hackingthemarkets · December 28, 2022 22:56
diff --git a/fed-speech.csv b/fed-speech.csv
diff --git a/words.csv b/words.csv
 text
 "red"
 "potatoes"
 "soda"
 "cheese"
 "water"
 "blue"
 "crispy"
 "hamburger"
 "coffee"
 "green"
 "milk"
 "la croix"
 "yellow"
 "chocolate"
 "french fries"
 "latte"
 "cake"
 "brown"
 "cheeseburger"
 "espresso"
 "cheesecake"
 "black"
 "mocha"
 "fizzy"
 "carbon"
 "banana"
	text
	Good afternoon
	My colleagues and I are strongly committed to bringing inflation back down to our 2% goal
	We have both the tools that we need and the resolve it will take to restore price stability on behalf of American families and businesses
	Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy
	Without price stability, the economy does not work for anyone
	In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all
	Today, the FOMC raised our policy interest rate by 75 basis points and we continue to anticipate that ongoing increases will be appropriate
	We are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%
	In addition, we are continuing the process of significantly reducing the size of our balance sheet
	Restoring price stability will likely require maintaining a restrictive stance of policy for some time
	I will have more to say about today's monetary policy actions after briefly reviewing economic developments
	The U.S economy has slowed significantly from last year's rapid pace
	Real GDP rose at a pace of 2.6% last quarter but is unchanged so far this year
	Recent indicators point to modest growth of spending and production this quarter
	Growth in consumer spending has slowed from last year's rapid pace in part reflecting lower real disposable income and tighter financial conditions
	Activity in the housing sector has weakened significantly, largely reflecting higher mortgage rates
	Higher interest rates and slower output growth also appear to be weighing on business fixed investment
	Despite the slowdown in growth, the labor market remains extremely tight with the unemployment rate at a 50-year low
	Job vacancies still very high and wage growth elevated
	Job gains have been robust with employment rising by an average of 289,000 jobs per month over August and September
	Although job vacancies have moved below their highs and the pace of job gains has slowed from earlier in the year, the labor market continues to be out of balance, with demand substantially exceeding the supply of available workers
	The labor force participation rate is little changed since the beginning of the year
	Inflation remains well above our longer run goal of 2%
	Over the 12 months ending in September, total PCE prices rose at 6.2%, excluding the volatile food and energy categories, core PCE prices rose at 5.1%
	The recent inflation data again have come in higher than expected
	Price pressures remained evident across a broad range of goods and services
	Russia's war against Ukraine has boosted prices for energy and food and has created additional upward pressure on inflation
	Despite elevated inflation, longer term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets
	That is not grounds for complacency
	The longer the current amount of high inflation continues, the greater the chance that expectations of higher inflation will become entrenched
	The Fed's monetary policy actions are guided by our mandate to promote maximum employment and stable prices for the American people
	My colleagues and I are acutely aware that high inflation imposes significant hardship and is at erode's purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation
	We are highly attentive to the risks that high inflation poses to both sides of our mandate, and we're strongly committed to returning inflation to our 2% objective
	At today's meeting, the committee raised the target range for the federal funds rate by 75 basis points, and we are continuing the process of significantly reducing the size of our balance sheet, which plays an important role in firming the stance of monetary policy
	With today's action, we've raised interest rates by 3 and 3-quarters percentage points this year
	We anticipate that ongoing increases in the target range for the federal funds rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time
	Financial conditions have tightened significantly in response to our policy actions, and we are seeing the effects on demand in the most interest rate sensitive sectors of the economy, such as housing
	It will take time, however, for the full effects of monetary restraint to be realized, especially on inflation
	That's why we say in our statement that in determining the pace of future increases in the target range, we will take into account the cumulative tightening of monetary policy and the lags with which monetary policy affects economic activity and inflation
	At some point, as I've said in the last two press conferences, it will become appropriate to slow the pace of increases, as we approach the level of interest rates that will be sufficiently restrictive to bring inflation down to our 2% goal
	There is significant uncertainty around that level of interest rates
	Even so, we still have some ways to go, and incoming data since our last meeting suggests that the ultimate level of interest rates will be higher than previously expected
	Our decisions will depend on the totality of incoming data and their implications for the outlook for economic activity and inflation
	We will continue to make our decisions meeting by being and communicate our thinking as clearly as possible
	We're taking forceful steps to moderate demand so that it comes into better alignment with supply
	Our overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer term inflation expectations well anchored
	Reducing inflation is likely to require a sustained period of below trend growth and some softening of labor market conditions
	Restoring price stability is essential to set the stage for achieving maximum employment and stable prices in the longer run
	The historical record caution strongly against prematurely loosening policy
	We will stay the course until the job is done
	To conclude, we understand that our actions affect communities, families and businesses across the country
	Everything we do is in service to our public mission
	We at the Fed will do everything we can to achieve our maximum employment and price stability goals
	Thank you and I look forward to your questions.
	text
	"red"
	"potatoes"
	"soda"
	"cheese"
	"water"
	"blue"
	"crispy"
	"hamburger"
	"coffee"
	"green"
	"milk"
	"la croix"
	"yellow"
	"chocolate"
	"french fries"
	"latte"
	"cake"
	"brown"
	"cheeseburger"
	"espresso"
	"cheesecake"
	"black"
	"mocha"
	"fizzy"
	"carbon"
	"banana"