sentence stringlengths 13 1.25k | year int64 2k 2.02k | label int64 0 2 |
|---|---|---|
Median inflation in the nine countries likewise declined, averaging 9-1/2 percent in 1995-99 and 5 percent in 2000-04.Return to text 4. | 2,017 | 2 |
Experienced loan officers who are well acquainted with their markets can channel funds into the loans that are most likely to create wealth and growth in the local economy. | 1,996 | 2 |
From the end of 2000 to the end of 2003, productivity rose at a 3-1/2 percent annual rate and, even after recent downward revisions to the data, it is estimated to have increased at an average annual rate of 2-1/4 percent since the end of 2003. | 2,021 | 2 |
The Committee currently expects that, with gradual adjustments in the stance of monetary policy, economic activity will expand at a moderate pace and labor market indicators will strengthen. | 2,013 | 0 |
Participants 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. | 2,004 | 0 |
A key purpose of our review has been to take stock of the lessons learned over this period and identify any further changes in our monetary policy framework that could enhance our ability to achieve our maximum-employment and price-stability objectives in the years ahead.9 Our evolving understanding of four key economic developments motivated our review. | 1,998 | 2 |
So the term “trend inflation”—usually there are a variety of statistical techniques that can be used to extract a trend from a series. | 2,013 | 2 |
But in terms of just targeting growth, you know, I think—I actually think our dual mandate works very well, which is maximum employment and stable prices. | 2,018 | 2 |
Rather, members agreed that inflation was likely to moderate in coming quarters, but they also concurred that it would be necessary to continue to monitor inflation developments carefully. | 2,005 | 2 |
Nonetheless, participants noted a risk that the drop-back in inflation could be slower or more limited than the Committee would find desirable since resource utilization was currently tight and the pickup in price increases had been broadly based rather than being limited to a few specific sectors that could be linked to energy costs. | 2,019 | 1 |
In addition, the dramatic advances in biotechnology are significantly increasing a broad range of productivity-expanding efforts in areas from agriculture to medicine. | 2,019 | 2 |
In Japan, consumer prices were about unchanged, while wholesale prices edged up in March relative to their level of a year earlier and posted the first increase on a twelve-month basis since July 2000. | 2,006 | 2 |
Inflation averaging doesn't define how much above 2 percent is moderate and how long some value of elevated inflation should be tolerated. | 2,005 | 1 |
Despite the substantial monetary easing that had been implemented already and the fiscal stimulus, including federal tax rebates, that was in train, the forecast anticipated that sluggish hiring and the decline in household wealth would restrain the growth of both consumer spending and housing demand. | 1,999 | 0 |
Many 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. | 2,021 | 1 |
This volatility can impede the effective implementation of monetary policy, and we are addressing it. | 2,004 | 2 |
With regard to the outlook for inflation, members gave considerable attention to the somewhat faster increases in broad price measures over the past year, but they differed to some extent regarding the prospects for further increases in inflation. | 2,015 | 1 |
The explanations included a decline in inflation risk premiums, possibly reflecting a lower perceived probability of higher inflation outcomes; and special factors, including liquidity risk premiums, that might be influencing the pricing of Treasury Inflation-Protected Securities and inflation derivatives. | 2,009 | 2 |
In 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. | 2,020 | 2 |
Because inflation normally responds slowly to such shocks, inflation targeters could respond in any of three ways. | 2,007 | 1 |
We said that we expect to maintain an accommodative stance of monetary policy until these outcomes—as well as our maximum-employment mandate—are achieved, and also that we expect it will be appropriate to maintain the current 0 to 1/4 percent target range for the federal funds rate until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment, until inflation has risen to 2 percent, and until inflation is on track to moderately exceed 2 percent for some time. | 2,003 | 0 |
Consumer spending firmed somewhat during the first quarter despite the rising unemployment rate and significant financial strains. | 2,014 | 0 |
First, if, as projected, core PCE inflation this year does come in at, or certainly above, 3 percent, I will consider that much more than a "moderate" overshoot of our 2 percent longer-run inflation objective. | 2,005 | 1 |
Participants generally agreed that the drag on U. S. economic activity from the appreciation of the dollar since the summer of 2014 and the slowdown in foreign economic growth, particularly in emerging market economies, was likely to continue to depress U. S. net exports for some time. | 2,008 | 0 |
In their assessment of the outlook for inflation, members agreed that although forecasts of more moderate growth in aggregate demand at a pace around potential output had substantially reduced the odds on rising inflation, the risks still were pointed in that direction on balance. | 2,014 | 2 |
The recent decline in the dollar was another factor that could add to inflation pressures, although the effect of prior changes in the foreign exchange value of the dollar on core consumer prices had apparently been limited. | 2,011 | 1 |
Several 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. | 2,018 | 1 |
However, participants generally saw these downward pressures on inflation starting to abate next year, with widespread distribution of vaccines reducing social-distancing concerns and spurring economic activity. | 2,000 | 1 |
In particular, we may need additional public communications about the conditions that constitute substantial further progress since December toward our broad and inclusive definition of maximum employment. | 2,005 | 0 |
In the Committee's discussion of possible adjustments to policy during the intermeeting period, members agreed that the retention of an asymmetric directive toward tightening was consistent with their view that the risks remained biased toward higher inflation. | 2,022 | 1 |
First, longer-maturity obligations may be more attractive because of more stable inflation, better-anchored inflation expectations, and a reduction in economic volatility more generally. | 2,001 | 0 |
That central bank independence promotes lower inflation in developed countries is well-established by the economic literature. | 2,002 | 2 |
In keeping with its usual procedures under the Humphrey-Hawkins Act, the Committee would review its ranges at midyear, or sooner if interim conditions warranted, in light of the growth and velocity behavior of the aggregates and ongoing economic and financial developments. | 1,999 | 2 |
Participants' Views and Committee Policy ActionIn conjunction with this FOMC meeting, all meeting participants--the five members of the Board of Governors and the presidents of the 12 Federal Reserve Banks--provided projections for economic growth, the unemployment rate, and consumer price inflation for each year from 2009 through 2011 and over a longer horizon. | 1,997 | 2 |
Consistent with the view that recent lower inflation readings could be temporary, a number of participants mentioned the trimmed mean measure of PCE price inflation, produced by the Federal Reserve Bank of Dallas, which removes the influence of unusually large changes in the prices of individual items in either direction; these participants observed that the trimmed mean measure had been stable at or close to 2 percent over recent months. | 1,996 | 2 |
While overall employment conditions, the buildup of household net worth, and access to financing would bolster consumer expendi- tures, members also cited a number of limiting factors. | 2,004 | 2 |
A second question is whether moving in this direction would matter much for the conduct of monetary policy in the United States. | 2,005 | 2 |
Moreover, current data suggested little or no growth in overall expenditures on nonresidential structures. | 2,003 | 2 |
However, it was noted that slower growth in productivity might have become the norm. | 2,006 | 2 |
With regard to the consensus in favor of moving from an assessment of risks weighted toward rising inflation to one that was weighted toward economic weakness, with no intermediate issuance of a balanced risks assessment, some members observed that such a change was likely to be viewed as a relatively rapid shift by some observers. | 2,015 | 0 |
In December, the consumer price index (CPI) rose somewhat faster than in recent months, primarily reflecting an upturn in consumer energy prices; core CPI inflation remained low. | 2,006 | 2 |
The nominal deficit on U. S. trade in goods and services narrowed somewhat in August from a high rate in July; however, for the two months combined, the deficit was considerably wider than its average rate for the second quarter. | 2,016 | 1 |
However, the projected step-up in real GDP growth over the second half of this year was marked down a little, partly reflecting softer news on construction. | 1,998 | 0 |
In furtherance of these objectives, the Committee at this meeting established ranges for growth of M2 and M3 of 1 to 5 percent and 2 to 6 percent respectively, measured from the fourth quarter of 1998 to the fourth quarter of 1999. | 2,017 | 2 |
The pace of real GDP growth was forecast to be faster over the second half of this year than in the first half, primarily reflecting a modest increase in the rate of growth of private domestic final purchases and a sizable turnaround in inventory investment. | 2,013 | 1 |
Consumer prices had edged up in recent months, | 2,012 | 1 |
the new statement maintains our definition that the longer-run goal for inflation is 2 percent, it elevates the importance—and the challenge—of keeping inflation expectations well anchored at 2 percent in a world in which an effective-lower-bound constraint is, in downturns, binding on the federal funds rate.5 To 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 will conduct policy to achieve inflation outcomes that keep long-run inflation expectations anchored at our 2 percent longer-run goal. | 2,005 | 1 |
With regard to our price-stability mandate, | 2,000 | 2 |
will soon fall well below its underlying trend as the price of energy falls back to its initial level. | 2,020 | 2 |
The unemployment rate was unchanged over the period between the April and June meetings, | 2,012 | 2 |
In 2019, sluggish growth abroad and global developments weighed on investment, exports, and manufacturing in the United States, | 2,022 | 0 |
To summarize these international data, one might say that something brought inflation down in the 1980s and 1990s, | 2,007 | 2 |
still being clear about the Committee's intention to provide the monetary accommodation needed to support a return to maximum employment and stable prices. | 2,008 | 0 |
we project that, under appropriate monetary policy, inflation will rise gradually to our symmetric 2 percent objective. | 1,999 | 0 |
Because long-term interest rates can remain low only in a stable macroeconomic environment, these goals are often referred to as the dual mandate | 2,007 | 2 |
Measures of inflation compensation based on TIPS fell in response to the soft reading on core inflation in the November CPI release | 2,006 | 2 |
another is the growing literature on the interaction of learning, inflation dynamics, and monetary policy. | 2,001 | 2 |
Net exports subtracted more than 1/2 percentage point from GDP growth in both 2014 and 2015, | 2,021 | 2 |
that is, the Federal Reserve seeks to promote the two coequal objectives of maximum employment and price stability. | 2,007 | 2 |
increases in expected inflation will thus tend to promote greater actual inflation. | 2,004 | 2 |
With regard to our price-stability mandate, | 2,005 | 2 |
During much of the recovery, forecasters have been overly optimistic about growth | 2,017 | 1 |
The unmooring of inflation expectations greatly complicated the process of making monetary policy | 1,999 | 2 |
the new statement maintains our definition that the longer-run goal for inflation is 2 percent, it elevates the importance—and the challenge—of keeping inflation expectations well anchored at 2 percent in a world in which an effective-lower-bound constraint is, in downturns, binding on the federal funds rate. | 2,000 | 2 |
And that, I think, does raise, raise the risk that high inflation will be more persistent. | 2,022 | 1 |
October 19, 2020 U.S. Economic Outlook, Monetary Policy, and Initiatives to Sustain the Flow of Credit to Households and Firms Vice Chair Richard H. Clarida At the Unconventional Convention of the American Bankers Association, Washington, D.C. (via webcast) Share It is my pleasure to meet virtually with you today at the Unconventional Convention of the American Bankers Association.1 I look forward to my conversation with Rob Nichols, | 2,020 | 2 |
in particular, the Fed's loss of credibility significantly increased the cost of achieving disinflation. | 1,999 | 1 |
first, please allow me to offer a few remarks on the economic outlook, Federal Reserve monetary policy, and some of the initiatives we have announced to support the flow of credit to households and firms during these challenging times. | 2,020 | 0 |
It also requires that policy tighten or ease systematically to bring aggregate demand in line with the economy's productive potential, not only because output stabilization is a policy objective in its own right | 2,020 | 1 |
such costs appeared tolerable in light of the employment gains that came with them. | 2,019 | 2 |
For example, wages and prices that are set for some period in the future will of necessity embody the inflation expectations of the parties to the negotiation | 2,004 | 2 |
maintaining low and stable inflation. | 2,001 | 2 |
survey-based measures of longer-term inflation expectations are little changed. | 2,020 | 2 |
That apparently has not made its way into prices yet, | 2,005 | 2 |
We’re also, as part of our review, looking at potential innovations, changes to the way we think about things, changes to the framework that would lead us—that would be more supportive of achieving inflation on a 2 percent—on a symmetric 2 percent basis over time. | 2,022 | 2 |
however, apart from the energy and health care sectors, price inflation had remained relatively subdued, evidently reflecting the combination of diminished growth in overall demand and strong competitive pressures in most markets. | 2,017 | 0 |
To abstract from the potential effects of cyclical factors on the yield curve, consider the pattern of forward rates many years into the future, at which point the effects of current cyclical shocks would be expected to no longer be important.2 Such forward rates reflect not only market expectations of future short-term interest rates | 2,003 | 2 |
the very shortest maturities, and with the additional tightening and deceleration in inflation that is expected over coming quarters, the entire real curve will soon move into positive territory. | 2,000 | 1 |
Venezuela provides one counterexample, with a long-term inflation forecast now of 15 percent. | 2,006 | 2 |
In each case, my own preferred approach is to take the other variable into account in performing our main job of dealing with inflation and unemployment | 2,022 | 2 |
Germany and Japan--whose economies have been growing slowly despite very low interest rates--have not. | 1,998 | 2 |
also how far it will fall and if it will fall soon enough to avoid spurring a concerning rise in longer-term inflation expectations. | 1,998 | 1 |
There is, in fact, an unusual discrepancy between the unemployment and capacity utilization rates, compared to previous expansions | 2,005 | 2 |
A key difference between the two groups of countries is that the countries whose current accounts have moved toward deficit have generally experienced substantial housing appreciation and increases in household wealth, | 1,998 | 2 |
also because such actions help to head off undesirable changes in inflation down the road. | 2,020 | 2 |
The unemployment rate is at a 50-year low, inflation is close to our 2 percent objective, gross domestic product growth is solid, and the Federal Open Market Committee's (FOMC) baseline outlook is for a continuation of this performance in 2020.2 At present, personal consumption expenditures (PCE) price inflation is running somewhat below our 2 percent objective, | 1,999 | 2 |
Pressures on labor resources were likely to ease somewhat as the expansion of economic activity slowed, | 1,996 | 2 |
In this case headline inflation will rise well above its underlying trend as the price of energy rises | 2,020 | 1 |
For example, the Stock-Watson indicator and other indicators based on interest rates and spreads signaled the 1990-91 recession very weakly and rather late. | 1,997 | 2 |
As a result, national saving increased, providing further impetus to economic growth. | 2,004 | 0 |
Indeed, few long-term inflation forecasts in any country currently exceed 5 percent, | 2,006 | 2 |
If this high-pressure management inadvertently carried the economy beyond its productive potential, some cost in terms of inflation could be expected, | 2,019 | 2 |
Faster productivity growth was among the factors that boosted equity valuations | 2,006 | 0 |
also by views about how fiscal policy might adjust to monetary policy. | 2,008 | 2 |
However, in my judgment, reliance on these two approaches is not symmetric; instead, the forecast-based approach has become increasingly dominant in the monetary policymaking of leading central banks. | 2,005 | 2 |
success was fairly uniform across both the inflation-targeting and nontargeting countries. | 2,007 | 2 |
in turn, larger expected productivity advances and a lower cost of equity capital provided a further stimulus to investment. | 2,006 | 2 |
The dual mandate seems proper and fitting, given that economic costs are incurred both by having inflation stray from its long-run goal and by having output deviate from the economy's potential to produce | 2,004 | 2 |
In the modal outlook, monetary policy tightening to temper demand, in combination with improvements in supply, is expected to reduce demand–supply imbalances and reduce inflation over time.10 The real yield curve is now in solidly positive territory at all | 2,000 | 1 |
Surveys indicated that households’ expectations of inflation over the next year were little changed in February | 2,000 | 2 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.