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Recent increases in house prices and equity prices were positives, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
For instance, in countries where sovereign or corporate debt levels are high, higher interest rates could increase debt-servicing burdens and concerns about debt sustainability, which could be exacerbated by currency depreciation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
It will take time for the cumulative effect of tighter monetary policy to work through the economy broadly and to bring inflation down. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
So you’re right, you’re seeing—I, I can’t remember the number, but it might be in the 3s—3, 3½ percent growth for next year. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
King (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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In their assessment of the outlook for inflation, members agreed that | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The Committee also noted in March that although output had continued to expand at a solid pace, new hiring had lagged, and increases in core consumer prices were muted and expected to remain low. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
We indicated that, with inflation running persistently below 2 percent, our policy will aim to achieve inflation outcomes that keep inflation expectations well anchored at our 2 percent longer-run goal. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
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 | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In his view, historical precedents suggested that prolonged periods of taut labor markets were eventually associated with rising inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
We expect the economy will continue to perform well, with the job market strengthening further and inflation rising to 2 percent over the next couple of years. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
One might even argue that if a central bank ever converged on a single monetary rule, there would be no need for a monetary policy committee. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The Committee also noted that output had continued to expand at a solid pace, new hiring had appeared to pick up, and although incoming data on inflation showed that it had moved somewhat higher, longer-term inflation expectations had remained well contained. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
However, some others emphasized that deferring the decision until later in the year would permit additional time to assess the outlook for economic activity and inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
During this time of reopening, we are likely to see some upward pressure on prices, and I’ll discuss why. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
With energy price increases expected to slow next year, total PCE inflation was seen as likely to fall back in line with core inflation by the end of 2011, as in previous projections. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
One of Dick Porter's many contributions was to develop a monetary approach to forecasting inflation at medium-term horizons. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In the circumstances, most members endorsed a proposal to delete as no longer necessary the previous summary statement relating to the risks to growth and inflation taken together. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Stock options are incorporated, based on gains upon exercising the options, in the productivity and cost measure, but not in the ECI. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
M2 and M3 have posted very large gains in recent months, reflecting the effects of recent System easing actions on market interest rates and shifts of funds by households out of investments in equities and lower-rated corporate debt. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
We have a 2 percent symmetric inflation objective, and, for a number of years now, inflation has been running under 2 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The December employment report showed that job growth had slowed appreciably, and other indicators also pointed to emerging weakness in the labor market in the intermeeting period. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The number of black-owned firms increased nearly 50 percent and the number of Hispanic-owned firms jumped 80 percent between 1987 and 1992--between two and three times the rate of growth of non-minority-owned firms. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Inflation Targeting and Central Bank Behavior," Federal Reserve Bank of New York, mimeo. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Japan enjoyed effective price stability through most of the 1980s. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Participants noted the considerable uncertainty surrounding estimates of the output and unemployment gaps and the extent of their effects on prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
These headwinds—which include developments abroad, subdued household formation, and meager productivity growth—could persist for some time. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
The simplest answer is that interest rates should vary to imitate qualitatively the way they would behave if the Fed were implementing a money supply target. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
So, I think you raise a very important point because, although there is a great deal of market focus on the timing of liftoff, what to matter in thinking about the stance of policy is what the entire path of interest rates will look like. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Our role, though, is also to, you know, to make sure that—that maximum employment happens in a context of price stability and financial stability, which is why we’re gradually raising rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
The remarkable coming together of technologies that we label IT has allowed us to move beyond efficiency gains in routine manual tasks to achieve new levels of productivity in routine information-processing tasks that previously depended upon other facets of human input--computing, sorting and retrieving information, and acting on pieces of information. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
As a result, most market interest rates rose somewhat in the period after the November 16 meeting. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
As 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
On March 16, we launched a program to purchase Treasury securities and agency mortgage-backed securities in whatever amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In these circumstances, inflation pressures could be expected to remain subdued and some further disinflation might well occur. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
There was a lot of pent-up demand. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The ebbing of stimulus from last year's tax cuts also could tend to slow growth in consumer spending. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
More broadly, however, weaker demand, especially in sectors that have been most affected by the pandemic, has held down consumer prices, and overall, inflation is running well below our 2 percent longer-run objective. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
But dividing that nominal value change into components representing changes in real quantity versus price requires that one define a unit of output that is to remain constant in all transactions over time. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Consumer credit continued to increase at a steady pace, with similar growth rates across credit card, automobile, and student loans. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Moreover, if declines in house prices were to damp consumption, that could feed back on employment and income, exerting additional restraint on the demand for housing. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Members 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
The current range readily encompassed the growth rate seen likely to be associated with the members' forecasts for economic activity and prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
A fifth factor is supply bottlenecks that manufacturers and importers are currently experiencing; supply chain constraints are boosting prices, particularly for goods—less so for services. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Many 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
survey-based measures of longer-term inflation expectations have remained stable. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Without a reduction of aggregate demand growth, inflation would rise. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
So the FOMC will always, in some sense, trump the projections of forward interest rates, but clearly, because the participants and the people around the table are the same, the projections should give significant information about where the FOMC is likely to go. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
These 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The staff viewed the uncertainty around the forecast for economic activity as similar to its normal level over the past 20 years. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Concepts associated with deflation such as liquidity traps and the zero bound on nominal interest rates had, for practical purposes, disappeared from economic thought. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
In considering the statement to be released following this meeting, members concurred that it should note that even with the rise in oil prices, the expansion remained firm and labor markets continued to improve gradually. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Some also argue that resistance to nominal wage cuts will impart an upward bias to real wages as price stability approaches or outright deflation occurs, leaving the economy with a potentially higher level of unemployment in equilibrium. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
But strong demand and a very tight labor market have also contributed to inflation pressures, and the FOMC can help alleviate those pressures by removing the extraordinary monetary policy accommodation that is no longer needed. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
In 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Many observed, however, that a favorable outcome to the hostilities in the Middle East and lower oil prices in line with quotations in futures markets should generate a positive response in equity markets, boost consumer sentiment, and foster a rebound in consumer spending as the year progressed. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
As stock prices soared in the 1990s, the share of equity holdings in household portfolios surpassed the share of owner-occupied housing. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Several members noted the benefits of accumulating further information that could help clarify the contours of the outlook for economic activity and inflation as well as the need for further policy action. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
"2 One useful insight into how actual inflation may affect expectations about its future path is based in the concept of "rational inattention. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
More 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Indeed, just recently, the National Bureau of Economic Research's Business Cycle Dating Committee determined that the recession that began in March of last year ended in April, making it not only the deepest recession on record, but also the briefest.2 Moreover, with the development and distribution of several remarkably effective vaccines, the monetary and fiscal policies presently in place should continue to support the strong expansion in economic activity that is expected to be realized this year, although, obviously, the rapid spread of the Delta variant among the still considerable fraction of the population that is unvaccinated is clearly a downside risk for the outlook. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
As a further step in enhancing the clarity of our communications, the Committee recently decided to begin publishing information about participants’ assessments of appropriate monetary policy—that is, the path of policy that each participant judges as most likely to foster mandate-consistent outcomes for employment and inflation if the economy evolves as expected. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Faust and others, 2006) and appear to have a strong effect on foreign equity indexes as well.2 In contrast, the effects of foreign short-term rates on U.S. asset prices appear to be relatively weaker. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The members viewed the outlook for core price inflation as still quite benign, largely reflecting the ample availability of labor and other producer resources to accommodate rising economic activity and the favorable prospects for further robust growth in productivity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
It is precisely because none of these preconditions hold that monetary policy is so difficult and principles are needed to guide its implementation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
This outcome would be entirely consistent with the new framework we adopted in August 2020 and began to implement at our September 2020 FOMC meeting.3 In our new framework, we aim for inflation outcomes that keep inflation expectations well anchored at 2 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
This effort culminated in 1943 with the publication of Banking and Monetary Statistics, which included annual figures on demand and time deposits from 1892 and on currency from 1860. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Countries differ in this regard, both in formal mandate and in actual practice.12 As an extensive academic literature shows, however, the general approach of inflation targeting is fully consistent with any set of relative social weights on inflation and unemployment | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The unwinding in the early months of 1997 of special factors that had boosted net exports in the fourth quarter of 1996 was offsetting some of the effects on production of the persisting strength in domestic demand. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
And if the stock theory of the portfolio is correct, which we believe it is, holding all of those securities off of the market and reinvesting and still keeping the, you know, rolling-over maturing securities, will still continue to put downward pressure on interest rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
A few participants expressed less confidence in this outlook for inflation and commented that inflation had averaged less than 2 percent over the past several years even as resource utilization had increased, or pointed to downward pressures from global or technology-related factors that could continue to suppress inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
While these studies allow for differences in the weighting of price indexes across different income groups, they rely on the same elementary price indexes for subcategories of goods and services. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
At the same time, the staff viewed the risks around its outlook for the unemployment rate as roughly balanced. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The changes we made last year to our Statement on Longer-Run Goals and Monetary Policy Strategy are well suited to address today's challenges. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
They 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
We 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Unfortunately, from the point of view of both the analyst and the policymaker, the link between an asset's price and the structure of its return is hard to pin down, as it typically embodies complex factors that are inherently difficult to measure, such as expected future earnings, riskiness, and risk aversion. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
With regard to the nation as a whole, members noted that rising levels of employment and incomes were continuing to foster solid growth in consumer spending, a development that was abetted by the sharp increases that had occurred in household wealth as a consequence of the extended uptrend in stock market prices and to a lesser extent the appreciation of home prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Real GDP was forecast to decline and the unemployment rate to rise, on net, in the first half of this year. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Thus, avoiding a further substantial fall in inflation should be a priority of monetary policy. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
To some, the continued subdued trend in wages was evidence of an absence of upward pressure on inflation from current levels of labor utilization. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
In considering the effectiveness of the operating regime, the staff observed that over recent years, the Federal Reserve had been able to implement monetary policy in an environment with ample reserves by adjusting administered rates--including the rates on required and excess reserve balances and the offered rate at the overnight reverse repurchase agreement facility--without needing to actively manage the supply of reserves. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
A few observed that the combination of recent labor market improvements and continued softness in inflation had led them to lower their estimates of the longer-run normal rate of unemployment. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Job growth last month was fairly widespread, although heavy hiring in the construction sector was due partly to efforts to repair damage from the four hurricanes that hit the southeastern states. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
When long-term rates rise in response to a cyclical strengthening, it reflects, in large part, the expectation of higher short-term interest rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Indeed, some members saw underlying inflation as relatively stable and put low odds on the possibility that prices now were accelerating. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
We are hopeful that Europe will take additional measures and do all that’s necessary to stabilize the situation and to provide the basis for an ongoing stable structure that—in which banks and sovereigns are both stabilized, in which there’s a program for growth, and in which fiscal arrangements are clear—are made much clearer. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Setting the interest rate paid on required and excess reserve balances 15 basis points below the top of the target range for the federal funds rate was intended to foster trading in the federal funds market at rates well within the FOMC's target range. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In addition, some policymakers observed that the timing and magnitude of future policy adjustments would ultimately be determined by the Committee's interpretation of the incoming data on the economy and prices rather than by its current expectation of those developments. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In addition, the Survey of Terms of Business Lending conducted in the first week of November showed that interest rates on C&I loans were generally little changed while spreads remained extremely wide. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Back then, FOMC participants were forecasting unemployment rates around 7-3/4 percent and 7 percent for year-end 2013 and 2014, respectively, in our Summary of Economic Projections; as of the June 2013 round, these forecasts have been revised down roughly 1/2 percentage point each. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
At longer maturities, yields drifted lower over most of the intermeeting period in response to incoming data that suggested economic growth would remain moderate and inflation subdued, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
In light of the current shortfall of inflation from 2 percent, the Committee will carefully monitor actual and expected progress toward its inflation goal. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
To do this will demand not only greater specialized knowledge, but also an ability to deal with risk and uncertainty. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Because they cannot rule out the chance that some asset prices might correct more than anticipated, policymakers must consider how the economy might withstand such a correction. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Subsets and Splits