gtfintechlab/czech_national_bank · Datasets at Hugging Face

sentences stringlengths 26 417	certain_label stringclasses 2 values	stance_label stringclasses 4 values	time_label stringclasses 2 values	__index_level_0__ int64 0 499
both headline and monetary policy-relevant inflation would increase further into the upper half of the tolerance band around the cnbs target	certain	hawkish	forward looking	186
information from the wage area confirmed that substantial changes would occur this year in comparison to 1999	certain	neutral	not forward looking	222
monthly indicators, on the other hand, pointed to a reduction in the risk associated with domestic demand pressures	certain	dovish	forward looking	162
the board considered whether a revision could also be expected for the 2012 figures currently indicating a sizeable fall in consumption	uncertain	dovish	forward looking	350
in august, however, it had been one percentage point higher than forecasted	certain	neutral	not forward looking	87
contrary to expectations, there was a more substantial seasonal decline in food prices in july	certain	dovish	not forward looking	57
during the discussion, board members agreed on the importance of guarding against inadequate appreciation of the korunas nominal exchange rate	certain	hawkish	forward looking	164
marek mora assessed the labour market situation as still robust	certain	neutral	not forward looking	472
nonetheless, it was also said that although the higher annual inflation observed in may represented an upside risk to inflation, its effect on future fulfilment of the inflation target should not be overestimated	uncertain	neutral	not forward looking	90
among them, tomáš holub mentioned the current decline in the price of crude oil on global markets and, in the longer run, the effect of the feds tightening, which would dampen demand, and the future consolidation of public budgets	uncertain	hawkish	forward looking	331
in comparison to the forecast from the october situational report, this would probably generate a decline in inflation within one to twelve months	uncertain	dovish	forward looking	433
the board also decided to lower the lombard rate from 23 to 19 effective 23 january	certain	dovish	not forward looking	263
the majority of the members agreed that the balance of risks was tilted towards the upside	certain	hawkish	forward looking	250
the board defined three stages of inflation development	certain	neutral	not forward looking	354
by contrast, the other gdp components had risen faster than forecasted	certain	hawkish	not forward looking	236
after the sharp rate cuts last year, it was not possible to immediately assess the overall impact of monetary policy measures	uncertain	neutral	not forward looking	29
within a short period of time, the average price of ural oil could be expected to move at least 10 above the current estimates	uncertain	hawkish	forward looking	328
tomáš nidetzký pointed out that the first signs of a deterioration in consumer and investment sentiment were already appearing, and the monetary policy question was whether, given the length of the transmission mechanism, it still made sense to respond with another sizeable rate hike	uncertain	dovish	forward looking	32
a sharp rise in interest rates on loans for operational financing and constraints on the availability of such loans would lead to a deterioration in the financial situation of corporations	certain	dovish	forward looking	287
the board stated that the downward shift in the forecast for both headline inflation and monetary-policy relevant inflation primarily reflected the subdued inflation in the euro area	certain	dovish	not forward looking	215
however, it was also said several times that a return to higher margins was possible as soon as the economy began to recover more quickly and that this possibility should be viewed as an upside risk to inflation	certain	hawkish	forward looking	191
the impact of relatively rapid m2 growth was also included among the risks to the forecast	uncertain	hawkish	forward looking	114
it was said that over the past year inflation in the czech republic had picked up much more than in numerous developing economies and in the euro area or the usa	certain	hawkish	not forward looking	446
by contrast, karina kubelková regarded keeping interest rates unchanged as a justified and defendable step in the current situation of extreme uncertainty, with no loss of central bank credibility	certain	neutral	not forward looking	207
the board assessed the risks and uncertainties of the winter forecast as being markedly inflationary, especially in the short run	certain	hawkish	forward looking	466
in addition to the baseline scenario, two alternative scenarios were also included in the situational report	certain	neutral	not forward looking	93
growth in domestic costs would record a further short-term increase owing to labour market tightness	certain	hawkish	not forward looking	75
two members, marek mora and tomáš holub, voted for increasing rates by one percentage point	certain	hawkish	not forward looking	16
on the one hand, there was an opinion that this deviation was not particularly significant, as it was due mainly to the evolution of traditionally volatile food prices	certain	dovish	not forward looking	428
against this, eva zamrazilová pointed out that the inflation figure for october, to be published on friday 10 november, would be higher than the september reading mainly because of the technical effect of last years reduced base	uncertain	hawkish	forward looking	98
the newly available data for 2003 indicated that fiscal policys growth input was lower than originally expected	certain	dovish	not forward looking	448
given these conditions, the discussions that followed were focused on continued support of economic growth and improving the financial situation in the business sector	uncertain	dovish	forward looking	26
in the second half of next year, inflation would return close to the 2 target	certain	neutral	forward looking	60
opinions were also expressed that this was not a sufficient reason for leaving rates at their present level, as the interest rate reduction under discussion did not pose a risk of excessive credit growth	uncertain	dovish	forward looking	61
with regard to these scenarios, a majority of the board members said repeatedly that following the unprecedentedly large contraction recorded in the current quarter, there was considerable uncertainty associated with the assumptions made about the form and timing of the subsequent phase of renewed economic growth	uncertain	neutral	forward looking	177
in this regard, jan procházka noted that wages were a fundamental cost item in services, so their expected growth to make up for the loss of real purchasing power in recent years was associated with a risk of further transmission of rising wage costs to end prices	uncertain	hawkish	not forward looking	103
the board went on to discuss domestic economic activity	certain	neutral	not forward looking	464
some of the board members pointed to the fact that wage growth was strong and robust despite showing lower-than-forecasted growth	uncertain	neutral	not forward looking	260
there was a consensus on the need to reduce rates by more than the standard step of 0.25 percentage point	certain	hawkish	not forward looking	436
in this context, it was also said that the expected effect of foreign inflation on domestic inflation would be negative this year	certain	dovish	forward looking	6
in the discussion of the effectiveness of interest rate transmission, it was said that other central banks, for instance those in the usa and the euro area, had sharply lowered interest rates partly because of problems with financial stability in their economies	certain	dovish	not forward looking	267
cnb board members agreed that at this time, there is a reasonably large amount of room for cutting interest rates	certain	dovish	forward looking	46
it was stated that current consumer prices, which had increased 0.6 year-on-year in august, corresponded to the cnbs inflation forecast	certain	neutral	not forward looking	15
by contrast, tomáš holub labelled the inflationary risks of the forecast connected with fiscal policy and its effect on money growth as minor	certain	dovish	not forward looking	377
at the close of the meeting, the board decided by a majority vote to leave the cnb two-week repo rate at its current level	certain	neutral	not forward looking	5
in addition, interest rates on client loans where in some cases rising, and this was tightening the monetary conditions	certain	hawkish	not forward looking	444
in 2007, therefore, the economy would grow at a faster pace than the expected rate of growth of potential output	uncertain	hawkish	forward looking	352
two options were explored a lowering the base rates by 2 and the repo rate by 1, b lowering the base rates by 3 and the repo rate by 1.5	uncertain	neutral	not forward looking	349
this indicated that the monetary conditions were sufficiently easy	certain	dovish	not forward looking	48
the approval of the public finance reform was new information	certain	irrelevant	not forward looking	256

both headline and monetary policy-relevant inflation would increase further into the upper half of the tolerance band around the cnbs target

certain

hawkish

forward looking

186

information from the wage area confirmed that substantial changes would occur this year in comparison to 1999

certain

neutral

not forward looking

222

monthly indicators, on the other hand, pointed to a reduction in the risk associated with domestic demand pressures

certain

dovish

forward looking

162

the board considered whether a revision could also be expected for the 2012 figures currently indicating a sizeable fall in consumption

uncertain

dovish

forward looking

350

in august, however, it had been one percentage point higher than forecasted

certain

neutral

not forward looking

87

contrary to expectations, there was a more substantial seasonal decline in food prices in july

certain

dovish

not forward looking

57

during the discussion, board members agreed on the importance of guarding against inadequate appreciation of the korunas nominal exchange rate

certain

hawkish

forward looking

164

marek mora assessed the labour market situation as still robust

certain

neutral

not forward looking

472

nonetheless, it was also said that although the higher annual inflation observed in may represented an upside risk to inflation, its effect on future fulfilment of the inflation target should not be overestimated

uncertain

neutral

not forward looking

90

among them, tomáš holub mentioned the current decline in the price of crude oil on global markets and, in the longer run, the effect of the feds tightening, which would dampen demand, and the future consolidation of public budgets

uncertain

hawkish

forward looking

331

in comparison to the forecast from the october situational report, this would probably generate a decline in inflation within one to twelve months

uncertain

dovish

forward looking

433

the board also decided to lower the lombard rate from 23 to 19 effective 23 january

certain

dovish

not forward looking

263

the majority of the members agreed that the balance of risks was tilted towards the upside

certain

hawkish

forward looking

250

the board defined three stages of inflation development

certain

neutral

not forward looking

354

by contrast, the other gdp components had risen faster than forecasted

certain

hawkish

not forward looking

236

after the sharp rate cuts last year, it was not possible to immediately assess the overall impact of monetary policy measures

uncertain

neutral

not forward looking

29

within a short period of time, the average price of ural oil could be expected to move at least 10 above the current estimates

uncertain

hawkish

forward looking

328

tomáš nidetzký pointed out that the first signs of a deterioration in consumer and investment sentiment were already appearing, and the monetary policy question was whether, given the length of the transmission mechanism, it still made sense to respond with another sizeable rate hike

uncertain

dovish

forward looking

32

a sharp rise in interest rates on loans for operational financing and constraints on the availability of such loans would lead to a deterioration in the financial situation of corporations

certain

dovish

forward looking

287

the board stated that the downward shift in the forecast for both headline inflation and monetary-policy relevant inflation primarily reflected the subdued inflation in the euro area

certain

dovish

not forward looking

215

however, it was also said several times that a return to higher margins was possible as soon as the economy began to recover more quickly and that this possibility should be viewed as an upside risk to inflation

certain

hawkish

forward looking

191

the impact of relatively rapid m2 growth was also included among the risks to the forecast

uncertain

hawkish

forward looking

114

it was said that over the past year inflation in the czech republic had picked up much more than in numerous developing economies and in the euro area or the usa

certain

hawkish

not forward looking

446

by contrast, karina kubelková regarded keeping interest rates unchanged as a justified and defendable step in the current situation of extreme uncertainty, with no loss of central bank credibility

certain

neutral

not forward looking

207

the board assessed the risks and uncertainties of the winter forecast as being markedly inflationary, especially in the short run

certain

hawkish

forward looking

466

in addition to the baseline scenario, two alternative scenarios were also included in the situational report

certain

neutral

not forward looking

93

growth in domestic costs would record a further short-term increase owing to labour market tightness

certain

hawkish

not forward looking

75

two members, marek mora and tomáš holub, voted for increasing rates by one percentage point

certain

hawkish

not forward looking

16

on the one hand, there was an opinion that this deviation was not particularly significant, as it was due mainly to the evolution of traditionally volatile food prices

certain

dovish

not forward looking

428

against this, eva zamrazilová pointed out that the inflation figure for october, to be published on friday 10 november, would be higher than the september reading mainly because of the technical effect of last years reduced base

uncertain

hawkish

forward looking

98

the newly available data for 2003 indicated that fiscal policys growth input was lower than originally expected

certain

dovish

not forward looking

448

given these conditions, the discussions that followed were focused on continued support of economic growth and improving the financial situation in the business sector

uncertain

dovish

forward looking

26

in the second half of next year, inflation would return close to the 2 target

certain

neutral

forward looking

60

opinions were also expressed that this was not a sufficient reason for leaving rates at their present level, as the interest rate reduction under discussion did not pose a risk of excessive credit growth

uncertain

dovish

forward looking

61

with regard to these scenarios, a majority of the board members said repeatedly that following the unprecedentedly large contraction recorded in the current quarter, there was considerable uncertainty associated with the assumptions made about the form and timing of the subsequent phase of renewed economic growth

uncertain

neutral

forward looking

177

in this regard, jan procházka noted that wages were a fundamental cost item in services, so their expected growth to make up for the loss of real purchasing power in recent years was associated with a risk of further transmission of rising wage costs to end prices

uncertain

hawkish

not forward looking

103

the board went on to discuss domestic economic activity

certain

neutral

not forward looking

464

some of the board members pointed to the fact that wage growth was strong and robust despite showing lower-than-forecasted growth

uncertain

neutral

not forward looking

260

there was a consensus on the need to reduce rates by more than the standard step of 0.25 percentage point

certain

hawkish

not forward looking

436

in this context, it was also said that the expected effect of foreign inflation on domestic inflation would be negative this year

certain

dovish

forward looking

6

in the discussion of the effectiveness of interest rate transmission, it was said that other central banks, for instance those in the usa and the euro area, had sharply lowered interest rates partly because of problems with financial stability in their economies

certain

dovish

not forward looking

267

cnb board members agreed that at this time, there is a reasonably large amount of room for cutting interest rates

certain

dovish

forward looking

46

it was stated that current consumer prices, which had increased 0.6 year-on-year in august, corresponded to the cnbs inflation forecast

certain

neutral

not forward looking

15

by contrast, tomáš holub labelled the inflationary risks of the forecast connected with fiscal policy and its effect on money growth as minor

certain

dovish

not forward looking

377

at the close of the meeting, the board decided by a majority vote to leave the cnb two-week repo rate at its current level

certain

neutral

not forward looking

5

in addition, interest rates on client loans where in some cases rising, and this was tightening the monetary conditions

certain

hawkish

not forward looking

444

in 2007, therefore, the economy would grow at a faster pace than the expected rate of growth of potential output

uncertain

hawkish

forward looking

352

two options were explored a lowering the base rates by 2 and the repo rate by 1, b lowering the base rates by 3 and the repo rate by 1.5

uncertain

neutral

not forward looking

349

this indicated that the monetary conditions were sufficiently easy

certain

dovish

not forward looking

48

the approval of the public finance reform was new information

certain

irrelevant

not forward looking

256