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Survey measures give us an idea of what the average household expects inflation to be in the coming 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 |
There is, in my view, a reasonable prospect that each of these two effects will reverse their contributions to inflation over the next couple of years and that balance between them will be important in determining the pattern of core and overall inflation 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 |
And one reason for that is that long-term interest rates generally embody two factors. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 October SLOOS suggested that the recent slowdown in mortgage originations for home purchases was partly attributable to weaker 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. | Dovish | fomc |
Another reason for the reliance on judgment in the forecasting process is the practical requirement that the forecast for inflation be consistent with the staff's overall view of the economy, including the forecasts for key economic variables such as wages, interest rates, and consumption 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. | Neutral | fomc |
What I’m telling you is that the stance of monetary policy we have today, we believe, is appropriate. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 this less comfortable world, restoring price stability can involve a painful process of slow growth and elevated 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. | Hawkish | fomc |
By contrast, raising rates too slowly would raise the risk that monetary policy would need to tighten abruptly down the road, which could jeopardize the economic expansion. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Although 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Other economies, such as Argentina and Hong Kong, have fixed their exchange rates essentially through currency boards. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Finally, I would like to note that the Committee strives to explain its monetary policy decisions as clearly as possible, and we continue to explore ways of enhancing the clarity of our public communications. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
also by views about how fiscal policy might adjust to monetary policy. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
As 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 all these conceptual uncertainties and measurement problems, a specific numerical inflation target would represent an unhelpful and false precision. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
September 01, 2020 Bringing the Statement on Longer-Run Goals and Monetary Policy Strategy into Alignment with Longer-Run Changes in the Economy Governor Lael Brainard At "How the Fed Will Respond to the COVID-19 Recession in an Era of Low Rates and Low Inflation," an event hosted by the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, Washington, D.C. (via webcast) Share Watch Live I want to thank David Wessel for hosting this event. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Long-term unemployment in the current economy is—is the worst—really the worst it’s been in the postwar 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 |
After a short coffee break, we have a staff presentation on the alternatives we face in setting monetary policy. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Employment continued to expand unevenly, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
where unemployment continues to fall at a gradual pace as it has been since last September—and we have made some progress since last September | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Housing demand and consumer spending firmed toward the end of the year, but capital spending remained quite weak in an environment of substantial business uncertainty and pessimism. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 Chair Yellen’s Press Conference FINAL households who are becoming more comfortable with their debt levels and more able to service that debt, an improving job market. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 participant, however, objected that purchases of MBS, when compared to purchases of longer-term Treasury securities, would likely result in higher interest rates for many borrowers in other sectors. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Thus, 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
households’ and professional forecasters’ longer-term inflation expectations edged lower. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 5.4% unemployment rate in 1996 was the lowest annual rate since 1988 and before that since 1973. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Given that we have yet to experience difficulties in funding a current account deficit that exceeds 6 percent of our GDP, what are the limits to the foreign markets' absorption of claims on U.S. residents? | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Productivity and TechnologyLet me now turn from the overall economic outlook to productivity and technology 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 contrast, economic activity declined in Japan during the third quarter after a surge in the first half of the 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 |
Furthermore, in the latest report, FOMC participants indicated that the current degree of uncertainty about GDP growth is even higher than the typical level of uncertainty over the past two decades. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
success was fairly uniform across both the inflation-targeting and nontargeting countries. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Consumer spending firmed somewhat during the first quarter despite the rising unemployment rate and significant financial strains. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Surveys indicated that households’ expectations of inflation over the next year were little changed in February | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 concerns were centered around the fact that corporate borrowers could no longer raise funds in the bond or commercial paper markets at reasonable prices or, at some times and for some borrowers, at all. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The Committee reiterated, however, that purchases were not on a preset course, and that its decisions about the pace of purchases would remain contingent on its outlook for the labor market and inflation as well as its assessment of the likely efficacy and costs of such purchases. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Beyond 2017, the forecast for real GDP growth was little revised. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 approach adds to what we have learned from earlier papers that have examined the performance of unconventional policy tools with respect to individual components of financial conditions—most notably, long-term sovereign yields, but also mortgage rates, equities, exchange rates, and corporate debt spreads.3 Empirically assessing the question in the report is not only important, but also challenging, as the report readily acknowledges. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 absence of such offsetting operations, a decrease in currency demand would raise the amount of reserves and hence lower the federal funds 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. | Dovish | fomc |
We might look to the historical experience with oil price shocks in the 1970s—not a happy story. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Today, 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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' Views on Current Conditions and the Economic Outlook In conjunction with this FOMC meeting, participants submitted their projections of the most likely outcomes for real GDP growth, the unemployment rate, and inflation for each year from 2022 through 2024 and over the longer run based on their individual assessments of appropriate monetary policy, including the path of the federal funds rate. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
In the residential real estate sector, home sales and construction had increased from very low levels, and house prices appeared to be stabilizing. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 example, as table 1 shows, the collective current account surplus of the Middle East and Africa rose more than $40 billion between 1996 and 2003; it continued to swell in 2004 as oil prices increased yet further. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
By definition, multifactor productivity includes technical change, organizational improvements, cyclical factors, and myriad other influences on output per hour, apart from capital investment. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 household sector, the ongoing deceleration in house prices further restrained the growth of home mortgage 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 |
Nonetheless, the leveling off in that disturbing trend is an encouraging sign of what we can achieve if we can maintain strong and flexible labor markets accompanied by low inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Market-based measures of inflation compensation continued to indicate expectations that inflation would decline notably in coming quarters, and measures of medium-term inflation compensation fell over 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. | Neutral | fomc |
Market-based measures of inflation compensation have moved up but remain low; most survey-based measures of longer-term inflation expectations are little changed, on balance, in recent months. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Most survey-based measures of longer-term inflation expectations had been little changed in recent months. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Although the unemployment rate is around a 50-year low, wages are rising broadly in line with productivity growth and underlying 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 |
The 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Yields on longer-term inflation-indexed Treasury securities, which are relatively illiquid, rose more sharply than did those on nominal securities. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
The staff 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Such forces can also cause short-term fluctuations in the economy that are, at least in part, beyond the control 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. | Neutral | fomc |
The 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 these circumstances, the Committee believed that some further measured policy firming was likely to be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Once this process is completed, however, we might expect consumer price inflation to move into better alignment with long-run expectations and thus settle in around 2 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
And in so far as that will affect monetary policy, of course we will have to factor those policies along with many other things, including the global environment and oil prices and other matters. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 saw that outlook as depending importantly on continued strengthening of the labor market or on an above-trend pace of economic activity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Although a spike in energy prices eroded real income growth in the second quarter, there were solid gains in wages and salaries. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 complementarity of price stability with the other goals of monetary policy is now the consensus view among economists and central bankers. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Another example of deficit targets comes from the balanced-budget requirements of the states, which can be viewed as deficit targets with the target set at zero. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Any of these factors might imply that the equilibrium rate relevant for policy returns more quickly to, or even moves above, its long-run level as fewer forces weigh on aggregate 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 |
However, core inflation had been subdued in recent months and longer-run inflation expectations remained 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. | Dovish | fomc |
Staff 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
Broad stock price indexes rose, on net, over the intermeeting period, as investors responded to strong second-quarter earnings reports and indications that the economy may be stabilizing. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
If the demand growth that caused the oil price increases is domestic, it could mean that the price shock might be less permanent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
There is no evidence to date that a strong labor market is putting excessive cost-push pressure on price inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
A second question is whether moving in this direction would matter much for the conduct of monetary policy in the United 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 |
The stock market soared, and--remarkably enough--core inflation moderated. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 productivity gains result from many forces, including business investment that has increased the amount and quality of capital available to the workforce, business process innovations, and the growth of innovative, research-intensive industries such as information technology and biotechnology. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Others indicated that because part of the recent decline in the jobless rate was associated with a reduction in labor force participation, the drop in the unemployment rate likely overstated the overall improvement in the labor market. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Following the deepest plunge since the Great Depression, employment and activity rebounded faster and more sharply than anticipated. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Although the aggregate balance sheet for the household sector was strong and the unemployment rate was low, consumer sentiment had deteriorated, and households were reportedly becoming more cautious in their expenditure decisions in light of uncertainty about the economic outlook and the reduction in purchasing power induced by price rises, particularly increases in the prices of essentials such as food, housing, and transportation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Nonetheless, with the unemployment rate anticipated to increase somewhat during the remainder of 2009 and to decline only gradually in 2010, the staff still expected core PCE inflation to slow substantially over the forecast period; the very low readings on hourly compensation lately suggested that such a process might already be in train. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Market-based measures of inflation compensation remained 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 |
Answering this question is central to our outlook for both of our dual-mandate goals of maximum employment and price stability. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Returning to monetary policy, we recognize that there has been a great deal of focus on today’s policy decision. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Here is where unit labor costs, or specifically the relationship between productivity growth and wage increases, would come into play. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
By 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. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Of course, we can’t do anything about long-run employment opportunities, but we can help the economy recover more quickly. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
This assessment will take into account a wide range of information, including measures of labor market conditions, indicators of inflation pressures and inflation expectations, and readings on financial and international 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 |
Mr. Plosser noted that the Committee could not afford to wait until there was clear evidence that inflation expectations were no longer anchored, as by then it would be too late to prevent a further increase in inflation pressures. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
The monitoring range for growth of total domestic nonfinancial debt was set at 3 to 7 percent for the 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 |
In terms of missing on inflation, policymakers' projections looked very much like most of the public's. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Price shocks. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
As its name implies, this rule does not prescribe a particular level of the federal funds rate at a given time but rather how the existing rate should change from quarter to quarter based on two gaps--the difference between inflation and its desired level as well as the difference between the unemployment rate and its longer-run normal level.20 In contrast to the other two rules, the change rule does not take a stand on the value of the longer-run neutral level of the real federal funds rate, thus avoiding a potential source of error. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 have not seen wage growth pick up. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 maximum sustainable levels of output and employment cannot be known with any assurance (Mishkin, 2007b). | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 now, the Committee should remain particularly vigilant to incoming information bearing on the outlook for inflation. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Looking ahead, however, members reiterated earlier concerns that aggregate demand could continue to grow faster than potential aggregate supply, even under optimistic assumptions regarding future productivity gains. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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, monetary policy actions addressed at a perceived bubble in one sector may have undesirable effects on other asset prices and the economy more generally. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
With gross retail margins amounting to about 30 percent of sales, a reduction in currently elevated margins could make an important contribution to reduced inflation pressures in consumer goods. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
These participants preferred to wait until there was greater assurance that the transmission mechanism of monetary policy via financial markets and the supply of credit to households and businesses was working effectively. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 prominent example is with semiconductor producers and their need to dramatically alter the mix of production to meet demands of the high-tech and automotive industries. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 the extent that these producers are foreign, there should be a corresponding drop 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. | Dovish | fomc |
Subsets and Splits