trace/FOMC/test.json

[{"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe members also agreed that the risks remained weighted mainly in the direction of greater inflation pressures and that further tightening actions might be necessary to bring about financial conditions that were sufficiently firm to contain upward pressures on labor costs and prices.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMeasures of inflation compensation based on Treasury Inflation-Protected Securities (TIPS) edged up, on net, remaining close to their pre-pandemic levels.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, in light of the anticipated modest pace of economic recovery, the Committee expects that over coming quarters the unemployment rate will decline only gradually toward its mandate-consistent levels.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nConsider our estimates of real economic activity.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the 1988-90 period, the behavior of crude oil prices, unemployment, and the exchange rate were not especially surprising or anomalous.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nToday, the Federal Reserve's duties fall into four general areas--some that would have been familiar to the central bankers in the Fed's early years and some that would have been unfamiliar: maintaining the stability of the financial system and containing systemic risk that may arise in financial markets supervising and regulating banking organizations to ensure the safety and soundness of the nation's banking and financial system and to protect consumers from harm in their use of credit and banking services playing a major role in operating and overseeing the nation's payment system, including providing certain financial services to financial institutions, the U.S. government, and foreign official institutions conducting monetary policy in pursuit of stable prices and maximum sustainable employment We have an all-too-recent example of the Fed as a source of financial stability in its response to the financial aftermath of the terrorist attacks of September 11, 2001, which occurred just before I joined the Board in December 2001.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nStock prices and existing home sales are somewhat correlated, a not altogether unexpected result, because each is affected by interest rates and presumably the gains from each help finance the other.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, making significant use of this option would bias credit flows in the direction of depository institutions and, if the volume of these loans were large enough, could affect the interest rates on the assets, specifically bank loans held by such institutions.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn contrast, the past few cycles did not see this kind of behavior, and in each case, financial imbalances, rather than goods and services inflation, were notably elevated at the onset of the downturn.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nPolicymakers, economists, and market participants see much of this decline as reflecting a permanent fall in the equilibrium rate of interest—that is, the level of the federal funds rate that keeps the economy at full employment with stable inflation in the longer run.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHomebuilding was forecast to decline somewhat but to stabilize at a relatively high level in the context of continued income growth and the generally favorable cash-flow affordability of home ownership.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut speculators rarely succeed in dislodging an exchange rate that is firmly rooted in compatible policies and cost structures.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLooking ahead, FOMC participants project the unemployment rate to continue to decline; the median projection is 5 percent at the end of next year and moves below 4 percent by 2023.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff continued to view the uncertainty around its projections for real GDP growth, the unemployment rate, and inflation as generally similar to the average of the past 20 years.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn connection with the risks associated with an early start to policy normalization, many participants observed that a premature increase in rates might damp the apparent solid recovery in real activity and labor market conditions, undermining progress toward the Committee's objectives of maximum employment and 2 percent inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome 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.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, a 50 basis point reduction that was associated with the communication of a Committee view that the risks to achieving its objectives for economic activity were balanced might be mistakenly interpreted in the view of some members as a signal that the Committee had come to the end of its policy easing moves--a judgment they were not prepared to make at this time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nStaff Review of the Financial Situation On balance, financial conditions in the United States remained supportive of growth in economic activity and employment: The expected path of the federal funds rate was slightly lower in the long run, yields on longer-term Treasury securities moved down modestly, equity prices rose, corporate bond spreads narrowed, and the foreign exchange value of the dollar was little changed.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nStaff Economic Outlook In the forecast prepared for the March FOMC meeting, the staff's outlook for real economic activity was broadly similar to that at the time of the January meeting.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn real terms, with a 2 percent inflation objective—that’s 1 percent in real terms.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, the absence of significant growth in employment, should it persist, could at some point have significant adverse repercussions on consumer spending.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor example, monetary policy makers might attempt to influence market expectations of future short rates as an alternative to changing the current setting of the overnight rate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd, as I think all of us—having that expectation and that if the economy continued to progress along the lines that we expected and we continued to see the risks as balanced—do regard it as appropriate to gradually remove accommodation that’s in place by having several interest rate increases this year.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile great uncertainty regarding the path of fiscal policy and its economic effects will remain for some time, with the economy getting closer to full employment, the prospect of a material increase in fiscal stimulus over a sustained period could reasonably be expected to shift somewhat greater probability toward stronger inflation outcomes.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nPrivate nonfarm payroll employment increased appreciably on balance over September and October.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nnot to target asset prices (or exchange rates).\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe period of sub-par expansion was expected to foster an appreciable easing of pressures on resources and some moderation in core price inflation.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBy definition, multifactor productivity includes technical change, organizational improvements, cyclical factors, and myriad other influences on output per hour, apart from capital investment.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAfter a short coffee break, we have a staff presentation on the alternatives we face in setting monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo I, you know, I’m—I feel quite comfortable that we can—in particular, that we can raise interest rates at the appropriate time, even if the balance sheet remains large for an extended period.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut to the extent that continues to be the case, that should make it easier to restore price stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRetail energy prices were likely to retrace at least a portion of the post-hurricane increase, and consumer confidence should rebound.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRecent data suggested that growth of household spending had moderated from its strong fourth-quarter pace, while business fixed investment continued to grow strongly.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA Framework for Analyzing the Growth of Labor ProductivityA great success story for the American economy has been the resurgence of productivity growth that began around 1995.1 From 1973 to 1995, labor productivity in the nonfarm business sector increased at an annual rate of 1-1/2 percent.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Federal Reserve is taking action to keep inflation expectations anchored and bring inflation back to 2 percent over time.1 While last year's rapid pace of economic growth was boosted by accommodative fiscal and monetary policy as well as reopening, demand has moderated this year as those tailwinds have abated.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn their discussion of the economic situation and the outlook, meeting participants agreed that information received over the intermeeting period indicated that the labor market had continued to strengthen and that economic activity had been rising moderately so far this year.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe 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,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe role of the Board vis-à-vis the regional Banks was elevated in the aftermath of the stock market crash of 1929 and in the early years of the Great Depression, but the combination of centralized and regional responsibilities remains an important strength of the Federal Reserve System, as I'll explain shortly when I discuss the formulation of monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn contrast, under a price-level-targeting scheme, continuing deflation combined with an upward-sloping path for the price-level target causes the size of the price-level gap to increase over time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive: \"The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn addition, coming to grips now with the outsized projected growth in entitlement spending in the early years of the next century could have a profound effect on current expectations of stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith energy prices having turned down, overall consumer price inflation had eased slightly in recent months,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNow, we have—you know, we haven’t anticipated that slowdown in productivity, and that’s one of the main reasons why we haven’t anticipated the relatively slow growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor 2000, the Committee agreed on a tentative basis in June to retain the same ranges for growth of the monetary aggregates and debt, measured from the fourth quarter of 1999 to the fourth quarter of 2000.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nInstead, an upturn in foreign economic activity would depend more on recovery in the United States.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo anticipate a bubble about to burst requires the forecast of a plunge in the prices of assets previously set by the judgments of millions of investors, many of whom are highly knowledgeable about the prospects for the specific companies that make up our broad stock price indexes.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers also expressed concern about the potential for an increase in inflation expectations given highly stimulative macroeconomic policies and economic growth that seemed to be gathering momentum.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants expected economic activity to contract sharply in the fourth quarter of 2008 and in early 2009.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe asset purchases are about creating some near-term momentum in the economy, trying to strengthen growth and job creation in the near term, and the increases in the federal funds rate target, when they ultimately occur, are about reducing accommodation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt was not only capital spending and equity prices that seemed to overshoot in the late 1990s; credit was provided with undue optimism about prospects for repayment.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe labor force participation rate, along with the employment-to-population ratio, increased, on net, in recent months.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the United States, evaluating the effects on the economy of shifts in balance sheets and variations in asset prices have been an integral part of the development of monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith about $250 billion of these inflation-protected securities now outstanding, we can get readings along the entire maturity structure of real interest rates.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe literature on this topic extends at least as far back as William Brainard’s original paper on uncertainty and policy almost forty years ago.7 Brainard’s analysis showed that if policymakers are uncertain about how real activity and inflation will be affected over time by monetary actions, they should be less aggressive in responding to changes in economic conditions than would be the case if they knew the true model of the economy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMonetary Policy With that outlook in mind, let me turn to monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile moderating the pace of purchases and the eventual increase in the federal funds rate may well affect capital flows, interest rates and asset prices in EMEs, the overall macroeconomic effects need not be disruptive.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOf course, the basic problem in tackling the inflation of the 1970s is that we have one observation and many competing theories.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nInflation expectations that currently appeared by various measures and survey results to be essentially flat or even to have declined a bit were reinforcing the factors holding down price increases.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff's near-term forecast for inflation was revised up a little, as recent data showed somewhat faster-than-anticipated increases that were judged to be only partly transitory.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nApart from notably adverse business sentiment and disappointing growth in sales and profits, factors that were curbing capital expenditures cited by members included persisting capital overhangs stemming from what were now seen as excessive earlier buildups in equipment and software and substantial idle capacity in many industrial and commercial structures.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFurther out, TIPS-based inflation compensation 5 to 10 years ahead edged down slightly on net.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoney growth was damped by a rise in the opportunity cost of holding M2 assets (as typically occurs in periods of policy tightening).\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nClearly, 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.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough some members noted that a case could be made that the risks to inflation were now somewhat skewed to the upside and those to sustainable economic growth perhaps to the downside, the most likely outcome remained one of stable prices and sustainable growth, and the Committee agreed that it should retain a balanced assessment of risks conditional on appropriate policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor instance, monetary policymakers must accurately assess how disasters such as hurricanes, wildfires, and flooding affect labor markets, household and business spending, output, and prices.7 In deciding whether to alter monetary policy or, instead, to \"look through\" such shocks, policymakers need to assess the likely persistence of the effects and how widespread they are.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTotal nonfarm payroll employment increased at a solid pace in October and November, and the unemployment rate declined, reaching 4.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThis is yet another concerningly high reading, and it set another 40-year record high despite the expectation of many forecasters that inflation had peaked earlier in the year.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo the extent that the combination of a low neutral rate, a flat Phillips curve, and low underlying inflation may lead financial imbalances to become more tightly linked to the business cycle, it is important to use tools other than monetary policy to temper the financial cycle.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. \"\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA couple of participants pointed to the decline in credit spreads to relatively low levels by historical standards; one of these participants noted the risk of either a sharp rise in spreads, which could have negative repercussions for aggregate demand, or a continuation of the decline in spreads, which could undermine financial stability over time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs 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.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne branch of economists holds the view that monetary policy should not be influenced by any perceived financial market bubbles.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs a result, the likely pace and extent of policy easing expected by investors increased, and yields on nominal and inflation-indexed Treasury coupon securities fell.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOverall, research indicates that trade with developing economies in particular has slowed the rate of growth of import prices faced by industrialized countries, with estimates of the reduction ranging widely from 1/2 to 2 percentage points.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome members nonetheless referred to indications of increasing expenditures for various categories of high-tech equipment and software, and they noted that impetus to demand from a positive outcome in the war against Iraq should have a favorable effect on business capital spending, especially if it were accompanied by a rally in the stock market.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBecause current inflation is affected by inflation expectations, the smaller increase in expected inflation will lead to a smaller increase in actual inflation as well.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI believe the current move can be justified in a forward-looking variant of the Taylor Rule, where today's policy depends on the forecast of future output gaps and inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf so, GDP growth this calendar year could be the fastest since 1983.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFuture policy adjustments would depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn discussing the increases in U. S. longer-term interest rates that occurred in the wake of the June FOMC meeting and the associated press conference, meeting participants pointed to heightened financial market uncertainty about the path of monetary policy and a shift of market expectations toward less policy accommodation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRecent data on core consumer prices led the staff to mark down slightly its forecast for core PCE inflation.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo unless productivity accelerates further, its disinflationary effect should continue to erode for a time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAvailable information suggested that economic activity in the major foreign industrial countries continued to advance, but at an uneven pace; in Germany, activity rebounded from the contraction in the first quarter, while in Japan a considerable slowing of growth had occurred in the second quarter after very rapid expansion in the first quarter.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe stock market soared, and--remarkably enough--core inflation moderated.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn their review of developments in key sectors of the economy, members again emphasized the ongoing strength in household spending and its vital role in moderating the weakness in overall economic activity.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough the required amount of cumulative tightening may have increased, members noted that an accelerated pace of policy tightening did not appear necessary at this time, as a degree of economic slack apparently remained, productivity growth would probably continue to damp increases in unit labor costs and prices, and inflation would most likely continue to be contained.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nU.S. inflation remains muted.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome participants also noted that recent readings on some survey measures of consumers' inflation expectations had declined or stood at historically low levels.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBroad equity price indexes were higher over the intermeeting period, amid heightened volatility.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the time of our FOMC meeting in January, prospects for continued economic growth remained favorable, and we judged that monetary policy was well positioned to support that outlook.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, 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.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, the variance of GDP growth markedly lessened as inflation tumbled from its double-digit high in the early 1980s.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe U. S. international trade deficit narrowed in May, as a large increase in exports of goods and services more than offset a moderate increase in imports.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile labor markets were anticipated to remain tight in the near term, participants expected labor demand and supply to come into better balance over time, helping to ease upward pressure on wages and prices.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAccordingly, considerable caution needed to be exercised in assessing the outlook for productivity and in relying on projections of the economy and prices, which necessarily embodied judgments about this outlook, in making monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the past few years, the effect on the dollar of increased expectations about divergence between U.S. and foreign interest rates has been especially strong.9 The nearly 20 percent increase in the dollar over 2014 and 2015 coincided with falling real exports and import prices in the United States.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough I expect these upward price pressures to ease after the temporary supply bottlenecks are resolved, the exact timing of that dynamic is uncertain.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile participants generally felt that the pace of underlying productivity growth remained robust, careful attention would need to be paid to developments regarding unit labor costs and profit margins.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nStrong fundamentals, including low interest rates, wide profit margins, and a high level of liquid assets, were seen as supporting expenditures on software and equipment going forward.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThis was also an era when the principal mortgage lenders, savings and loans, were sometimes constrained from satisfying mortgage demands by binding Regulation Q ceilings that eroded their deposit base when interest rates rose.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn response to the resulting high inflation, the Fed was obliged to raise interest rates, and the economy weakened.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\ncontinued to anticipate a moderate strengthening of the expansion in 2011 as well as a further pickup in economic growth in 2012.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe early days of stabilization policy in the 1950s taught monetary policymakers not to attempt to offset what are likely to be temporary fluctuations in inflation.15 Indeed, responding may do more harm than good, particularly in an era where policy rates are much closer to the effective lower bound even in good times.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut the importance of price stability has sometimes been insufficiently appreciated in our central bank's history, and, as Allan Meltzer will soon point out, such episodes have had unfortunate consequences.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne participant suggested that the Committee could announce an additional, lower set of thresholds for inflation and unemployment\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTogether these structural changes would imply that the economy can now operate at a lower unemployment rate and at a higher growth rate than previously without inflationary consequences.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonetheless, all but one of the members believed that in light of the uncertainties about the economic outlook, an immediate policy tightening was not needed in the absence of firmer indications that inflationary pressures might be emerging.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFinancial markets are the channel through which our policy affects the economy, and asset prices contain valuable information about investors' expectations for the course of policy, economic activity, and inflation, as well as about the risks around those expectations.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn a nutshell, I believe that the factors of globalization, deregulation, and financial innovation, arising partly in response to episodes of high inflation, have effectively eroded the central bank monopoly on the provision of monetary services and have enhanced global competition among currencies.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nCredit conditions in the commercial real estate (CRE) sector continued to ease, and growth in CRE loans at banks stayed solid.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo, as I mentioned, we’re going to be looking at all of those things: activity, labor market, inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nReturning to monetary policy, we recognize that there has been a great deal of focus on today’s policy decision.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the productivity boom that followed World War I, a chief technological innovation was the spread of electrification to the factory floor.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn particular, incoming data and anecdotal information indicated that economic activity had appreciably more forward momentum than previously perceived and that inflation pressures could be intensifying.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhen governments resort to printing money to finance their spending, inflation rises and nominal assets lose their value.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants noted that the timing of the resumption of growth in the U. S. economy depended on the containment measures put in place, as well as the success of those measures, and on the responses of other policies, including fiscal policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn any case, we, our job is to deliver price stability, and I think—you can think of price stability as an asset that just delivers large benefits to society over a long period of time.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nKing (1999) shows that, if a long enough interval is given to hit the target, there may be little difference between a price level target and an inflation rate target.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMishkin and Jonas (forthcoming) describe the experiences of the three transition economies with inflation targets.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFinally, while my assessment of maximum employment incorporates a wide range of indicators to assess the state of the labor market—including indicators of labor compensation, productivity, and price-cost markups—the employment data I look at, such as the Kansas City Fed's Labor Market Conditions Indicators, are historically highly correlated with the unemployment rate.9 My expectation today is that the labor market by the end of 2022 will have reached my assessment of maximum employment if the unemployment rate has declined by then to the SEP median of modal projections of 3.8 percent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nGiven the substantial uncertainty still attached to projections of money growth consistent with the Committee's basic objectives for monetary policy, the members agreed that there was no firm basis for changing the tentative ranges set in July 1996.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhat modern monetary policymaking has not faced for quite some time, if ever, has been a major surge in innovation--matching, if not exceeding, the other great waves this century--followed by an apparent elevation of productivity growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, nothing prevents a central bank from switching its focus from the price of reserves to the quantity or growth of reserves.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nseveral others thought that progress in achieving the Committee's inflation objective might lag if further appreciation of the dollar continued to depress non-energy commodity prices or if inflation was slow to respond to tighter resource utilization.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMartin 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 period from 2000 to 2002 (chart 5).\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn spite of having such slow growth, disappointing productivity growth, we have a labor market that last year generated an average of about 230,000 jobs a month and so far this year has been generating about 180,000 jobs a month.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf you look at the number of job openings compared to the number of unemployed, it’s—we’re, we’re clearly on a path to a very strong labor market with high participation, low unemployment, high employment, wages moving up across the spectrum.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\ntoo pessimistic on job creation and the decline in the unemployment rate.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nJorgenson, Ho, and Stiroh use a similar methodology and find a range from a little less than 1-1/2 percent to about 3 percent with a central tendency of around 2-1/4 percent.5 These estimates are clearly plausible, but history does raise some warning flags concerning the length of time that productivity growth continues elevated.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA 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 competing areas with a more dispersed set of skills.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough we cannot ascertain the precise rates of resource utilization that the economy can sustain, we can have little doubt that, after three years of above-trend growth, slack has been substantially reduced.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI will focus my remarks today on the use of explicit forward guidance as a tool for monetary policy.1 Before I start, let me briefly discuss near-term monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe extraordinary achievement of 1996, of course, was reaching such low levels of unemployment and inflation at the same time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLong-term sovereign bond yields declined notably in the advanced economies, in part as foreign central banks announced additional monetary policy easing measures.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMr. Broaddus dissented because he continued to believe that a modest tightening of policy would be prudent in light of the apparent persisting strength in aggregate demand for goods and services.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe several extensions of emergency unemployment insurance benefits appeared to have raised the measured unemployment rate, relative to levels recorded in past downturns, by encouraging some who have lost their jobs to remain in the labor force.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, investor demand for high-quality commercial mortgage-backed securities (CMBS) reportedly was robust, although issuance of CMBS remained muted.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe behavior of the monetary aggregates will continue to be evaluated in the light of progress toward price level stability, movements in their velocities, and developments in the economy and financial markets.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nProductivity and TechnologyLet me now turn from the overall economic outlook to productivity and technology developments.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFourth and finally, the statement codifies the key lesson from the Global Financial Crisis—that financial stability is necessary for the achievement of our statutory goals of maximum employment and price stability.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nForeign economic growth remained sluggish, restrained by weak activity in Europe and the associated spillovers--including through trade--to the rest of the world.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Outlook for Economic ActivityThe midpoint of the range of projections for real GDP growth declines noticeably from about 2-1/2 percent for 2007 to roughly 2 percent in 2008; then it returns to about 2-1/2 percent in 2009 and 2010.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor example, in the mid-1970s, just when the FOMC began to specify money growth targets, econometric estimates of M1 money demand relationships began to break down, predicting faster money growth than was actually observed.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff forecast prepared for this meeting continued to suggest that the expansion would gradually moderate from its currently elevated pace to a rate around, or perhaps a little below, the growth of the economy's estimated potential.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe available data for October suggested that the contribution of the change in net exports to real GDP growth in the fourth quarter would be much less negative than the drag of nearly 2 percentage points in the third quarter.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn that vein, several participants noted that inflation expectations had been sensitive to incoming data and to communications regarding monetary policy over the intermeeting period.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRisks to the inflation projection also were seen as balanced.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, household spending had been relatively robust during the cyclical downturn and likely had only limited room for a pickup over coming quarters, and intense competitive pressures could well constrain profits, investment, and equity prices.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive: The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMany have observed the rise in the real federal funds rate to a level well above its historical average and concluded that monetary policy is currently restrictive.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn this less comfortable world, restoring price stability can involve a painful process of slow growth and elevated unemployment.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo date, the spillover from the surge in oil prices has been modest.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlmost all participants reaffirmed the view that further gradual increases in the target range for the federal funds rate would likely be consistent with sustaining the Committee's objectives of maximum employment and price stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nEven with the improving labor market, I still hear from businesses that qualified workers are difficult to find, and labor shortages remain a drag on hiring and on economic growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith 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 staff continued to forecast that inflation would be subdued through 2014.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThat projection, along with the path to year-three inflation, should help the public differentiate short-term shocks to price stability from the longer-term price trends it should use for planning purposes.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nDuring expansions, equity prices tend to rise, although they often decline before a downturn in the economy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo, up until the first week of October 2021, the story of high inflation being temporary was holding up, and the labor market improvements had slowed but were continuing.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA number of participants indicated that the Committee should resume asset purchases only if substantially adverse economic circumstances warranted greater monetary policy accommodation than could be provided by lowering the federal funds rate to the effective lower bound.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nPalmer was a professor at Wharton, a fellow of the American Statistical Association, a worldwide expert on manpower and labor mobility, and a consultant with the Office of Statistical Standards.5 She argued that \"a single figure of unemployment, regardless of how it is defined or derived, is inadequate as a basis for selection among [policy] programs.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFirst, there is a tug of war between the continued exceptional momentum in private domestic demand and the external drag from the Asian crisis.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn some models, these factors can be explicitly tied to observable economic variables, such as inflation; in other models, the factors represent statistical summaries of the data and have no explicit economic interpretations.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe outbreak has also disrupted economic activity in many countries and has prompted significant movements in financial markets.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn 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.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn several Districts, reports from business contacts or evidence from surveys pointed to some difficulty in finding qualified workers; in some cases, labor shortages were making it hard to fill customer demand or expand business.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt is an honor to be here with Ben Bernanke and Janet Yellen, who pioneered the original Statement on Longer-Run Goals and Monetary Policy Strategy in 2012.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo the Committee estimates that the longer-run normal level of the unemployment rate is 5.0 to 5.2.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe key to explaining why price stability promotes stability in both output and employment is the realization that, when inflation itself is well-controlled, then the public's expectations of inflation will also be low and stable.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonetheless, given a recovery in U. S. domestic demand approximating their current forecasts, growth in imports likely would exceed that of exports by a wide margin over the forecast horizon.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd what is the risk that, in taking such steps, a central bank would be seen by investors as taking on partial responsibility for asset prices?\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThey noted that the realization of such a development could make it harder for the Committee to achieve 2 percent inflation over the longer run.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut in many countries around the Chair Yellen’s Press Conference FINAL world that are important commodity exporters, the decline we’ve seen in oil prices has had a depressing effect on their growth, their trade with us and other trade partners, and caused problems that have had spillovers to the global economy as well.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor a variety of reasons, some emerging-market economies have resisted upward pressures on their exchange rates, even if that resistance requires buying large quantities of dollars to keep their currencies from appreciating.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff's outlook for inflation was broadly unchanged.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWage inflation has been running at 2 percent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile recognizing the value of smoothing, I still feel that in the interest rate targeting regime the Fed now uses, we should at times be ready to change interest rates quite quickly in response to economic conditions.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, with longer-term interest rates already very low, there did not appear to be a need for enhanced forward guidance at this juncture or much scope for forward guidance to put additional downward pressure on yields.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe 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 analyses that may well shed light on the effects of monetary policy and the channels of monetary policy transmission.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThese members expected that the target range would be maintained at this level until they were confident that the economy had weathered recent events and was on track to achieve the Committee's maximum employment and price stability goals.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nlargely as a consequence of further increases in nominal labor compensation gains that would not be fully offset by growth in productivity.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf the prices are wrong -- built on the base on an incorrect view of the economy or Federal Reserve intentions -- we will prove them wrong and provide an anchor for the market to adjust to.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor the present, however, inflation remained subdued, and it was likely to remain relatively low for some time in light of the weakness in commodity and other import prices and the tendency for low current inflation to hold down expected price increases.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut it could be that if interest rates rise quickly, for example, that we would be in a situation of not giving remittances to the Treasury for a couple of years, and that would create problems, no doubt, for the Fed in terms of congressional response.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe have continued to provide guidance, the same guidance that we have for some time, that says the Committee “anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.” I know that’s a mouthful, but it says, in effect, that the Committee believes that the economic conditions that have made recovery difficult, we’re getting beyond them.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo those who can get credit, together with the low prices of houses, are at—able to buy much more house than they could have a few years ago.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers commented that the continued strong increases in energy and other commodity prices would prompt a difficult adjustment process involving both lower growth and higher rates of inflation in the near term.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe weakness in labor market conditions remained an important concern to meeting participants, with unemployment expected to remain elevated for some time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nExpansion of these two monetary aggregates was supported by further rapid expansion in the demand for currency and stronger inflows to retail money market funds at a time of weakness in U. S. bond and equity markets.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAdvances in productivity had boosted profit margins, and high margins were helpful in that they could absorb some portion of any cost increases for a time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough a spike in energy prices eroded real income growth in the second quarter, there were solid gains in wages and salaries.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSeveral participants discussed the possible complications that additional purchases could cause for the eventual withdrawal of policy accommodation, a few mentioned the prospect of inflationary risks, and some noted that further asset purchases could foster market behavior that could undermine financial stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants 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.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut 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.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nanother indicated that the Committee could provide guidance stating that it would not raise its target for the federal funds rate if the inflation rate was expected to run below a given level at a specific horizon.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWell, that’s—what’s happening there is the fact that the relationship between resource utilization, or unemployment, and inflation has just gotten weaker and weaker over the years.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn contrast, in cases in which variations in the demand for reserves or in external factors affecting reserve supply appear likely to be temporary, the Desk typically prefers to conduct open-market operations through short-term or long-term repurchase agreements, known as repos.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe combination of a commitment to condition liftoff on the sustained achievement of our employment and inflation objectives with yield curve caps targeted at the same horizon has the potential to work well in many circumstances.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnswering this question is central to our outlook for both of our dual-mandate goals of maximum employment and price stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nDespite the uncertainties, the consensus estimates of the NAIRU and the growth of potential give us a hint about what type of landing we should be aiming for and which of the scenarios depicted in figure 1 best describe the economy's initial conditions and prospects.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLooking ahead, an abatement or reversal of some of the temporary factors reducing prices was likely to raise measured inflation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt is now generally recognized that price stability is a prerequisite for the efficient allocation of resources in our economy and, indeed, for fulfilling our ultimate mandate to promote maximum sustainable employment over time.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, economic theory indicates that the equilibrium level of short-term real interest rates would likely remain low relative to estimates of its level before the financial crisis if trend growth of total factor productivity does not pick up and if demographic projections for slow growth in working-age populations are borne out.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRecent declines in payroll employment and industrial production, while still sizable, were smaller than those registered earlier in 2009.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThis action was taken against the backdrop of heightened concerns and uncertainty created by the recent terrorist attacks and their potentially adverse effects on asset prices and the performance of the economy.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThree Asset-Price-Bust Episodes Let us first examine the U.K. recession of 1974.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMillions of new jobs have been created in the last few years; and unemployment, now at 4.3 percent, has been at or below 5 percent for over two years.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer-term inflation expectations remain well anchored at 2 percent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn my baseline view, while I do believe it will likely take some time for economic activity and the labor market to fully recover from the pandemic shock, I do project right now that the economy will begin to grow and that the unemployment rate will begin to decline starting in the second half of this year.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt was a question of not getting inflation up to our target on a robust, symmetric kind of a way.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFlexible inflation averaging could bring some of the benefits of a formal average inflation targeting rule, but it would be simpler to communicate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMore fundamentally, however, the members believed that current growth in aggregate demand, should it persist, would continue to exceed the expansion of potential output and, by putting added pressure on already tight labor markets, would at some point foster inflationary imbalances that would undermine the economic expansion.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the same time, the staff viewed the risks around its outlook for the unemployment rate as roughly balanced.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe have not focused on whether we meet the liftoff test, because we don’t meet the liftoff test now because we’re not at maximum employment.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSmoothing through these variations, average monthly job growth appears to have stepped down from last year’s strong pace, but job gains remain well above the pace necessary to provide jobs for new labor force entrants.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Federal Reserve then sets its policy to achieve the broad objectives assigned to it, specifically, price stability and full employment.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI’m more concerned about that than about the possibility, which exists, of higher inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn particular, a surprise tightening of policy raises the risk premium, lowering current stock prices, and a surprise easing lowers the risk premium, raising current stock prices.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs always, my colleagues on the FOMC and I will act to foster our dual objectives of price stability and sustainable economic growth.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTherefore, monetary policy in Japan might be affected not only by views about how such policies would affect macroeconomic performance, for given fiscal policies,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe nominal deficit on U. S. trade in goods and services widened substantially in July, reflecting both a decline in exports and a rise in imports.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Fed is not authorized to grant money to particular beneficiaries, to meet the payroll expenses of small businesses, or to underwrite the unemployment benefits of displaced workers.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe associated declines in wealth could amplify the effects on economic activity, which could have further knock-on effects on financial markets.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut you do see growth in services, so you—this pattern around the world of Chair Powell’s Press Conference FINAL weak manufacturing\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe members agreed that the statement to be issued after this meeting should highlight their view that even after their firming today the risks remained weighted mainly in the direction of rising inflation pressures.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough some of the recent data on economic activity had been better than anticipated, most participants saw the incoming information as broadly in line with their earlier projections for moderate growth; accordingly, their views on the economic outlook had not changed appreciably.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nthe anticipated decline in the unemployment rate was somewhat slower than in the previous projection.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome 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 could begin to decline in response to low actual inflation.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRapid responses by businesses to changes in free-market prices have muted much of the tendency for unsold goods to back up, or unmet needs to produce shortages.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe producer price index for core intermediate materials dropped for a fifth month in February, reflecting, in part, weaker global demand and steep declines in the prices of a wide variety of energy-intensive goods, such as chemicals and plastics.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, in the view of at least some members, recent developments had reduced the unwelcome prospect of substantial additional disinflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants discussed several risks that, if realized, could necessitate a steeper path of increases in the target range; these risks included the possibility that inflation pressures could build unduly if output expanded well beyond its maximum sustainable level, perhaps owing to fiscal stimulus or accommodative financial market conditions.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut before I return to the prospects for 1998 and the challenges for monetary policy, I will offer a retrospective on 1997.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nthe approach can be applied equally well by \"inflation hawks,\" \"growth hawks,\" and anyone in between.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe System Open Market Account manager and the secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability. \"\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith the economic outlook held constant, changes in the net demand for long-term securities have their largest effect on the term premium.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn fact, the low funds rate has been necessary to promote growth that, to date, has been just sufficient to begin reducing substantial margins of slack in resource utilization.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI look forward, as always, to my conversation with Tim, but first, please allow me to offer a few remarks on the economic outlook, Federal Reserve monetary policy, and our new monetary policy framework.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, if real (or nominal) government spending is held constant, the surplus will rise over time as a share of GDP, putting downward pressure on the equilibrium real rate, offsetting, at least in part, the effect on the real rate of the higher trend productivity.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn their discussion of monetary policy for the intermeeting period, Committee members agreed that keeping the target range for the federal funds rate at 0 to 1/4 percent would be appropriate.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nToday a rise in oil prices has mixed effects on the economy, lowering real household incomes and thus demand, but raising investment in drilling over time and benefiting oil-producing areas more generally.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut I think that that’s a prudent move, to move in a gradual way to remove Chair Yellen’s Press Conference FINAL accommodation, with unemployment now—and not only, I should say, the unemployment rate, but I think any indicator of labor market performance and tightness that you could look at, whether it’s household perceptions of the availability of jobs, difficulty that firms report in hiring workers, the rate at which workers are quitting their jobs, the rate of job openings, all of these indicators do signal a tight labor market.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nU. S. real GDP was forecast to plummet and the unemployment rate to soar in the second quarter of this year.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe prospect of additional fiscal stimulus likely contributed to a steeper U. S. Treasury yield curve, increased inflation compensation, and broad dollar depreciation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants judged that an appropriate firming of the stance of monetary policy, along with an eventual waning of supply–demand imbalances, would help to keep longer-term inflation expectations anchored and bring inflation down over time to levels consistent with the Committee's 2 percent longer-run goal.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome members expressed concern about the longer-run prospects for large federal deficits and their implications for the future performance of the economy.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd no, we’re not—we, we have not at all changed our view, and I haven’t changed my view that inflation running above 2 percent, moderately above 2 percent, is a desirable thing.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRegarding the ELB, the previous statement was silent on the global decline in neutral policy rates, the likelihood that the ELB will constrain monetary policy space in economic downturns, and the implications of this constraint for our ability to achieve our dual-mandate goals.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs of this month, the maximum monthly reduction in the balance sheet will be nearly double the level of the previous cycle.10 Together, the increase in the policy rate and the reduction in the balance sheet should help bring demand into alignment with supply.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd I’ll discuss the thinking behind today’s interest rate reduction and then turn to the path forward.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough we are hearing some reports of large retailers planning markdowns due to excess inventories, we do not have hard data at an aggregate level suggesting that businesses are reducing margins in response to more price sensitivity among customers.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSeveral participants noted ongoing challenges in the agricultural sector, including those associated with increased trade uncertainty, weak export demand, and the effects of wet weather and severe flooding.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBoth total and core inflation were projected to move up slightly next year, as the low readings early this year were expected to be transitory, but nevertheless to continue to run below 2 percent.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nand inflation rises slowly towards 2 percent.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSeveral commented that an asymmetric directive did not imply a commitment to tighten monetary policy at some point, whether during the intermeeting period or at a future meeting, but it did imply the need for special vigilance.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOverall consumer prices increased in July and August at about the second-quarter rate.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt was suggested that the weakening expansion of expenditures in these capital goods might reflect a surfeit in capacity following a period of extraordinary growth in many industries--for example, those related to fiber optics.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMore subtly, my conclusion that the effects on inflation of transitory changes in commodity prices or in the value of the dollar tend to dissipate in the longer run depends on the assumption that the public's inflation expectations are well anchored.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor example, the evidence suggests that changes in the demographic composition of the labor force affect NAIRU and it is also likely that government programs, including unemployment compensation and welfare, also affect NAIRU.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nincreases in expected inflation will thus tend to promote greater actual inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne involves the so-called zero bound on nominal interest rates; the other involves labor markets.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nReal yields increased more than their nominal counterparts, while inflation compensation implied by Treasury Inflation-Protected Securities declined.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants expected that productivity growth would pick up as firms slowed hiring to a pace more in line with output growth but acknowledged that the improvement might be limited, particularly if business investment spending were to remain soft.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLast year was the fifth consecutive year that inflation, measured by the chain GDP price index, was 2.6% or lower and the 5-year compound annual inflation rate is now 2.5%, the lowest since 1967.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nGrowth in household spending moderated toward the end of last year,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe know that the short end of the yield curve is dominated by monetary policy and cyclical factors.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers referred, however, to a number of favorable factors that should continue to support at least moderate further growth in business investment, including the attractive pricing of and ongoing rapid technological improvements in computer and communications equipment and the wide availability of equity and debt financing on favorable terms to business firms.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMany of our critics tend to focus only on the inflation aspect of our mandate and ignore the employment leg of our mandate.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAn anticipated sharp slowdown in the pace of inventory accumulation also would damp domestic production as the growth of stocks was brought into balance with the expected more moderate trajectory of final sales.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs you can see, transforming the information available from published statistics into concepts useful for assessing the consequences of monetary policy is, in fact, quite complex.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, the dollar partially retraced these increases following the much weaker-than-expected U. S. employment report for May, finishing the period a bit stronger against the currencies of the AFEs and about 3 percent higher against EME currencies.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMortgage credit conditions generally remained tight over the intermeeting period, though signs of easing continued to emerge amid further gains in house prices.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome participants noted that additional asset purchases could be used to provide more accommodation by lowering longer-term interest rates.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIndeed, the discrepancy between actual and predicted money growth was sufficiently large that the P* model, if not subjected to judgmental adjustments, would have predicted deflation for 1991 and 1992.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe “extended period” language is conditioned on exactly those same points: “Extended period” is conditioned on resource slack, on subdued inflation, and on stable inflation expectations.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOf the 1,700 Washington employees, roughly 250 are Ph.D. economists, the majority of whom support the Board's monetary policy responsibilities.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the SOMA in accordance with the following domestic policy directive: \"Consistent with its statutory mandate, the Federal Open Market Committee seeks monetary and financial conditions that will foster maximum employment and price stability.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe more inflation rose, the more people came to expect it to remain high, and they built that belief into wage and pricing decisions.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThey would account for the effects of higher energy prices on the real disposable income and spending demands of the household sector.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd productivity’s been very low.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMisconceptions about Inflation Targeting I would like to turn now, briefly, to comment on a few key misconceptions about inflation targeting that have gained some currency in the public debate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA few participants judged that the expectations regarding the path of the federal funds rate implied by prices in financial markets were currently suggesting greater provision of accommodation at coming meetings than they saw as appropriate and that it might become necessary for the Committee to seek a better alignment of market expectations regarding the policy rate path with policymakers' own expectations for that path.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, the outlook for foreign economic activity also appeared a bit weaker.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the Committee’s discussion of monetary policy for the intermeeting period, nearly all members favored keeping the target federal funds rate at 5-1/4 percent at this meeting.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBy getting unemployment down, we hope to bring back to work some of the people who’ve been out of work as long as they have and, in that respect, try to avoid the longer-term consequences of people being out of work for months at a time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough inflation remained remarkably subdued and any increase in inflationary pressures likely would tend to emerge only slowly, the strength in demand had developed against the backdrop of financial conditions that, broadly considered, were not substantially different from those now prevailing.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThere is, to be sure, no trade-off and hence no inconsistency between full employment and price stability in the long run.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Fed's credibility, earned over decades of low inflation, is a powerful policy tool that is critical to our long-term success.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo let me start with the question pertaining to exchange rates.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nPersistent inflation shortfalls carry the risk that longer-term inflation expectations become anchored below the stated inflation goal.13 In part because of that concern, some economists have advocated \"makeup\" strategies under which policymakers seek to undo past inflation deviations from target.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe System Open Market Account Manager and the Secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability. \"\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI presented these estimates in my testimony to emphasize the continuing importance the profession attaches to NAIRU, the central tendency of current NAIRU estimates, and the absence of significant upward adjustments to estimates of trend growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAbout the same time, Board staff developed the so-called P* (P-star) model, based on M2, which used the quantity theory of money and estimates of long-run potential output and velocity (the ratio of nominal income to money) to predict long-run inflation trends.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMonetary policy seeks to buffer the economy from unexpected adverse disruptions, or \"shocks.\"\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThus, knowing where productivity growth is headed is, in many respects, equivalent to foreseeing our economic destinies.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTax rebates, declining energy prices, and widespread discounting of retail prices were cited as positive factors in support of consumer spending on a wide range of goods and services.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff raised slightly its projection for inflation during the second half of this year, as the upward pressure on consumer prices from earlier increases in import and commodity prices was expected to persist a little longer than previously anticipated.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAn important element in interpreting financial market prices is the identification of the risk premiums they contain.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn terms of the performance of inflation and unemployment, the experience of the past few years has not been unlike a mirror image of the 1970s.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe moderation reflected lower growth in most major expenditure sectors.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith regard to the outlook for inflation, the gap between actual and potential output was anticipated to diminish only slowly unless aggregate demand expanded much more rapidly than the members currently foresaw.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, if, as some members thought likely, productivity growth slowed as employment picked up, the result could be reductions in slack accompanied by higher unit labor costs and associated pressures on prices.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Chairman testifies frequently before the Congress, with the one-year record being twenty-five appearances in 1995, although only seven were directly about monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAll members agreed that the FOMC statement for this meeting should again indicate that policy accommodation could be removed at a pace that was likely to be measured but that the Committee would respond to changes in economic prospects as needed to maintain price stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor many years, forecasters could assume a modest, but stable, trend productivity growth rate and fairly predictable growth in the labor force.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSpreads on risky private-sector debt reached very low levels, and damaging spillovers to the nonfinancial sector occurred in the form of unduly high real estate prices and excessive leverage by borrowers in the housing market.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome saw a risk that inflationary pressures might develop more rapidly than currently anticipated as resource utilization tightened,\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nhowever, for the two months combined, the deficit was considerably wider than its average rate for the second quarter.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nConversely, fiscal policy expansion in the surplus countries could be used to augment domestic demand, but any such adjustments would need to take account of medium-term goals for fiscal consolidation.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe threat to global economic growth and financial stability posed by the fiscal situation in some European nations sparked widespread flight-to-quality flows over most of the intermeeting period.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThese geopolitical events also pose downside risks to growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee's accompanying statement indicated that economic growth had been quite strong so far this year.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSeveral participants commented that the factors that had contributed to low inflation during the previous expansion could again exert more downward pressure on inflation than expected.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nhow long before it becomes a factor driving inflation?\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nthe outlook for housing activity remained favorable, given an overall economic performance in line with current forecasts of a robust expansion, related growth in incomes, and still relatively attractive mortgage interest rates.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf we think that the potential growth rate of the economy is somewhere between, somewhere around 1.75 percent, 2.8 percent is strong economic growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nEven so, the growth rate of the ECI did not return to the levels experienced before 2008.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo reduce that uncertainty, we often use the unemployment gap rather than the output gap in these rules.19 We also need to pick values for the coefficients a and b, whether they are the values John Taylor posited in his seminal 1993 article or other values from the vast literature that has come since.20 There are still other choices to make.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAl­though core inflation and the 12-month trimmed mean PCE inflation rate calculated by the Federal Reserve Bank of Dallas remained a little below 2 percent, many participants anticipated that high levels of resource utilization and stable inflation expectations would keep overall inflation near 2 percent over the medium term.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRelative to the average episode, commercial real estate prices neither fell much during the recession nor rose a lot during the expansion.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe major reason for these significant differences in spending out of household wealth is doubtless that, while home prices do on occasion decline, large declines are rare; the general experience of homeowners is a modest, but persistent, rise in home values that is perceived to be largely permanent.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nProponents of this strategy sometimes describe this approach as reducing inflation cycle-to-cycle or describe the economy as being one recession from price stability.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLargely as a consequence of rapidly expanding \"new economy\" investments, gains in productivity had occurred at remarkable rates in recent years.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBroad stock price indexes rose, on net, over the intermeeting period, as investors responded to strong second-quarter earnings reports and indications that the economy may be stabilizing.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBusiness contacts in a number of Districts noted an improvement in housing activity and a continued rise in house prices, although their reports showed that the pace of sales and construction varied across regions.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAgain, the FOMC has done just that through its commitment to adjust policy as required to keep inflation at bay.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWell, we—as a Committee, we do not desire inflation undershoots.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nyear-over-year consumer inflation remained at a very low level.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOver the intermeeting period, yields on short- and intermediate-term nominal Treasury securities fell, while yields on inflation-indexed Treasury securities of comparable maturity increased somewhat, pushing inflation compensation considerably lower at those horizons.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe first lesson is that central banks can and should take responsibility for delivering low and stable inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe underlying rate of consumer price inflation in recent months was lower than the staff expected at the time of the November meeting, and the staff forecast anticipated that core PCE prices would rise a bit more slowly in 2011 and 2012 than previously projected.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers agreed that the statement should continue to convey that inflation risks remained of greatest concern and that additional policy firming was possible.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA number of participants stressed that recently enacted fiscal support would help address some of the hardships faced by these groups and that monetary policy would also help by promoting the economy's return to the Committee's goals of broad-based and inclusive maximum employment and price stability.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRecent FOMC Decisions and the New Monetary Policy Framework At our most recent FOMC meetings, the Committee made important changes to our policy statement that upgraded our forward guidance about the future path of the federal funds rate and asset purchases, and that also provided unprecedented information about our policy reaction function.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf this policy succeeds ex post, inflation expectations become anchored at the new lower level of inflation, and policy can, then, respond to demand shocks by adjusting real rates pro-cyclically, the opposite of what is required when initial inflation is too high and inflation expectations are not anchored.13 Inflation will also be pro-cyclical with well-anchored inflation expectations if demand shocks dominate and inflation expectations remain anchored.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA concern that one might have about price-level targeting, as opposed to more conventional inflation targeting, is that it requires a short-term inflation rate that is higher than the long-term inflation objective.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants noted that the improved performance of investment suggested that the expansion was becoming more balanced, with strengthening business spending potentially offsetting some moderation in the growth of household spending from the elevated rates of recent years.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf we adjust the 6.7 percent headline unemployment rate for the decline in participation since February and the Bureau of Labor Statistics estimate of misclassification, the unemployment rate would be 10 percent, similar to the peak following the Global Financial Crisis.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile the current episode has not yet concluded, it appears that, responding vigorously in a relatively flexible economy to the aftermath of bubbles, as traumatic as that may be, is less inhibiting to long-term growth than chronic high-inflation monetary policy.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants generally expected that household demand would gradually strengthen over coming quarters in response to the rise in household wealth from the substantial increase in equity prices that had occurred over the intermeeting period as well as the support for income provided by fiscal policy.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nCertainly, if we are to remain preeminent in transforming knowledge into economic value, the U.S. system of higher education must remain the world's leader in generating scientific and technological breakthroughs and in preparing workers to meet the evolving demands for skilled labor.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor a variety of reasons, oil prices already had risen appreciably since the start of the year.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhile liquid deposits continued to grow slowly, heightened demand for safety and liquidity appeared to boost holdings of retail money market mutual funds.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMajor stock price indexes were up a bit over the intermeeting period, as positive first-quarter earnings reports more than offset the negative effects of higher energy prices and rising interest rates.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs yields on inflation-indexed Treasury securities rose roughly in line with their nominal counterparts, longer-term inflation compensation remained about unchanged.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSignificant cost cutting by firms was thought to have led to a sizable increase in productivity growth in the first half of the year\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nparticipants generally expected no more than moderate growth in consumer spending over the near term.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonetheless, with fiscal policy assumed to be tighter next year than this year, the staff anticipated that real GDP growth would not materially exceed increases in potential output in 2013.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd I need not remind you that the low inflation we now have was dearly purchased in the late 1970s and early 1980s with the highest interest rates since the Civil War and the highest unemployment rate since the Depression.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTreasury yields rose sharply on its release as market participants traced out the report's presumed implications for monetary policy.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nDuring the 1980s and 1990s, the Federal Reserve succeeded in bringing inflation down from double-digit levels to the average rate of about 2 percent that has prevailed over the past decade.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, we now know that an unexpected and unrecognized slowdown in productivity growth occurred in 1973.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn addition, U.S. inflation remains muted.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt earlier stages of processing, the producer price index for core intermediate materials continued to decline through May, albeit at a slower pace than that seen at the end of 2008.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt is generally thought that monetary policy takes many months to have most of its effect on the growth of output and employment, while, of course, it has an immediate impact on financial markets.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nthese participants noted the risk that such cautious attitudes toward hiring could slow the pace at which the unemployment rate normalized.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe possibility that longer-term inflation expectations may have edged down was roughly counterbalanced by the risks that somewhat firmer inflation this year could be more persistent than expected, particularly in an economy that was projected to continue operating above its long-run potential.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn the housing sector, demand had continued to display appreciable strength in recent months in association with relatively moderate mortgage rates and very positive consumer assessments of homebuying conditions.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe members generally agreed that, if necessary, their concerns about rising inflation could be addressed at the meeting in early February.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the same time, the incentive to take advantage of increasingly efficient high-tech equipment and software typically available at declining prices would continue to provide an important underpinning for further large gains in investment spending, with favorable implications for continued rapid growth in productivity.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSurvey-based measures of longer-term inflation expectations remained stable,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAn understanding of a likely long-run level of the equilibrium real rate is useful, even though the level is not directly observable, because it provides a general sense of the level that would, over that longer period, allow aggregate supply and demand to move into balance, given the evaluation of secular forces such as productivity and population growth.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome members commented, however, that the relationship between the output gap and inflation was quite loose and that the outlook for productivity remained uncertain.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nConclusion: The Challenge Facing Monetary Policy This analysis suggests that monetary policy does face a challenge--rebalancing aggregate supply and demand to contain the risk of higher inflation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn these circumstances, I believe, it is appropriate to put greater weight on incoming data to determine whether the stance of monetary policy should be changed.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn addition to directly affecting longer-term interest rates, changes to the balance sheet could serve to reinforce policy communication associated with the short-term rate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA more robust contour for final sales over the forecast horizon would lead to somewhat greater pressure on resource margins, despite the expected strong growth of structural productivity, though the level of activity would remain below the economy's potential for some time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nwhere unemployment continues to fall at a gradual pace as it has been since last September—and we have made some progress since last September\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs was highlighted by the Bureau of Labor Statistics, this figure likely understates the extent of unemployment; accounting for the unusually large number of workers who reported themselves as employed but absent from their jobs would raise the unemployment rate by about 3 percentage points.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHow the forces of demand, potential supply, and expectations interact has probably not been changed in any fundamental way by the recent trend of globalization.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut in the shorter run, we must also develop strategies to overcome the education deficiencies of all too many of our young people, and to renew the skills of workers who have not kept up with the changing demands of the workplace.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nand it seems to produce results not too different in practice from those associated with central banks that are flexible inflation targeters.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI shall endeavor to place this most unusual phenomenon in the context of the broader changes in our economy and, hopefully, explain why the value of education, especially to enhance advanced skills, is so vital to the future growth of our economy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThus, I believe this description essentially characterizes the current macroeconomic environment, and my own projection of inflation at a three-year horizon is equal to my assessment of the mandate-consistent inflation rate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut overly optimistic expectations for long-run earnings growth were not being driven by easy money, and I see no reason to believe that an extra 50 or even 100 basis points on the funds rate would have had much of a damping effect on investor beliefs in the potential profitability of emerging technologies.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut we are also searching for an absolute concept, the point of balance between supply and demand in the respective markets that divides excess demand from excess supply--in effect, the origin in a diagram relating inflation to excess demand and supply.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nFor example, changes in U.S. short-term interest rates seem to exert a substantial influence on euro area bond yields (Ehrmann, Fratzscher, and Rigobon, 2005\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonfarm payroll employment rose substantially further in October.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMany of them expected that inflation was likely to rise gradually over the medium term, as resource slack diminished and inflation expectations remained stable.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe second point that I made was that when short-term interest rates hit zero, the tools of a central bank are no longer—are not exhausted, there are still other things that the central bank can do to create additional accommodation.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonetheless, the risks to the forecast for real GDP growth were viewed as tilted a little to the downside, especially because the economy was not well positioned to withstand adverse shocks while the target for the federal funds rate was at its effective lower bound.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd, in particular, I do personally believe that the slowdown is at least partly temporary, and that we’ll see greater growth going forward.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlready, various trimmed price indexes are running much closer to 2 percent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRents have grown dramatically, and while home sales have slowed, the continued increasing price of single-family homes indicates to me that rents won't decline anytime in the near future.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe shift in the stance of monetary policy that we undertook in 2019 was, I believe, well timed and has been providing support to the economy and helping to keep the U.S. outlook on track.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut, first, on inflation expectations, it is true that the breakevens from the inflation-adjusted—inflation-indexed bonds have come down.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnother participant mentioned, however, that recent sluggish growth of the monetary aggregates suggested that the stance of policy was not overly accommodative.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nInflation is much too high, and I strongly believe that bringing inflation back to our target is a necessary condition for meeting the goals mandated by Congress of price stability and maximum employment on a sustainable basis.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut, I would say, overall, we’re trying to sustain the expansion and keep, you know, close to our statutory goals, which are maximum employment and stable prices.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nseveral expected that declines in the foreign exchange value of the dollar in recent months would also likely help return inflation to 2 percent over the medium term.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Federal Reserve Bank of New York was authorized and directed, until instructed otherwise by the Committee, to execute transactions in the System Account in accordance with the following domestic policy directive: The information reviewed at this meeting suggests that the expansion in economic activity has slowed considerably after a very rapid advance in the first quarter.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nmarket-based measures of inflation compensation remained low.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhen anticipations of Fed tapering led to higher U.S. interest rates and higher market volatility, these trades may have been quickly unwound, engendering particularly sharp declines in EME exchange rates and asset prices.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHousing activity was generally holding up well across the country as the effects of appreciably reduced mortgage interest rates apparently compensated for the negative effects of declining financial wealth on the demand for housing.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMore recent data are not available, but I suspect that trend has continued since 1992 as the strong performance of the economy, coupled with generally ample availability of credit, has created an environment conducive to the birth and growth of innovative enterprises of all ownership types.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn any case, the real federal funds rate is now lower than prior to the easings, at the same time that the unemployment rate is lower and projected growth higher than it was prior to the easings.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd that’s because of this misalignment between supply and demand.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI don’t think we look at—I understand what you’re asking, but we’re looking at—our mandate is price inflation and maximum employment, and that’s what we’re looking at with setting interest rates.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nStaff Review of the Financial Situation The decision by the FOMC to keep the target range for the federal funds rate unchanged at the December meeting and its retention of the \"extended period\" language in the statement were widely anticipated by market participants and elicited little price response.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWith the risks to the forecast for economic activity tilted to the downside, the risks to the inflation projection were also viewed as having a downward skew.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThese inferences are supported by some empirical evidence.10 On the other hand, the increased liquidity of home equity may lead consumer spending to respond more than in past years to changes in the values of their homes; some evidence does suggest that the correlation of consumption and house prices is higher in countries, like the United States, that have more sophisticated mortgage markets (Calza, Monacelli, and Stracca, 2007).\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMany members of the Committee, participants, have said that they think policy should be based on the actual evolution of economic activity and inflation, which tends to be variable over time, and that’s why I say I anticipate it will be data dependent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers recognized that from the standpoint of the level of real short-term interest rates, monetary policy could already be deemed to be fairly restrictive.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIf independence is also defined in terms of assuring the ability and commitment of the central bank to achieve price stability, this commitment can be protected by an explicit price stability mandate from the government.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe should first recognize that the form of the U.S. government is different than that of most inflation-targeting countries.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThat ex post relationship, the correlation between actual--instead of intended--domestic saving and domestic investment was the object of the seminal work by Feldstein and Horioka a quarter century ago.4 Without the evident worldwide fall in home bias over the past decade, noted earlier, the United States would not have been able to finance its recent current account deficits, and, accordingly, these deficits would have been smaller.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nReturns on indexed bonds are tied to forecasts of specific published price indexes, which may or may not reflect the market's judgment of the future purchasing power of money.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRecent data pointed to little change in underlying inflation trends.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo do that you've got to have price stability, and we've got to get back to price stability so that we can have a labor market where people's wages aren't being eaten up by inflation and where we can have a long expansion too.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nConsumer food prices were little changed in August.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs a case in point, the increase in the transparency of U.S. monetary policy over the past two decades has been quite significant.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nInflation Targeting and Central Bank Behavior,\" Federal Reserve Bank of New York, mimeo.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, the volatility of these and other commodity prices is such that possible future increases in these prices remain a risk to the inflation outlook.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants agreed that the longer-run normal federal funds rate was likely lower than in the past, in part because of secular forces that had put downward pressure on real interest rates.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut I want to emphasize that we do have a commitment to raising inflation to 2 percent.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn response to evidence of a slowdown in economic activity and a rapid waning of inflationary pressures, central banks around the world eased policy sharply.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWhen interest rates increase, prices will undoubtedly adjust to some extent--in some cases simply by rising less rapidly than they would otherwise--and debt-service obligations will move up.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut, as a consequence of low interest rates, the servicing requirement for that debt relative to homeowners' income is roughly in line with the historical average.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA few members expressed interest in using language specifying a period of time during which the federal funds rate was expected to remain exceptionally low, rather than a calendar date, arguing that such language might be better to indicate a constant stance of monetary policy over time.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBut change is hard and not everyone is willing or able to pay the price.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers cited greater, albeit still occasional, indications of heightened worker demands in labor negotiations that likely were encouraged in part by ample job opportunities.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough the unemployment rate is around a 50-year low, wages are rising broadly in line with productivity growth and underlying inflation.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, indicators of economic activity in Japan and Brazil remained weak.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, with monetary policy assumed to remain highly accommodative, the staff continued to anticipate that real GDP growth would outpace that of potential over much of this period, leading to a decline in the unemployment rate to historically low levels.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nalso term premiums to compensate for the risk associated with commitments to extend credit so far in the future, including the risk of future inflation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee's accompanying statement noted that economic growth had slowed over the course of the year, partly reflecting a substantial cooling of the housing market.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMarket-based measures of inflation compensation had remained low,\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne member anticipated little if any effect on economic growth and unemployment and did not agree that the outlook for economic activity and inflation called for further policy accommodation.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMany members were concerned about the still-sensitive state of financial markets and thought that an easing of policy would help to support improvements in market functioning, thereby mitigating some of the downside risks to economic growth.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOn the other hand, if recent productivity gains were to be sustained, as some business contacts indicated they would be, potential output currently could be higher than standard measures suggested, and the high level of the unemployment rate could be a more accurate indication of slack in resource utilization than usual measures of the output gap.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe nominal deficit on U. S. trade in goods and services widened substantially in the second quarter.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe slower growth of final spending resulted in inventory overhangs in a number of industries, most notably those related to the motor vehicle sector.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOperationally, 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.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nRather, members agreed that inflation was likely to moderate in coming quarters,\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoving to such a system would require assigning monetary policy to the task of targeting exchange rates, and countries are free to do so if they wish.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Role of Government Policy You will have noted that I have not mentioned the role of government policy in creating a higher rate of trend productivity growth.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLooking beyond this spring, my views on the appropriate pace of interest rate increases and balance sheet reduction for this year and beyond will depend on how the economy evolves.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nGiven recent developments, the medium-term outlook for inflation will receive particular scrutiny.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nI’m old enough to remember what very high inflation was like.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMonetary policy has an ambiguous effect on trade imbalances.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe staff viewed the uncertainty around the forecast for economic activity as similar to its normal level over the past 20 years.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo cite a recent study, Faust and Wright (2007) show that real-time staff forecasts of inflation reliably outperform statistical benchmarks at all horizons and that this advantage is not solely the result of the staff's expertise at estimating near-term inflation rates.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThey noted that the economy had entered the new year with considerable momentum and very few indications that growth was moderating from what appeared to be an unsustainable rate.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLooking beyond the near term, the members anticipated that as the prevailing uncertainties began to diminish, the economy's resiliency abetted by broadly accommodative monetary and fiscal polices and the continuation of a strong uptrend in productivity would underpin a gradual economic recovery.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nstill outpace that of potential over this period, leading to a decline in the unemployment rate to historically low levels, as monetary policy was assumed to remain highly accommodative.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe changes to the policy statement that we made over the past few FOMC meetings bring our policy guidance in line with the new framework outlined in the revised Statement on Longer-Run Goals and Monetary Policy Strategy that the Committee approved last August.4 In our new framework, we acknowledge that policy decisions going forward will be based on the FOMC's estimates of \"shortfalls [emphasis added] of employment from its maximum level\"—not \"deviations.\"\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTheir key finding, illustrated in figure 3, is that Federal Reserve policy rate surprises attributed to stronger U.S. growth generally have only moderate spillovers to EM financial conditions, whereas U.S. policy rate changes attributed to U.S. inflationary pressures trigger more substantial spillovers to EM financial conditions.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe drop in the unemployment rate over the past year, while welcome and significant, could overstate the degree of improvement in labor market conditions, in part because of the decline in the labor force participation rate.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAlthough the pace of job losses was moderating, the unusually large fraction of those who were working part time for economic reasons and the unusually low level of the average workweek pointed to only a gradual decline in the unemployment rate as the economic recovery proceeded.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe Committee also reiterated that it would continue its asset purchases, and employ its other policy tools as appropriate, until the outlook for the labor market has improved substantially in a context of price stability.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn addition, to address the sizable demand for dollar funding in foreign jurisdictions, the FOMC authorized the expansion of its existing swap lines with the European Central Bank and Swiss National Bank; by the end of the intermeeting period, the formal quantity limits on these lines had been eliminated.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs a result, growth of spending on consumer durables and houses was expected to slow\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThere are also asymmetric price effects from cost shocks—prices go up very quickly but often tend to come down more slowly, as consumers slowly learn that the bottlenecks have gone away.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMoreover, investing in EMEs has become more attractive as many EMEs have improved their macroeconomic policies and institutional frameworks over recent decades; growth differentials may partly be reflecting these improvements.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSo the term “trend inflation”—usually there are a variety of statistical techniques that can be used to extract a trend from a series.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\n\"The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt can be argued that this meant getting the economy back to its 2019 state with very low unemployment and inflation near 2 percent.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAt the moment, trend growth near full employment appears to be a reasonable prospect in the year ahead.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne objective--price stability--can be well defined and is fully under the control of monetary policymakers, at least over a period of time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA few participants pointed to continued strong growth in multifamily construction, although the limited pipeline of new projects in one District suggested that activity could slow in 2015.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHowever, we have also found that excluding volatile food and energy prices generally gives a better sense of underlying inflation pressures that are likely to persist and dominate total inflation over time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nLabor productivity growth slowed to an average pace of 1.4 percent per year over this period,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn its March forecast, the staff's projection for real GDP growth over the medium term was somewhat higher than the one presented in January, mostly reflecting an improved outlook for economic activity abroad, a lower foreign exchange value for the dollar, and a higher projected path of equity prices.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe prices of their exports are lower than they would be if market forces were given greater scope in foreign exchange markets, and they are supplying more goods and services to the rest of the world than they themselves are demanding.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBased on historical experience, it seems improbable that all of the large rise in multifactor productivity could be attributed to cyclical or transitory factors.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn fact, applying a formal regression analysis to the full sample from 1989 to 2002, we found a number fairly close to this one, namely, a stock price multiplier for monetary policy of about 4.7.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nHoliday shopping reportedly was relatively solid, and, reflecting the improvement in the housing market, demand for home furnishings and construction materials was up.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIn this case, there may be no problem for monetary policy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNonetheless, the current account deficit continued to grow as a result of the surge in U.S. investment and productivity and the associated capital inflows seeking the higher U.S. rates of return.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nA currency board and dollarization are tighter versions of a fixed exchange rate regime--that is, fixed exchange rate systems from which it is progressively more costly to exit.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nTo this end, the new statement conveys the Committee's judgment that, in order to anchor expectations at the 2 percent level consistent with price stability, it \"seeks to achieve inflation that averages 2 percent over time,\" and—in the same sentence—that therefore \"following periods when inflation has been running persistently below 2 percent, appropriate monetary policy will likely aim to achieve inflation moderately above 2 percent for some time.\"\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants' forecasts for economic growth for 2012 and 2013 were largely unchanged from their January projections and continued to indicate expectations that the recovery will strengthen somewhat over time.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome uncertainties, such as those associated with the election, had been resolved, but others persisted, including the prospects for oil prices and their consequences for the economy.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe vote also encompassed approval of the sentence below for inclusion in the press statement to be released shortly after the meeting: Against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the Committee believes that the risks are weighted mainly toward conditions that may generate heightened inflation pressures in the foreseeable future.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants expected that fiscal policy would continue to be a drag on economic growth over coming quarters.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThe growth of subprime mortgage lending is one indication of the extent to which access to credit has increased for all households, including those with lower incomes.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThese are, you know, this is—this is the economy at nearly full employment or in the range—in the neighborhood of full employment.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nGoing forward, the question is not only whether inflation will fall in the coming months,\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nThat interdependence suggests that monetary policy makers must pay attention to conditions abroad as well as at home.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMy general point is that inflation is much too high, and the outlook for inflation remains significantly uncertain.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nSome contacts indicated that while input costs were higher, it appeared that the pass-through of these higher costs to consumer prices was limited.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd the way I would explain it is, is that inflation that’s too low will mean that interest rates are lower.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nNow with respect to the first objective, the rationale for maximizing employment is fairly obvious.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nForeign economic growth declined in the second quarter.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAs a result, deregulation, globalization, and innovation have made it easier for citizens to move their wealth out of nominal assets in their local currency and thereby avoid any inflation tax should their government show signs that it might resort to inflationary tactics to finance spending.6 At the same time, the public’s understanding of the costs of inflation has increased, in part because of experiences of high inflation in many countries in the 1980s.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nParticipants thought that consumer expenditures likely would expand at a moderate pace in coming quarters, supported by solid gains in employment and real income.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nIt was possible, though, that investors' uncertainty regarding inflation prospects, not just inflation expectations themselves, had risen.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOver the medium term, participants expected strong growth in employment, driven by continued progress on vaccinations and an associated rebound of economic activity and of consumer and business confidence, as well as accommodative fiscal and monetary policy.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nOne prominent example is the work in behavioral finance on how alternative assumptions regarding rationality can affect predictions for asset prices and saving behavior\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nMembers saw the persistence of a relatively vigorous expansion in overall economic activity as a likely prospect in the context of continuing stimulus from fiscal and monetary policies, accommodative financial conditions, growing business optimism, favorable consumer sentiment, and robust increases in productivity.\nStance:", "answer": "A"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nBy definition, this excess of U.S. payments to foreigners over payments received in a given period equals the U.S. current account deficit, which, as I have already noted, was $666 billion in 2004--close to the $617 billion by which the value of U.S. imports exceeded that of exports.\nStance:", "answer": "B"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nAnd, as I went into detail in Jackson Hole and won’t repeat all of that there, there are other ways in which we see underutilization—high levels that have come down only very marginally of part-time employment for economic—or involuntary part-time employment, perhaps some remaining shortfall of labor force participation as a result of cyclical factors.\nStance:", "answer": "C"}, {"prompt": "What is the monetary policy stance for the following text? A. dovish, B. hawkish, C. neutral. Choose one from A, B and C.\nText:\nWe can best promote a progressive credit climate by maintaining an environment of low inflation.\nStance:", "answer": "B"}]