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in particular, the Fed's loss of credibility significantly increased the cost of achieving disinflation. | 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 |
On the one hand, an inverted yield curve could indicate an increased risk of recession; on the other hand, the low level of term premiums in recent years--reflecting, in part, central bank asset purchases--could temper the reliability of the slope of the yield curve as an indicator of future 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. | Dovish | fomc |
not to target asset prices (or exchange 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. | Neutral | fomc |
But because the United States has run persistent and sizable primary trade deficits since 1990, the net external debt is now 25 percent of GDP and rising sharply. | 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 |
Long-term sovereign bond yields declined notably in the advanced economies, in part as foreign central banks announced additional monetary policy easing measures. | 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 |
Broad stock price indexes rose, on net, over the intermeeting period, boosted in part by favorable earnings reports from the retail 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 |
Some contacts indicated that while input costs were higher, it appeared that the pass-through of these higher costs to consumer prices was 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. | Neutral | fomc |
We had a 10 percent unemployment rate, and our congressional mandate is 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. | Dovish | fomc |
And I think, more broadly, monetary policy is also supporting household spending and home buying by keeping the labor market strong, keeping workers’ incomes rising, and keeping consumer confidence at high levels, where it currently is. | 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 |
I would say, in the area of commercial real estate, while valuations are high, we are seeing some tightening of lending standards and less debt growth associated with that rise in commercial real estate 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 |
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 |
That should drive productivity. | 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 |
Residential construction activity remained at a high level, evidently supported in part by recent declines in mortgage 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. | Dovish | fomc |
Financial factors also seemed likely on balance to accommodate continuing growth in consumer spending, in particular the marked increases that had occurred in the value of stock holdings and a still-ample availability of credit to most households. | 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 |
Labor productivity growth slowed to an average pace of 1.4 percent per year over this 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. | Neutral | fomc |
These measures, along with our strong guidance on interest rates and on our balance sheet, will ensure that monetary policy will continue to support the economy until the recovery is complete. | 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 current global environment highlights the importance of having strong analytic and empirical foundations to understand financial stability considerations for monetary policy, and the research presented today will help strengthen those foundations.1 The global environment of high inflation and rising 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 |
Many potential inflation targeters ask, "Why not zero?" | 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 is a cyclical variable that typically falls in recessions. | 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 activity will expand at a moderate pace, with labor market indicators continuing to move 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 |
Term premiums could be lower when inflation expectations are well anchored or the macroeconomy is less 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 |
Another factor that has contributed to the swing toward current-account surplus among the non-industrialized nations in the past few years is the sharp rise in oil 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 |
Reinforcing this outlook was recent evidence of somewhat faster than anticipated productivity growth, the prospect that world economic conditions would hold down energy prices, and a sharp drop in near-term inflation expectations of households as reported in recent surveys. | 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 recent depreciation of the dollar, while perhaps putting some upward pressure on prices, would damp the deterioration in net U. S. exports. | 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, the projected step-up in real GDP growth over the second half of this year was marked down a little, partly reflecting softer news on construction. | 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 |
Improved prospects for a trade deal between the United States and China and accommodative monetary policy were cited as driving factors that outweighed weaker-than-expected announcements of corporate earnings for the fourth quarter of 2018 and earnings projections for 2019. | 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 tendency may be natural to allow more flexibility when central banks are focused on inflation maintenance than when they seek inflation reduction. | 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 |
Because good forecasts are so crucial to good monetary policy, I hope and expect to see a great deal more work exploring the robustness of alternative forecasting methods. | 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 it’s a serious economic problem for the United States, but it’s—it’s got underlying causes that are not related to monetary policy or to our response 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 |
Nowhere, however, is the challenge to monetary policymakers greater than in emerging economies around the world. | 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 |
Now, members of the Committee have different views about why this is likely to be true, that the funds rate—when the labor market is normalized and inflation is back to our objective—they maybe have slightly different views on exactly why it’s likely to be the case that interest rates will be a little lower than they w... | 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 |
year-over-year consumer inflation remained at a very low level. | 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 |
these participants noted the risk that such cautious attitudes toward hiring could slow the pace at which the unemployment rate normalized. | 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 |
there are some indications that headwinds to global growth may be beginning to abate. | 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 expansion in economic activity was anticipated to slowly reduce the slack in labor and product markets over the projection period, and progress in reducing the unemployment rate was expected to be gradual. | 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 |
If you lay the crosscurrents on top of that—concerns about global growth and trade developments—you have the full picture. | 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 staff also reported that in the leveraged loan market risk spreads had narrowed and nonprice terms had loosened further. | 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 the factors restraining economic growth are projected to fade further over time, the median rate rises to 3 percent by the end of 2018, close to its longer-run normal level. | 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 absence of such a forward-looking response of long-term rates, short-term interest rates may have to move by more to achieve the same near-term impact on long-term interest rates and 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. | Neutral | fomc |
And what it is is, it’s an expression of the thinking about individual Committee members about appropriate monetary policy and the path 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. | Neutral | fomc |
Additionally, can one make any other generalizations concerning recessions that follow asset-price booms and busts and how they differ from other recessions? | 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 see this, suppose that a speculative bubble has emerged and that a central bank, operating under a conventional strategy, has raised interest rates to keep the projected output gap closed and expected inflation at its desired level before the bubble bursts. | 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 |
Because economic downturns typically result in even greater uncertainty about asset values, such episodes may involve an adverse feedback loop whereby financial disruptions cause investment and consumer spending to decline, which, in turn, causes economic activity to contract. | 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 |
Monetary policy seeks to buffer the economy from unexpected adverse disruptions, or "shocks." | 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 |
Pressures on resources would rise as the anticipated upturn and possible above-trend growth brought the economy closer to full capacity utilization. | 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, really, it isn’t 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 |
In addition, at every policy meeting, each member of the MPC is operating with the same information from the staff, and before the quarterly meetings that precede an Inflation Report, the members have sat through a number of discussions covering all aspects of the forecast. | 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 participants suggested that shifts of funds from abroad into U. S. Treasury securities may have put downward pressure on term premiums; the shifts, in turn, may have reflected in part a reaction to declines in foreign sovereign yields in response to actual and anticipated monetary policy actions abroad. | 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 |
Clearly, businesses regarded such investments as highly profitable, and they appeared to be leading to gains in productivity that in turn were helping to offset rising compensation and to maintain profit margins in highly competitive markets. | 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 |
At some point, continued large-scale trade deficits could trigger equilibrating, and possibly dislocating, changes in prices, interest rates, and exchange 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 |
So the Committee estimates that the longer-run normal level of the unemployment rate is 5.0 to 5.2. | 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 first stage, the inflation rate would exceed the long-term desired inflation rate, as the price-level gap was eliminated and the effects of previous deflation undone. | 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 |
Conditions in the commercial paper (CP) market improved over the intermeeting period, likely reflecting recent measures taken in support of this market, greater demand from institutional investors, and the passing of year-end. | 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 again, in terms of terminology, I guess I would reject that term for the Federal Reserve because we are going to be evenhanded in treating the price stability and maximum employment parts of our mandate on a level footing. | 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 |
I think the—you know, in a way, the least tight aspect of it is, is looking at the unemployment rate, which is still below our median estimate of, of [the unemployment rate consistent with] maximum employment. | 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 |
Under this interpretation, the lower line in the bottom panel of Figure 1 is an estimate of market inflation expectations over the next five years, and the upper line represents five-year forward expectations of inflation, that is, today's expectation of what average inflation will be between 2009 and 2014. | 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 what does this mean 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 |
When considering the risks to the labor market, these risks must be viewed in the context of its current strength and with the understanding that our primary challenge is to get inflation under control. | 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 |
We, frankly, didn’t even get inflation back up to target—without seeing wages getting out of touch with—with where they should be, so that’s the—that’s the biggest thing we can do. | 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 recent rebound in oil prices contributed to a strong appreciation of the Canadian dollar, the Brazilian real, and the Mexican peso. | 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 |
The problem with the current situation is that, that if you have a sustained period of supply shocks, those can actually start to undermine or to work—to work on de-anchoring 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. | Hawkish | fomc |
Household mortgage debt was expected to expand at a reduced rate in the fourth quarter, reflecting softer home prices and declining home sales, as well as a tightening in credit conditions for some borrowers. | 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 |
This volatility can impede the effective implementation of monetary policy, and we are addressing it. | 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 to the future, however, the members generally agreed that the risks were in the direction of a heightening in inflation pressures despite their belief that growth in overall demand now seemed to have declined to a more sustainable pace and probably would continue to expand for a time at a rate below that of the... | 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 |
Trends in wages and prices have remained stable in recent 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. | Neutral | fomc |
Operationally, maintaining price stability requires abiding by the Taylor principle of raising nominal interest rates more than one for one in response to movements in inflation, especially those movements perceived as 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 |
Conclusion The United States productivity growth spurt, realized to a much lesser extent around the world, can be attributed largely to a combination of an investment boom and a technological revolution. | 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 |
I guess I would also urge you to remember that when you look at the projections, that there are many factors that affect those projections, and changes in tax policy—that’s only one of a number of factors, including incoming data that has, to some extent, altered the outlook for growth 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 |
Broad equity price indexes fell sharply over the intermeeting period on net. | 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 |
Because there is considerable uncertainty about the persistence, breadth, and magnitude of climate-related shocks to the economy, it could be challenging to assess what adjustments to monetary policy are likely to be most effective at keeping the economy operating at potential with maximum employment and price stabilit... | 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 simplest version of his model, Bill assumed that the central bank could choose to specify its monetary policy actions in terms of a particular level of a monetary aggregate or a particular value of a short-term nominal interest rate. | 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 recent increase in crude oil and gasoline prices would push up inflation temporarily. | 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 |
Total nonfarm payroll employment was reported to have decreased in September, consistent with a substantial increase in the number of people who reported themselves as being absent from work due to bad weather and with payroll declines in the hurricane-affected states of Texas and Florida. | 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 |
Survey-based measures of longer-run inflation expectations were little changed, on balance, in recent 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. | Neutral | fomc |
There should be able to be an adjustment that would have lower than—perhaps lower-than-expected increases in unemployment—lower than would be expected in the ordinary course of events because the level—the ratio of, of vacancies to unemployed is just out of keeping with historical experience. | 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 |
Wage inflation has been running at 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. | Neutral | fomc |
The latter could well be augmented by sharply rising medical costs and by attempts to protect the purchasing power of wages from the erosion caused by the rise in 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. | Hawkish | fomc |
The staff interpreted the increases in prices of energy and nonmarket services that recently boosted consumer price inflation as largely transitory. | 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 the term “trend inflation”—usually there are a variety of statistical techniques that can be used to extract a trend from a series. | 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 always, our actions are guided by our congressional mandate to promote 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. | Hawkish | fomc |
But also we want to see inflation move up back to our 2 percent objective over the medium term, and so seeing above-trend growth and continuing tightness—greater tightness in labor and product markets—I think that will help us achieve our objective as well with respect to 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 |
However, the increase in real GDP was projected to be sufficient to reduce slack in the labor market only slowly, and the unemployment rate was expected to remain elevated at the end of 2012. | 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 |
Most participants continued to think that the cyclical pressures associated with a tightening labor market were likely to show through to higher inflation 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. | Hawkish | fomc |
This policy preference was based on expectations of growth in business activity at a pace averaging in the vicinity of the economy's potential, a perception among the members that the risks to such an outlook were more balanced than earlier, and anticipations that under these circumstances inflation would remain constr... | 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 |
While a preemptive tightening move might be warranted in the not-too-distant future to help contain inflationary pressures in the economy, these members believed that a symmetrical directive would best convey the message that no tightening action was contemplated for the weeks immediately ahead. | 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 |
Overall consumer prices increased in July and August at about the second-quarter rate. | 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 noted that they expected household spending to be a primary contributor to economic growth going forward. | 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—so I would just say that our—that there are many things that go in, as you know, to, to setting asset 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. | Neutral | fomc |
In part, the high inflation reflects supply chain disruptions associated with the economic effects of the pandemic and efforts made to contain it. | 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 that, with further gradual increases in the federal funds rate, economic activity would expand at a solid rate during the remainder of this year and a moderate pace in the medium term, and that labor market conditions would remain strong. | 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 |
That transition itself could help bring inflation down, because, presumably, people would spend a little less on goods while they start spending more on travel and all sorts of travel services and things like that. | 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, equity prices subsequently retraced some of the earlier declines as concerns about trade policy seemed to ease and corporate earnings reports for the first quarter of 2018 generally came in stronger than expected. | 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 |
Here's a wonderful game: Assume that the ECB governing council or the Bank of England's Monetary Policy Committee replaced the Federal Open Market Committee and made monetary policy in the United States--or vice versa. | 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 today's action, the real federal funds rate--measured as the difference between the nominal funds rate and a moving average of core PCE inflation--would move slightly into positive territory. | 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 |
The recent decline in the dollar was another factor that could add to inflation pressures, | 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 |
To achieve its mandated objectives, the FOMC must influence the course of the U.S. economy, helping it to grow rapidly enough to make full use of available resources but not so rapidly as to stoke 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 |
U. S. real GDP was forecast to plummet and the unemployment rate to soar in the second quarter of 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. | Dovish | fomc |
And as I mentioned earlier, the unemployment decline last month was more than 100 percent accounted for by declines in participation. | 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 |
Some participants believed that considerable labor market slack remained, especially when indicators other than the unemployment rate were taken into account, including the unusually large fraction of the labor force working part time for economic reasons. | 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 |
This automatically pushes up domestic interest rates to support the currency. | 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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