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This is modeled by assuming that wage change depends on q*, while the inflation equation (based on the markup equation) depends on q. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
From a low near $30 per barrel in late 2003, the price of oil rose to $70 per barrel by the middle of 2006, and it has stayed high, with the current price more than $80. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
But you didn’t under the merely adverse scenario, which featured an inflation shock followed by a quick rise in short-term rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
And inflation is moving—moving up, I think, toward our 2 percent objective. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
But you do see growth in services, so you—this pattern around the world of Chair Powell’s Press Conference FINAL weak manufacturing | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
White-collar, high-skilled employment increased at a much faster rate than employment in the other categories in nearly all cases in the G-7 countries over 1979-95. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Three Asset-Price-Bust Episodes Let us first examine the U.K. recession of 1974. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The federal funds rate averaged a little higher than the level expected with an unchanged policy stance, in part because of unexpectedly high demand for reserves in late July and early August. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
In contrast, changes in inflation rates in some services categories, such as shelter costs, tend to be more persistent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In the modal outlook, monetary policy tightening to temper demand, in combination with improvements in supply, is expected to reduce demand–supply imbalances and reduce inflation over time.10 The real yield curve is now in solidly positive territory at all | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
However, with tightening resource constraints indicating unsustainable growth, only tentative signs that growth might be slowing, and various factors that had been damping prices now turning around, all the members agreed on the need for a slight tightening at this meeting to raise the odds on containing inflation and ... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Participants expected economic activity to contract sharply in the fourth quarter of 2008 and in early 2009. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Housing demand remained strong, but business fixed investment was still in the doldrums and consumer spending had flagged in late summer before apparently picking up somewhat in the autumn. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The prospect of additional fiscal stimulus likely contributed to a steeper U. S. Treasury yield curve, increased inflation compensation, and broad dollar depreciation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Martin Baily and Robert Lawrence (2004) present a much more thorough analysis of this issue and come to a similar conclusion.4 To investigate further the relationship between restructuring and labor productivity, we compared the performance of industry employment to the performance of industry productivity for the peri... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
With the restraint from fiscal policy assumed to increase next year, the staff projected that increases in real GDP would not significantly exceed the growth rate of potential output in 2013. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
We found that a surprise increase of 25 basis points in the funds rate target typically results in a decline in broad equity indexes of about 1 percent, whereas a change in the funds rate that is expected by the market has essentially no effect on stock prices.17 Our work is just one example of a number of event-study ... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Participants continued to expect that, as the effects of transitory factors waned and labor market conditions strengthened further, inflation would stabilize around the Committee's 2 percent objective over the medium term. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
However, participants generally saw these downward pressures on inflation starting to abate next year, with widespread distribution of vaccines reducing social-distancing concerns and spurring economic activity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Moreover, the variance of GDP growth markedly lessened as inflation tumbled from its double-digit high in the early 1980s. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In addition to the headwinds facing demand, there could be persistent effects on the supply side of the economy. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Such second-round effects are likely to be quite limited as long as the rise in the relative price of energy does not lead to a rise in long-run inflation expectations, as has largely been the case in the recent period (figure 1). | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Some participants judged the risks to the outlook for inflation as tilted to the downside, particularly in the near term, in light of the large amount of resource slack already prevailing in the economy, the significant downside risks to the outlook for real activity, and the possibility that inflation expectations cou... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
With crude oil prices expected to gradually decline from their current levels, the boost to retail food prices from the drought anticipated to be only temporary and comparatively small, long-run inflation expectations assumed to remain stable, and substantial resource slack persisting over the projection period, the st... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
This is a tangible recent example of the need both to judge how the equilibrium real interest rate that is relevant for policy might have changed from a perceived long-run level and to set policy against the background of such an understanding. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
And our plan as we do that is, as those purchases get to that level, we believe we can gradually reduce them, and we believe we can also gradually reduce repo as—as we reach an ample level, as we’re satisfying demand now more from underlying reserves from bill purchases rather than from repo. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
As a case in point, the increase in the transparency of U.S. monetary policy over the past two decades has been quite significant. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
That’s not going to happen without, without restoring price stability. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Many participants commented that measures of short-term inflation expectations were elevated or that far-forward measures of inflation compensation were near the upper edge of their historical range. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Members agreed that their policy decisions would remain data dependent, and they continued to include wording in the statement noting that if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for t... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
You know, we’re, we’re—inflation measures are always going to be a bit volatile. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Nearly all measures of total and core prices had decelerated over the past year, and in the context of forecasts implying a continued sizable gap between actual and potential output, the risk that inflationary pressures would intensify significantly over coming quarters appeared to be quite limited | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The U. S. international trade deficit declined somewhat in May after reaching a record high in April. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
So, what are the implications for monetary policy? | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Participants thought that consumer expenditures likely would expand at a moderate pace in coming quarters, supported by solid gains in employment and real income. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Expectations of greater and longer-lasting slack in labor and product markets than anticipated earlier had led to downward revisions to forecasts of wage and price inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
We can best promote a progressive credit climate by maintaining an environment of low inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Policy tightening started last year, as emerging markets including Mexico and Brazil increased rates substantially amid expectations of accelerating inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
In the view of one member, however, aggregate final demand was so strong that, with economic activity and the associated demand for labor having expanded at an unsustainable pace for some time, one could be reasonably confident that inflation would most likely pick up in the absence of policy action. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
I would describe some measures of wage growth as having moved up some. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Similarly, measures of underlying inflation continued to be somewhat low relative to levels seen as consistent with the dual mandate over the longer run. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
as before, core inflation was projected to be quite subdued at rates below last year's pace. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
As a consequence, a sustainable, non-inflationary expansion is likely to involve some moderation in the growth of economic activity to a rate more consistent with the expansion of the nation’s underlying productive capacity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
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 increased. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Table 2 Distribution of Employment and of Displaced Workers by Industry Category Industry Employment Displaced Workers Restructuring 23.1 42.2 Nonrestructuring 76.9 57.8 Total 100 100 Source: Displaced Worker Supplement to the CPS. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The deceleration seemed to reflect primarily an unwinding of heightened demand for the relative safety and liquidity of money market mutual funds that had boosted M2 in prior months. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Indeed, most anticipated that inflation will slow for a time to rates somewhat lower than those they judge consistent with the dual goals of price stability and maximum employment, initially reflecting the recent declines in the prices of energy and other commodities and later responding to several years of substantial... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
In their discussion of forward guidance about the target federal funds rate, a few members suggested that lowering the unemployment threshold to 6 percent could effectively convey the Committee's intention to keep the target federal funds rate low for an extended period. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Still, if aggregate demand and potential aggregate supply follow the paths that I outlined earlier, the slack in resource utilization should diminish, unit labor costs should begin to move higher, and the underlying rate of inflation should stabilize. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
And it may generally take longer still for a policy change to alter the course of inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
More specifically, we observed financial-market developments over the period beginning fifteen minutes before and ending forty-five minutes after each policy decision became known to the public.4 The advantage of restricting the analysis to a short period spanning the Committee's decision is that the changes in yields ... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
During the period examined, the rate of overall consumer inflation was 2.78 percent, as measured by the regular CPI-U for All Items. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
This equation relates inflation to, among other factors, lagged inflation, resource utilization, and movements in the relative price of imports excluding energy, semiconductors, and computers. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
But monetary policy has little ability to affect inflation this year. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Productivity change for this output concept has increased even more than for traditional concepts. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The Fed's credibility, earned over decades of low inflation, is a powerful policy tool that is critical to our long-term success. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
These participants stated that, in such circumstances, a major challenge facing policymakers—especially in the presence of the effective lower bound on the federal funds rate—was to maintain a policy stance sufficiently accommodative to keep average inflation at 2 percent and thereby bolster the credibility of the Comm... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The resulting uncertainty makes it difficult to predict the future path of activity, unemployment, and inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Looking ahead, the projected slowing in the growth of final sales, including the effects of weak export markets, likely would reinforce business efforts to bring the growth of their inventories into better alignment with that of their sales, and such a development should contribute to the projected slowing in overall e... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
How the forces of demand, potential supply, and expectations interact has probably not been changed in any fundamental way by the recent trend of globalization. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The nominal deficit on U. S. trade in goods and services narrowed somewhat in August from a high rate in July | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
But in our new century, the simple notion of price has turned decidedly ambiguous. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
They generally judged that risks to the growth outlook, including strains in global financial markets, were significant and tilted to the downside | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Increases in the prices of energy, other commodities, and non-oil imports, as well as reports from some business contacts that higher costs were increasingly being passed through to prices, suggested that the downtrend in inflation had ended. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
About two years after the onset of the financial crisis, the ECI moved up slightly in 2010 and then remained essentially flat at an annual growth rate of 2 percent over a five-year period between 2010 and 2015. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
And the maximum level of employment that’s consistent with price stability evolves over time within a—within a business cycle and over a longer period, in part reflecting [the] evolution of the factors that affect labor supply, including those related to the pandemic. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Moreover, it was difficult to anticipate how much the higher food and energy prices might affect inflation expectations and wage demands and thereby potentially become embedded more generally in the price structure. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Consumer sentiment was at or close to historically high levels according to recent surveys, evidently reflecting the strong uptrend in employment and income and to some extent the very large cumulative increase in stock market wealth over the course of recent years. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
So let me talk about the coronavirus specifically, and then I’ll turn more to global growth more generally. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
But to the extent that continues to be the case, that should make it easier to restore price stability. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
In the days immediately following the Brexit vote, asset prices were volatile, and some financial markets, particularly certain foreign exchange markets, experienced brief periods of strained liquidity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Nonetheless, participants viewed the housing situation and its potential further effect on employment, income, and wealth as one of the major sources of downside risk to the economic outlook. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Members still saw the economic expansion continuing, and most believed that inflation was likely to stabilize near recent low readings in coming quarters and then gradually rise toward levels they consider more consistent with the Committee's dual mandate for maximum employment and price stability. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
it was noted that this drop could be explained by a reduction in the number of respondents who had previously expected relatively high inflation outcomes. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
On balance, while the business investment outlook seemed vulnerable to somewhat greater than projected weakness in the short run, the members were persuaded that, against the background of large continuing gains in structural productivity and cost savings from further investment in equipment and software, business firm... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Those indicators were mixed regarding the pace of economic activity within the manufacturing sector. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
So, as I mentioned, we’re going to be looking at all of those things: activity, labor market, inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
and inflation rises slowly towards 2 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Against this background, the risks in the outlook for prices also seemed to be tilted toward somewhat higher inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Therefore, even in the case of personal computers, where we have made such great strides in measuring quality changes, I suspect that important phenomena still may not be adequately captured by our published price indexes. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
This paper develops and estimates a habit persistence consumption asset pricing model in which the sign of the equilibrium covariance between equity and bond returns depends on the reduced-form correlation between inflation and the output gap, the correlation between the federal funds rate and the output gap, as well a... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Ultimately inflation is determined by the policy actions of the central bank. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
A second economic rationale that is often advanced for the development of cities and that seems applicable to the Sioux Falls experience is that of labor market pooling--the ability of an industry to take advantage of a labor force possessing a specific set of skills, thereby raising productivity compared with competin... | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
So unless productivity accelerates further, its disinflationary effect should continue to erode for a time. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
In their discussion of monetary policy for the period ahead, Committee members generally agreed that their overall assessments of the economic outlook were little changed since their previous meeting. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
To a considerable extent, however, any uptick in inflation expectations likely represented a reversal of anticipated declines in inflation earlier this year when economic prospects had seemed weaker and survey data did not confirm any increase in long-term inflation expectations. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The Committee expects that, with appropriate policy accommodation, economic growth will proceed at a moderate pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
We have a much more resilient, stronger banking system, and we’re not seeing some worrisome buildup in leverage or credit growth at successive levels.1 So, you know, this is something that the FOMC pays attention to, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
With regard to our price-stability mandate, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Without the oil shock, policymakers beginning from a period of low interest rates would try to keep the economy on an even growth path as they gradually raised nominal interest rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Pressures on labor resources were likely to ease somewhat as the expansion of economic activity slowed, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
some market-based measures of inflation expectations and inflation risk suggested continuing concern among market participants about the risk of higher medium-term inflation, perhaps reflecting large fiscal deficits and the size of the Federal Reserve's balance sheet. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
This is the scenario from which we draw the lesson that timely, typically preemptive, policy restraint to avoid the excesses of a boom results in longer expansions and avoids unnecessary fluctuations in both output and inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Stimulus checks put money in people's pockets, and when they spend it, there will be upward pressure on prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Much of the current spending for equipment and software reportedly represented replacement demand largely associated with the short useful lives of various types of equipment, and there appeared to be little spending that would entail capital deepening. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Inflation is also being held down, reflecting weaker demand as well as significantly lower energy prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Depository institutions continued to bid aggressively for 28-day funds at the Term Auction Facility (TAF) during the intermeeting period, and demand for funds was strong at both of the 84-day TAF auctions. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Recent declines in payroll employment and industrial production, while still sizable, were smaller than those registered earlier in 2009. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
In this case headline inflation will rise well above its underlying trend as the price of energy rises | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
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