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With regard to the federal sector, spending related to last year’s hurricanes appeared likely to abate, and federal expenditures overall would probably be providing less impetus to aggregate demand going forward. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
They noted that the realization of such a development could make it harder for the Committee to achieve 2 percent inflation over the longer run. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 that regard, the changes in the macroeconomic environment that underlie our monetary policy review may have some implications for financial 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. | Neutral | fomc |
What modern monetary policymaking has not faced for quite some time, if ever, has been a major surge in innovation--matching, if not exceeding, the other great waves this century--followed by an apparent elevation of productivity growth. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
That said, the data also indicate that a surge in COVID-19 cases in the summer and supply-chain bottlenecks held back economic activity in the third 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 number of global factors were seen as contributing to downward pressure on term premiums, including central bank asset purchase programs and the strong worldwide demand for safe assets. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
A few participants commented that both survey- and market-based measures of short-term inflation expectations were at historically high levels. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Fast growth of productivity, by buoying expectations of future advances of wages and earnings and thus aggregate demand, enables real interest rates to be higher than would otherwise be the case without restricting economic growth. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Participants expected that fiscal policy would continue to be a drag on economic growth over coming quarters. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
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 |
Most believed that downside risks to economic growth had diminished somewhat since the April meeting, but were still significant. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 members expressed interest in using language specifying a period of time during which the federal funds rate was expected to remain exceptionally low, rather than a calendar date, arguing that such language might be better to indicate a constant stance of monetary policy over time. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 also requires that policy tighten or ease systematically to bring aggregate demand in line with the economy's productive potential, not only because output stabilization is a policy objective in its own right | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Last year, we had 1.9 percent productivity, which is much higher. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
However, those concerns generally were seen as outweighed by the benefit of avoiding tying the Committee's decision too closely to the unemployment rate alone, | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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, at 7.7 percent, the unemployment rate remains elevated. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
And we were actually quite concerned that growth was not sufficient to continue to bring the unemployment rate 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. | Dovish | fomc |
With regard to the consensus in favor of moving from an assessment of risks weighted toward rising inflation to one that was weighted toward economic weakness, with no intermediate issuance of a balanced risks assessment, some members observed that such a change was likely to be viewed as a relatively rapid shift by some observers. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 longer-run inflation expectations assumed to remain stable, changes in commodity and import prices expected to be modest, and significant resource slack persisting over the forecast period, inflation was forecast to be subdued through 2015. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 general, financial markets were viewed as well positioned to support more vigorous expansion in economic activity. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Dovish | fomc |
A second set of circumstances in which deflation or very low inflation may pose significant problems is potentially more relevant to the current U.S. 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. | Dovish | fomc |
There are a variety of versions of this basic approach, depending on measures of utilization and inflation rates and depending on whether the adjustment is made in response to past and current movements in utilization and inflation rates or in response to forecasts of these variables. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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, blue-collar employment fell sharply in most of the other 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. | Dovish | fomc |
The nominal deficit on U. S. trade in goods and services widened substantially in July, reflecting both a decline in exports and a rise in imports. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Future policy adjustments would depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming 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 |
In the household sector, the rise in home mortgage debt likely slowed a bit further in the first quarter, as home-price appreciation appeared to have remained sluggish. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 April, prices of core goods and services--that is, consumer prices excluding food and energy--were unchanged for a second month. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Businesses added a bit to their inventory positions after an extended period of sizable declines, but final sales changed little: business capital spending weakened somewhat further while growth in consumer spending, residential housing expenditures, and government outlays slowed. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Nonetheless, many participants expressed concern that ongoing developments in the housing market could have a more pronounced impact on consumer and other spending, especially if house prices declined significantly. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Stock prices in the basic materials and industrial sectors underperformed the broader market, reportedly reflecting an increase in trade tensions with China. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 particular phenomenon that touches on all these issues is the movement of asset prices, especially the prices of equities and residential real estate. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 major reason for these significant differences in spending out of household wealth is doubtless that, while home prices do on occasion decline, large declines are rare; the general experience of homeowners is a modest, but persistent, rise in home values that is perceived to be largely permanent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
With regard to the outlook for inflation, members gave considerable attention to the somewhat faster increases in broad price measures over the past 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. | Hawkish | fomc |
In coming months, as those earlier declines drop out of the calculation, inflation should move up closer to 2 percent and stabilize around that level over the medium term. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
What does this suggest about monetary policy strategy going forward? | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Several participants stated that such risks should not inhibit the Committee from pursuing its mandated objectives for inflation and employment. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
We are not seeing any 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 |
Some participants judged that a less accommodative future stance of policy would likely be warranted and that the Committee should convey a strong commitment to address elevated 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 staff forecast prepared for this meeting suggested that the expansion in economic activity would slow in coming quarters to a pace somewhat above that of the economy's estimated potential and would moderate a bit further in 1998. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
To cite a recent study, Faust and Wright (2007) show that real-time staff forecasts of inflation reliably outperform statistical benchmarks at all horizons and that this advantage is not solely the result of the staff's expertise at estimating near-term inflation rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 time, we could only observe outcomes that did not fit with preconceptions; try to find rationales that explained what we were seeing; and in the process, derive implications about the future that could be used to guide a forward-looking 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 |
Many noted that the slowdown could be a temporary aberration and that other labor market indicators--such as new claims for unemployment insurance, the rate of job openings, and readings on consumers' perceptions of the labor market--remained positive. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Some participants suggested that the persistently high level of unemployment reflected the impact of structural factors, including mismatches between the skills of the unemployed and the skills demanded in sectors in which jobs were currently available. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 we gain experience with the enhanced forecasts, we will continue to evaluate how best to promote stability of both prices and employment. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
For the twelve months ended in September, prices of consumer items other than food and energy increased by a considerably smaller amount than in the year- earlier 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 |
In determining the timing and size of future adjustments to the target range for the federal funds rate, the Committee will assess realized and expected economic conditions relative to its maximum employment objective and its symmetric 2 percent inflation 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. | Neutral | fomc |
A potential negative cited by some members was the possibility that a weak job market, should it persist, would at some point adversely affect overall consumer sentiment and willingness to spend. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Incoming data suggested that, after a weak start to the year, foreign economic activity accelerated in the second 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. | Neutral | fomc |
Participants agreed that the longer-run normal federal funds rate was likely lower than in the past, in part because of secular forces that had put downward pressure on real interest rates. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
House price appreciation appeared to have slowed from the elevated rates seen over the past summer. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
On balance, core consumer price inflation was projected to remain subdued and quite possibly edge 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. | Dovish | fomc |
I will then discuss the prospects for adjusting monetary policy in the manner needed to sustain a strong 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 |
Foreign economic growth declined in the second 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. | Neutral | fomc |
In the context of the Committee's long-run objectives for price stability and sustainable economic growth, and giving careful consider- ation to economic, financial, and monetary developments, a somewhat higher federal funds rate would or a slightly lower federal funds rate might be acceptable 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. | Neutral | fomc |
Yields on nominal Treasury coupon securities declined over the intermeeting period while yields on inflation-indexed Treasury securities were roughly unchanged, which left inflation compensation noticeably 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. | Dovish | fomc |
If you look at the number of job openings compared to the number of unemployed, it’s—we’re, we’re clearly on a path to a very strong labor market with high participation, low unemployment, high employment, wages moving up across the spectrum. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 risks to the forecast for real GDP were seen as tilted to the downside, reflecting the staff's assessment that monetary policy appeared to be better positioned to offset large positive shocks than substantial adverse ones. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Mr. Broaddus dissented because he continued to believe that a modest tightening of policy would be prudent in light of the apparent persisting strength in aggregate demand for goods and services. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Recent data on core consumer prices led the staff to mark down slightly its forecast for core PCE 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 |
But, certainly, we’ve had a lot of years in which interest rates have been 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. | Neutral | fomc |
I don’t know that demand for reserves has risen over the past 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 |
They also agreed that the war and related events were creating additional upward pressure on inflation and were weighing on global 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. | Hawkish | fomc |
On average, over the period from November 2020 to January 2021, the fraction of prime-age women with children aged 6 to 17 who were out of the labor force for caregiving had increased by 2.4 percentage points from a year earlier, while for men the fraction had increased by about 0.6 percentage point.5 If not soon reversed, the decline in the participation rate for prime‑age women could have scarring effects, with longer-term implications for household incomes and potential growth.6 Roughly 90 percent of the shortfall in private payroll employment relative to the pre-COVID level is concentrated in service-providing industries, with half of these service job losses in leisure and hospitality. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 information helps Committee members deduce how their own actions and statements are likely to affect asset prices and yields. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Higher productivity growth has apparently increased aggregate demand through at least three channels. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 severity of the 1981-82 recession, the worst of the postwar period, clearly illustrates the danger of letting inflation get out of control. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
I would further say that I think it’s important to emphasize that we’re not going to mechanically take the interest rate projections that participants provide and just build policy off of 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 extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Finally, while my assessment of maximum employment incorporates a wide range of indicators to assess the state of the labor market—including indicators of labor compensation, productivity, and price-cost markups—the employment data I look at, such as the Kansas City Fed's Labor Market Conditions Indicators, are historically highly correlated with the unemployment rate.8 My expectation today is that the labor market by the end of 2022 will have reached my assessment of maximum employment if the unemployment rate has declined by then to the SEP median of modal projections of 3.8 percent. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
But the advent of the war has led to a significant hit to real incomes from large price increases in energy and other commodities in some of the most severely affected economies. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 external sector was projected to continue to support domestic economic activity throughout the forecast 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 |
But even this relation--between the unemployment rate and the concept of economic slack--is not necessarily constant, and thus a given unemployment rate may not indicate the same level of slack at two separate times. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 food prices were little changed in August. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Moreover, the expected strength in aggregate demand would curb the extent of disinflation 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 |
The first round of the three-month U. S. dollar auctions that major foreign central banks announced on September 15 was held in October; demand was quite limited, and only the European Central Bank (ECB) drew on its swap line with the Federal Reserve. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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's June projections for the unemployment rate, real GDP growth, and inflation over the next few years were all a little lower, on balance, than those in its March forecast. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
All members agreed that the statement to be released after the meeting should convey that inflation risks remained dominant and that consequently keeping policy unchanged at this meeting did not necessarily mark the end of the tightening cycle. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
An anticipated sharp slowdown in the pace of inventory accumulation also would damp domestic production as the growth of stocks was brought into balance with the expected more moderate trajectory of final sales. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
Reserve balances are one among several items on the liability side of the Federal Reserve's balance sheet, and demand for these liabilities—notably, currency in circulation—grows 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 |
If, in their quest to reduce macroeconomic risk, policymakers overshoot and ease policy too much, they need to be willing to expeditiously remove at least part of that ease before inflationary pressures become a threat. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
But an intriguing alternative is to set a target for the price level. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Nonetheless, on balance, most members currently considered the upside risks to inflation to be a bit less pressing than those on the downside for the next few quarters. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 guidance on asset purchases, introduced in December, commits us to increasing our holdings of securities at least at the current pace until substantial further progress has been made toward 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. | Dovish | 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 |
That is a positive for growth. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 near term, 12-month measures of PCE inflation are expected to move above 2 percent as the very low readings from early in the pandemic fall out of the calculation and past increases in oil prices pass through to consumer energy prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Hawkish | fomc |
Participants' Views on Current Conditions and the Economic Outlook In their discussion of the economic situation and the outlook, meeting participants saw the information received over the intermeeting period as suggesting that labor market conditions had improved further in late 2015 even as economic growth slowed. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 public expects that inflation will remain low and stable over time, then, absent major shocks, it likely will. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
Some business executives reportedly believed that, with aggregate demand expanding robustly and the lower foreign exchange value of the dollar putting upward pressure on import prices, a degree of "pricing power" had returned. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 external sector was expected to exert a small restraining influence on economic activity over the projection 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 |
Notably, if people feel sure that inflation will remain well controlled, they will be more restrained in their wage-setting and pricing behavior, which (in something of a virtuous circle) makes it easier for the Federal Reserve to confirm their expectations by keeping inflation 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. | Hawkish | fomc |
Projections of the rate of inflation, as measured by the consumer price index, had a central tendency of 1-3/4 to 2-1/4 percent, on the high side of the outcome for 1997 when the rise in the index was held down by damped increases in food prices and declines in energy prices. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding to tightening of the monetary policy, DOVISH if it is corresponding to easing of the monetary policy, or NEUTRAL if the stance is neutral. | Neutral | fomc |
But is it really true that prices are more responsive to productivity than wages? | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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, a few participants expressed concern that higher household wealth might not translate into greater consumer spending, cautioning that household income growth remained slow, that households might not treat the additions to wealth arising from recent equity price increases as lasting, or that households' scope to extract housing equity for the purpose of increasing their expenditures was less than in the past. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
subsequently moved up against the backdrop of an improving global growth outlook, higher commodity prices, depreciation of the dollar, and the stronger-than-expected reading on core inflation in the December CPI release. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |
It also affects stock 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 |
Many expected those conditions to be met later this year, although several members were concerned about downside risks to the outlook for real 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. | Dovish | fomc |
At the same time, an acceleration in productivity also appears to have a direct disinflationary effect. | You are an expert financial analyst. Classify the following sentence from FOMC into ‘HAWKISH’, ‘DOVISH’, or ‘NEUTRAL’ class. Label HAWKISH if it is corresponding 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 |