yusufizzetmurat/fed-pulse-embedding-caches huggingface dataset:
[2011-01-01] the upward pressure on consumer prices from increases in import and commodity prices earlier in the year, along with the temporary boost to motor vehicle prices from low inventories, were expected to
[2011-01-01] that member thought that there was mounting evidence that firms were able to pass on cost increases to the prices they set and noted also that nominal domestic demand had been growing for some time at
[2011-01-01] Moreover, substantial gains in productivity were muting the effects of rising labor compensation on unit costs, and vigorous competition in numerous markets was continuing to make it very difficult or
[2011-01-01] in contrast, the improvement in net exports is expected to be further restrained by ongoing competitiveness challenges, including headwinds from the persistent strength in the canadian dollar.
[2011-01-01] some emerging markets have begun to implement more restrictive policy measures in response to overheating in their economies.
[2011-01-01] some international energy agency member countries had also agreed to release additional oil from their emergency stocks in response to the ongoing disruption of supplies from libya.
[2011-01-01] it is expected to return to the 2 per cent target by the middle of 2012 as the temporary factors unwind, excess supply in the economy is gradually absorbed, labour compensation growth stays modest, pr
[2011-01-01] The effect of higher energy prices on real incomes was likely still restraining consumer spending.
[2011-01-01] And no, we’re not—we, we have not at all changed our view, and I haven’t changed my view that inflation running above 2 percent, moderately above 2 percent, is a desirable thing.
[2011-01-01] no decision was made at this meeting to change the committee's policy strategy or communications.
[2011-01-01] but import growth had also remained strong, with the result that net trade had continued to make less of a contribution to gdp growth than the committee had previously expected.
[2011-01-01] there had been modest upside news on the near-term prospects for the united states but a further deterioration in euro-area indicators and continued slowing in emerging market economies.
[2011-01-01] on the second question, there was a risk that the period of elevated inflation could persist for longer than the committee expected.
[2011-01-01] in addition, challenges in europe continue to be a significant source of uncertainty for the global outlook.
[2011-01-01] as a result, core inflation is expected to be slightly softer than previously expected, declining through 2012 before returning to 2 percent by the end of 2013.
[2011-01-01] market contacts reported increasing doubt that the greek government would be able to access private capital market funding by the spring of 2012 as planned.
[2011-01-01] in canada, the economic expansion is proceeding largely as projected, although the expected rotation of demand is somewhat slower than had been anticipated.
[2011-01-01] on the other hand, declining house prices remained a drag on household wealth and thus on consumer spending.
[2011-01-01] however, the cumulative effects of the persistent strength in the canadian dollar and canada’s poor relative productivity performance are restraining this recovery in net exports and contributing to a
[2011-01-01] And, in particular, I do personally believe that the slowdown is at least partly temporary, and that we’ll see greater growth going forward.
[2011-01-01] there are several significant risks to the inflation outlook in canada.
[2011-01-01] growth in consumer spending declined in recent months from the already modest pace in the first quarter.
[2011-01-01] the staff continued to expect that the floods could take around ½ percentage point off growth in each of the december and march quarters, though ongoing problems in de-watering coal mines meant that t
[2011-01-01] the government was highly concerned that the appreciation of the yen and increased evidence of sluggishness in overseas economies, due to the anxiety over debt problems in europe, continued to pose si
[2011-01-01] (2) although there were no particular concerns about japanese financial institutions' funding in foreign currencies, it would be appropriate for the bank -- with the aim of facilitating money market o
[2011-01-01] data on activity in the euro area had continued to suggest a period of weakness in the near term.
[2011-01-01] the recovery in canada is proceeding broadly as anticipated, with a period of more modest growth and the beginning of the expected rebalancing of demand.
[2011-01-01] business fixed investment is still expected to grow solidly in response to very stimulative financial conditions and heightened competitive pressures, although it will be dampened by the weaker and mo
[2011-01-01] The recent decline in mortgage rates had sparked some refinancing and purchase activity, but the extent of the longer-term impact of lower rates on housing demand remained uncertain.
[2011-01-01] the disasters that struck japan in march will severely affect its economic activity in the first half of this year.
[2011-01-01] Broad U. S. stock price indexes declined, on net, over the intermeeting period, apparently in response to the downbeat economic data.
[2011-01-01] the government aimed to secure smooth financial functions, particularly in the disaster areas, working in concert with the bank.
[2011-01-01] the local share market also moved generally in line with its global counterparts, but in contrast to recent months, it tended to outperform other markets.
[2011-01-01] however, the prices for iron ore had recently fallen sharply, after initial resilience relative to other commodity prices.
[2011-01-01] the unemployment rate had been rising gradually over the past six months.
[2011-01-01] robust demand from emerging-market economies is driving the underlying strength in commodity prices, which is being further reinforced by supply shocks arising from recent geopolitical events.
[2011-01-01] it was expected to increase gradually as supply-side constraints eased and disaster-stricken homes were rebuilt.
[2011-01-01] in canada, recent economic activity has been stronger than anticipated, although the profile is largely consistent with the underlying dynamics outlined in january.
[2011-01-01] as had been the case elsewhere around the world, business confidence had fallen noticeably and growth in business credit remained weak.
[2011-01-01] (2) in order to prevent the hollowing out of domestic industries, the government deemed it important to promptly proceed with the following, by utilizing such means as the third supplementary budget f
[2011-01-01] the three main upside risks relate to the possibility of stronger-than-expected inflationary pressures in the global economy, stronger momentum in canadian household spending, and the possibility of a
[2011-01-01] The downside risks from the possibility that longer-term inflation expectations may have edged down or that the dollar could appreciate substantially were seen as roughly counterbalanced by the upside
[2011-01-01] a few members referred to the fact that the year-on-year rate of decline in the cpi (all items less fresh food) for the tokyo metropolitan area for october 2011 had accelerated because the positive co
[2011-01-01] The recent depreciation of the dollar, while perhaps putting some upward pressure on prices, would damp the deterioration in net U. S. exports.
[2011-01-01] several also noted the possibility of larger-than-anticipated near-term cuts in federal government spending.
[2011-01-01] chinese exports were also estimated to have grown strongly, with recent data indicating strength in shipments to the major advanced economies as well as to elsewhere in asia.
[2011-01-01] reports on planned capital expenditures by small businesses showed some signs of improvement in recent months, although they remained relatively subdued.
[2011-01-01] in emerging economies, inflation remained uncomfortably high, particularly in india and china.
[2011-01-01] consistent with the rise in investment, imports of capital goods had been growing particularly strongly over the past year.
[2011-01-01] Participants generally expected that, over the medium term, real economic activity would increase at a pace sufficient to lead to a further gradual decline in the unemployment rate toward levels consi
[2011-01-01] however, the importance of resource slack as a factor influencing inflation was debated, and some participants suggested that other variables, such as current and expected rates of economic growth, co
[2011-01-01] following an anticipated slowdown in growth during the second quarter due to temporary supply chain disruptions and the impact of higher energy prices on consumption, the bank expects growth in canada
[2011-01-01] the government had announced a series of measures in response and was still forecasting a small surplus in 2012/13.
[2011-01-01] different members placed different weights on these considerations.
[2011-01-01] the three-month rate of change in the domestic corporate goods price index (cgpi) showed that it had been somewhat weak, mainly due to the earlier decline in international commodity prices, and it was
[2011-01-01] (3) as stated in the basic policies for economic and fiscal management presented in the government would overcome the restrictions brought about by the disaster in a sequential and steady manner, as w
[2011-01-01] Participants noted the considerable uncertainty surrounding estimates of the output and unemployment gaps and the extent of their effects on prices.
[2011-01-01] measures of consumer confidence had declined recently and were now below average.
[2011-01-01] several european banks announced large declines in third-quarter profits, in part reflecting write-downs of their holdings of greek sovereign debt.
[2011-01-01] some members said that, while the money market had remained stable, stock prices and long-term interest rates had declined reflecting increased uncertainties regarding the outlook, and risk aversion i
[2011-01-01] in such a case, the bank should increase the amount for each asset category as follows: about 0.5 trillion yen for jgbs; about 1.0 trillion yen for t-bills; about 1.5 trillion yen for cp and corporate
[2011-01-01] (3) with the aim of acting preemptively against the downside risks to the economy and the risks of hollowing out of domestic industries, both stemming mainly from the rapid appreciation of the yen, th
[2011-01-01] as a consequence, commodity prices are expected to remain at elevated levels, following recent declines.
[2011-01-01] Participants judged that it would be appropriate to move the stance of monetary policy toward a neutral posture expeditiously.
[2011-01-01] while there had been additional evidence of the coming strong pick-up in investment in the resources sector, activity remained quite subdued in some other important parts of the economy, partly reflec
[2011-01-01] in japan, the economy has begun to recover from the disasters that struck on 11 march, but the level of economic activity will remain below previous expectations.
[2011-01-01] broad money and credit growth continued to be weak: m4 excluding the holdings of interbank intermediaries had increased by about 1% on a three-month annualised basis in may and m4 lending had been unc
[2011-01-01] as in january, the bank expects business investment to continue to rise rapidly and the growth of consumer spending to evolve broadly in line with that of personal disposable income, although higher t
[2011-01-01] core inflation has fallen further in recent months, in part due to temporary factors.
[2011-01-01] the three main downside risks to inflation in canada relate to sovereign debt concerns in europe, headwinds from the persistent strength of the canadian dollar, and the possibility that growth in cana
[2011-01-01] he did not believe that providing more monetary accommodation was the appropriate response to those changes in the economy, given the current policy framework.
[2011-01-01] however, employment was flat or falling in manufacturing and goods distribution.
[2011-01-01] european growth has strengthened, despite ongoing sovereign debt and banking challenges in the periphery.
[2011-01-01] one member said that, judging from information obtained from business contacts in particular, there seemed to be a risk that demand would decline through an adverse feedback loop between business and
[2011-01-01] many members said that a downward revision in the cpi might affect the public's view on prices.
[2011-01-01] Both of these views would suggest a lower level of potential output and thus reduced scope for combating unemployment with additional monetary policy stimulus.
[2011-01-01] in addition, due attention needed to be paid to the downside risks to the economy stemming mainly from developments in overseas economies and fluctuations in foreign exchange rates.
[2011-01-01] some members expressed concern about a slowdown in private consumption in major countries such as germany, where it had been rising moderately.
[2011-01-01] Participants noted that the timing of the resumption of growth in the U. S. economy depended on the containment measures put in place, as well as the success of those measures, and on the responses of
[2011-01-01] there were also risks associated with easing policy during a period of sustained above-target inflation and there were concerns about how quickly inflation would fall back to target.
[2011-01-01] however, ongoing challenges associated with sovereign and bank balance sheets will limit the pace of the european recovery and are a significant source of uncertainty to the global outlook.
[2011-01-01] and fourth, asset sales would be implemented within a framework that had been communicated to the public in advance, and at a pace that potentially could be adjusted in response to changes in economic
[2011-01-01] members shared the view that, in order to fully resolve the sovereign debt problems in europe, the countries concerned should make steady progress with fiscal consolidation by making adjustments to th
[2011-01-01] financing conditions for commercial real estate generally remained tight.
[2011-01-01] the one-notch ratings downgrade by moody's of australia's four major banks had had no effect on banks' bond spreads, mainly because the downgrade had been expected for some time.
[2011-01-01] there was also uncertainty over the extent to which net exports would support growth and the pace at which that support would materialise.
[2011-01-01] investment in the resources sector was picking up very strongly and some related services sectors were experiencing better-than-average conditions.
[2011-01-01] the resulting disruptions to global supply chains are projected to reduce the growth in the canadian economy in this quarter by about half of a percentage point, with that lost activity likely to be r
[2011-01-01] in the near term, total cpi inflation is expected to remain above 3 per cent, largely reflecting temporary factors such as significantly higher food and energy prices.
[2011-01-01] core inflation is slightly firmer than anticipated, owing to temporary factors and to more persistent strength in the prices of some services.
[2011-01-01] And, at a high level, yes, I would say, and I’ve said before, that it’s really fiscal policy that is more powerful and that has much more to do with—fiscal policy can do those things that will increas
[2011-01-01] in particular, core PCE price inflation had been quite stable on a twelve-month basis for some time.
[2011-01-01] indeed, the strength of deposit growth and the decline in the yield curve saw a reduction in some deposit rates as well as some fixed-term lending rates.
[2011-01-01] it expected the bank to continue to steadily carry out the funds-supplying operation to support financial institutions in disaster areas, and to underpin the economy through appropriate and flexible c
[2011-01-01] overall, the bank judges the risks to the canadian inflation outlook are roughly balanced over the projection horizon.
[2011-01-01] (3) the government, taking into account the effects of the disaster, would do its utmost to achieve stability in the normal routines of people's living situation and of economic activity.
[2011-01-01] the swiss franc had subsequently traded somewhat below the ceiling.
[2011-01-01] as for the interbank market, interest rates on term instruments had been at high levels, reflecting concerns about counterparty risk.
[2011-01-01] as for interest rates on term instruments, yields on treasury discount bills (t-bills), including those with a one-year maturity, declined slightly, staying in the range of 0.10-0.15 percent.
[2011-01-01] information on economic activity suggested that the pace of growth in demand and output outside the resources and related sectors was a little lower than had been expected earlier in the year.
[2011-01-01] investor sentiment was strongly influenced by prospects for europe, as market participants remained highly attuned to developments regarding possible steps to contain the fiscal and banking problems t
[2011-01-01] Moreover, the absence of significant growth in employment, should it persist, could at some point have significant adverse repercussions on consumer spending.
[2011-01-01] private domestic demand in the united states has picked up and will be reinforced by recently announced monetary and fiscal stimulus.
[2011-01-01] (2) as for the outlook, it was likely that the disruption in the supply of parts, constraints on electric power supply, the crisis at the nuclear power plant, and the dampening of production due to th
[2011-01-01] members discussed the economic and financial conditions abroad, and shared the view that overseas economies were still recovering at a slower but moderate pace, led by high growth in emerging and comm
[2011-01-01] however, investment in nonresidential structures is still weak, and the housing sector continues to be depressed.
[2011-01-01] the labour market remained strong, with employment increasing by nearly 60,000 over november and december, and the unemployment rate falling to 5 per cent.
[2011-01-01] in many of these asian economies, the year-on-year rate of increase in the cpi had risen due to higher food and materials prices, reflecting the effects of the increase in international commodity pric
[2011-01-01] a few members noted that attention should be paid to the point that some market participants had renewed concern about the size of the outstanding amount of government debt in japan.
[2011-01-01] widespread concerns over sovereign debt have increased risk aversion and volatility in financial markets.
[2011-01-01] the bank now expects that the euro area—where these dynamics are most acute—will experience a brief recession.
[2011-01-01] he also discussed the developments in connection with the bankruptcy filing of mf global holdings ltd. and its finance subsidiary, mf global finance usa inc., and with the termination of mf global inc
[2011-01-01] on the other hand, a different member was of the opinion that the rate of increase in the cpi was likely to rise over the course of fiscal 2012 as the aggregate supply and demand balance improved, aft
[2011-01-01] longer-term forward interest rates had increased a little in both the united kingdom and united states, but had been broadly unchanged in the core euro-area countries.
[2011-01-01] growth in most of asia was expected to remain relatively solid, but growth was expected to be fairly subdued in many of the advanced economies, with unemployment likely to remain high.
[2011-01-01] in australia, economic conditions continued to vary significantly across sectors, which was complicating the task of assessing the strength of the overall economy.
[2011-01-01] in relation to this point, one member expressed concern that the june tankan indicated that the diffusion index of business sentiment in the accommodations as well as the eating and drinking services
[2011-01-01] nevertheless, the staff continued to forecast that economic activity would increase more rapidly in the second half of this year than over the first half, as supply chain disruptions in the motor vehi
[2011-01-01] recent data on activity in the united kingdom had remained relatively soft.
[2011-01-01] an additional downside risk to inflation in canada relates to household spending, which could be weaker than projected, given high household debt levels.
[2011-01-01] there had been further news on the month about some of the factors influencing demand.
[2011-01-01] delinquency rates for consumer debt edged down further in recent months, with delinquency rates on some categories moving back to pre-crisis levels.
[2011-01-01] the upward pressure on consumer prices from the increases in commodity and import prices earlier in the year was expected to continue to subside in the current quarter.
[2011-01-01] the contribution of government spending is expected to wind down this year, consistent with announced fiscal plans.
[2011-01-01] the senior loan officer opinion survey on bank lending practices conducted in april indicated that, on net, bank lending standards and terms had eased somewhat further during the first quarter of the
[2011-01-01] meanwhile, some members said that developments in business fixed investment and private consumption would be affected partly by the timing of the elimination of supply-side constraints and the consequ
[2011-01-01] it continues to be restrained by the consolidation of household balance sheets and slow growth in employment.
[2011-01-01] The real federal funds rate probably was not greatly out of line with its appropriate level, and the rise in longer-term interest rates and the exchange rate meant that financial conditions were now e
[2011-01-01] members noted that the task facing monetary policy in future would become more difficult if a continuation of poor productivity growth were combined with an expectation of growth in nominal wages and
[2011-01-01] the available data suggested that consumer spending was supported by gains in personal income in the fourth quarter of 2010.
[2011-01-01] participants judged that the potential for more-widespread disruptions in oil production, and thus for a larger jump in energy prices, posed both downside risks to growth and upside risks to inflation
[2011-01-01] net issuance of bonds was particularly strong, supported by heavy issuance in both the speculative- and investment-grade sectors.
[2011-01-01] (2) as for prices, although the year-on-year rate of increase in the cpi for all items less fresh food, or the core cpi, had been slightly positive for the past two consecutive months, the economy was
[2011-01-01] excluding food and energy, core consumer price inflation picked up in april and may, pushing the 12-month change in the core consumer price index through may above its level of a year earlier.
[2011-01-01] some members expressed the view that in the nies and the asean countries, economic conditions continued to be on a recovery trend as domestic demand stayed firm, although the pace of increase in produ
[2011-01-01] even after making allowance for the probable impact of the adverse weather conditions, growth had slowed during the second half of 2010.
[2011-01-01] Moreover, most members saw substantial downside risks to the economic outlook and judged that a rate reduction at this meeting would provide valuable additional insurance against an unexpectedly sever
[2011-01-01] those viewing greater policy accommodation as appropriate at this meeting generally supported a maturity extension program that would combine asset purchases and sales to extend the average maturity o
[2011-01-01] But I think that that’s a prudent move, to move in a gradual way to remove Chair Yellen’s Press Conference FINAL accommodation, with unemployment now—and not only, I should say, the unemployment rate,
[2011-01-01] in the united states, real gdp growth is expected to be weak through the first half of 2012, reflecting diminished household confidence, tighter financial conditions and increased fiscal drag.