overall, global commodity prices were little changed since the previous board meeting.
[2012-01-01] if slower growth in demand could be expected to result in a more moderate inflation outcome, then a case could be made for a further easing of monetary policy.
[2012-01-01] it is expected to contribute only modestly thereafter, in line with plans to consolidate spending by federal and provincial governments.
[2012-01-01] the dynamics for inflation are similar to those anticipated in october, although its profile is marginally firmer.
[2012-01-01] despite dwelling prices declining relative to incomes and rises in rental yields, forward-looking indicators implied little prospect of an imminent recovery in housing construction.
[2012-01-01] Residential construction activity remained at a high level, evidently supported in part by recent declines in mortgage interest rates.
[2012-01-01] they noted the sharp differences in performance between sectors and regions of the economy, and the considerable structural change that was occurring, as well as the soft overall conditions in the hou
[2012-01-01] household spending is now projected to grow at a steady pace through 2013.
[2012-01-01] business fixed investment had been on a moderate increasing trend, aided partly by the restoration of disaster-stricken facilities.
[2012-01-01] Overall employment gains were relatively well maintained, and labor markets were still tight though showing signs of softening.
[2012-01-01] a few members added that, although the functions of these two facilities overlapped each other to some extent, they would have value in playing their different respective roles.
[2012-01-01] household spending is expected to remain high relative to gdp as households add to their debt burden, which remains the biggest domestic risk.
[2012-01-01] while the economy appears to be operating with less slack than previously assumed, given the more modest growth profile, it is only anticipated to return to full capacity by the third quarter of 2013.
[2012-01-01] global demand had slowed, and the near-term outlook was weaker than the committee had assumed in may, largely due to the impact of the euro-area financial crisis.
[2012-01-01] tensions in global financial markets regarding the european debt problem had abated somewhat compared with the situation around the end of 2011.
[2012-01-01] with the target interest rate near historic lows and the financial system functioning well, there is considerable monetary policy stimulus in canada.
[2012-01-01] some members pointed out that the adverse feedback loop in some peripheral countries among the fiscal situation, the financial system, and economic activity had continued, and that its negative effect
[2012-01-01] the board would continue to monitor both how the global economy evolved and the course of domestic economic activity and prices.
[2012-01-01] consumption growth had strengthened, though this probably reflected, in part, the government payments made over recent months.
[2012-01-01] while some of these purchases were retained in euros, a sizeable share was converted into other currencies, including a modest amount in the australian dollar.
[2012-01-01] the implications of that for inflation would depend in part on whether activity remained subdued thereafter or began to rise gradually.
[2012-01-01] this slowdown in global activity has led to a sizeable reduction in commodity prices, although they remain elevated.
[2012-01-01] domestically, there were significant differences in conditions across sectors, with a considerable degree of structural adjustment occurring in the economy.
[2012-01-01] they concurred that it was appropriate to increase the total size of the asset purchase program by about 10 trillion yen, in order to make financial conditions for economic entities such as firms and
[2012-01-01] the household debt burden is expected to rise further before stabilizing by the end of the projection horizon.
[2012-01-01] however, the staff's medium-term projection for real gdp growth in the april forecast was little changed from the one presented in march.
[2012-01-01] in the united states, the rebound in real gdp during the second half of 2011 was stronger than anticipated.
[2012-01-01] this reflects the balance of somewhat improved labour markets, financial conditions and confidence on the one hand, and emerging fiscal consolidation and ongoing household deleveraging on the other.
[2012-01-01] government spending is not projected to contribute to growth in 2012.
[2012-01-01] the vote encompassed approval of the statement below to be released at 12:30 p.m.: information received since the federal open market committee met in august suggests that economic activity has contin
[2012-01-01] in the foreign exchange market, the yen continued to move within a narrow range of around 76-78 yen against the u.s. dollar.
[2012-01-01] but that had in large part come at the expense of severe recessions and high unemployment in some countries.
[2012-01-01] total cpi inflation has fallen noticeably below the 2 per cent target, as expected.
[2012-01-01] the pace of bond issuance by nonfinancial firms increased further in october and november after rising robustly in the third quarter, as some firms reportedly sought to issue new debt before the end o
[2012-01-01] over the month as a whole, the ftse all-share index was up slightly.
[2012-01-01] participants also exchanged views on the likely benefits and costs of a new large-scale asset purchase program.
[2012-01-01] various actions continued to be taken by european governments and the european central bank (ecb), but the content and swiftness of these actions had not been enough to earn a positive response from t
[2012-01-01] as inflation had fallen back, the near-term outlook had at various points been jolted by sharp movements in both directions in the prices of commodities; it was not sensible in such an environment to
[2012-01-01] prices for japan real estate investment trusts (j-reits) had been rising somewhat, albeit with fluctuations.
[2012-01-01] this member expressed hope that the use of this type of fund-provisioning measure would therefore promote these institutions' efforts to stimulate regional economies.
[2012-01-01] Participants' Views on Current Conditions and the Economic Outlook In conjunction with this FOMC meeting, members of the Board of Governors and Federal Reserve Bank presidents submitted their projecti
[2012-01-01] it would take a while, however, before it would be possible to assess with any confidence the impact the scheme was having on lending.
[2012-01-01] as for prices, although the year-on-year rate of increase in the harmonized index of consumer prices (hicp) for all items remained at a relatively high level, it had declined somewhat due to the effec
[2012-01-01] they expressed a range of views on the appropriate pace of purchases, both now and as the outlook evolved.
[2012-01-01] on this basis, some members noted that there were signs of weakness in some indicators, reflecting the waning effects of subsidies for purchasers of environmentally friendly cars and somewhat low bonu
[2012-01-01] during the month, the ons had published the first results of the census for england and wales.
[2012-01-01] regarding funding conditions for long-term credit, while credit spreads of bank debentures were more or less unchanged, their issuance -- including by banks in some peripheral countries -- had been fi
[2012-01-01] as for the employment situation, a decline in the number of new job offers and sluggish growth in non-scheduled hours worked had recently been seen, mainly in the manufacturing sector.
[2012-01-01] following the recent period of below-potential growth, the economy is expected to pick up and return to full capacity by the end of 2013.
[2012-01-01] members first discussed the understanding -- that is, the level of inflation that each policy board member understood, when conducting monetary policy, as being consistent with price stability over th
[2012-01-01] there had been some evidence of companies delaying pay rises and switching to more flexible forms of pay from contacts of the bank’s agents, who had reported a continuing gradual weakening in overall
[2012-01-01] Reserve market conditions associated with this directive had been expected to be consistent with some moderation in the growth of M2 and M3 over coming months.
[2012-01-01] based on this recognition, members concurred that, since the basic stance for the operation was set, it was appropriate to make a decision regarding the operation at this mpm and accordingly make it p
[2012-01-01] members concurred that overseas economies on the whole still had not emerged from a deceleration phase, but some improvement had been observed, including the continued recovery, albeit at a moderate p
[2012-01-01] a few members added that, in europe, progress had not been made among countries in terms of seeking agreement on the conditionalities for financial assistance to peripheral countries or with regard to
[2012-01-01] industrial production continued to move down in october relative to the july-september quarter, after having declined for two quarters in a row since the april-june quarter.
[2012-01-01] inventories in most industries looked to be fairly well aligned with sales in recent months, although motor vehicle stocks were still relatively lean.
[2012-01-01] The upswing in M2 growth since late winter stemmed in part from the temporary effects of mortgage refinancing, which boosted liquid deposits over this period, though M2 was also buoyed by strong gains
[2012-01-01] Residential MBS yields and residential mortgage interest rates declined, on net, over the intermeeting period to historically low levels, but their spreads to yields on long-term Treasury securities i
[2012-01-01] should that risk materialise, however, the impact on the united kingdom would probably be tempered by an associated fall in the demand for, and prices of, commodities.
[2012-01-01] since 2008, however, households’ spending had fallen relative to income, such that the savings rate had risen to a level similar to that seen in the early 2000s.
[2012-01-01] Returning to monetary policy, we recognize that there has been a great deal of focus on today’s policy decision.
[2012-01-01] the outlook for the global economy has deteriorated and uncertainty has increased since the bank released its october mpr.
[2012-01-01] non-financial corporations had issued new bonds at a record rate during 2012 so far and march had seen the first sub-investment grade issue by a uk company since summer 2011.
[2012-01-01] overall, data on the domestic economy appeared to be broadly consistent with the bank's most recent forecasts.
[2012-01-01] some of those members also noted a downside risk to inflation arising from the possibility that the reduction in the economy’s supply potential following the recession had been less, and hence spare c
[2012-01-01] long-term interest rates in the united states and germany had risen temporarily due to the reduced expectations for further monetary easing but were recently on a declining trend, mainly reflecting re
[2012-01-01] members noted that the relative cost of issuance had continued to decline since the beginning of the year, though it remained higher than in mid 2011.
[2012-01-01] members noted that household incomes continued to be supported by relatively favourable conditions in the labour market.
[2012-01-01] a few members pointed to the fact that the purchasing managers' index (pmi) for manufacturing activity had been showing moderate improvement and there had been signs of a pick-up in consumer sentiment
[2012-01-01] the expansion in economic activity was expected to narrow the significant margin of slack in labor and product markets only slowly over the projection period, and the unemployment rate was anticipated
[2012-01-01] The pickup in demand had yet to materially narrow currently wide margins of idle labor and other resources, and these margins along with the uncertainties that still surrounded current forecasts of ro
[2012-01-01] the housing market was improving gradually, with both turnover and prices picking up in recent months.
[2012-01-01] meanwhile, members reaffirmed that the bank would do its utmost to ensure that the european debt problem would not threaten the stable conditions in japan's financial markets, and consequently financi
[2012-01-01] while there was more momentum than anticipated in the second half of 2011, the pace of growth going forward is expected to be more modest than previously envisaged, largely due to the external environ
[2012-01-01] The projection for core PCE price inflation in 2008 was raised slightly in response to elevated readings in recent months.
[2012-01-01] the bank’s projection assumes that authorities in europe are able to contain the ongoing crisis, and that the u.s. fiscal cliff will be avoided.
[2012-01-01] regarding the bank's outlook for economic activity and prices, members concurred that overseas economies, exports, production, and some areas of domestic demand had deteriorated further from that pres
[2012-01-01] Specifically, the projections converged on CPI inflation rates of 2-1/4 to 2-1/2 percent in 1997 and 2-1/2 to 3 percent in 1998.
[2012-01-01] inflation had been subdued, even though the prices of some key commodities had increased recently.
[2012-01-01] the external headwinds facing canada have abated somewhat, with the u.s. recovery more resilient and financial conditions more supportive than previously anticipated.
[2012-01-01] as for the effects of the sovereign debt problems in europe, a few members noted that it was also necessary to pay attention to the risk that increased risk aversion among investors would lead to a ra
[2012-01-01] the three main downside risks relate to the european crisis, weaker demand for canadian exports and the possibility that growth in canadian household spending could be weaker.
[2012-01-01] but yields on portuguese government debt had remained very high.
[2012-01-01] Participants' Views on Current Conditions and the Economic Outlook In their discussion of the economic situation and the outlook, meeting participants saw the information received over the intermeetin
[2012-01-01] twelve-month cpi inflation had fallen to 2.4% in june from 2.8% in may.
[2012-01-01] payroll employment posted solid gains, and, on balance, a range of labor market indicators suggested that underutilization of labor resources diminished somewhat.
[2012-01-01] (1) the government was currently making its best efforts to work on the comprehensive reform of the social security and taxation systems.
[2012-01-01] the government expected the bank to continue powerful monetary easing until the exit from deflation was ensured.
[2012-01-01] it was too early to assess the impact of the fls by reference to lending flows, but encouraging signs concerning the impact of the scheme had continued to emerge.
[2012-01-01] in conclusion, participants agreed to have a broad discussion of the experiences gathered from the two experimental exercises in conjunction with the october fomc meeting.
[2012-01-01] on this point, a few members said that some of the factors that underpinned the current firmness in private consumption were likely to dissipate: for example, the budget allocated for subsidies for pu
[2012-01-01] The prospect of additional fiscal stimulus likely contributed to a steeper U. S. Treasury yield curve, increased inflation compensation, and broad dollar depreciation.
[2012-01-01] leading indicators of labour demand had softened a bit further, suggesting modest near-term employment growth was likely.