something-with-pinecone.ipynb

{
 "cells": [
  {
   "cell_type": "code",
   "execution_count": 1,
   "metadata": {},
   "outputs": [],
   "source": [
    "import os \n",
    "import warnings \n",
    "from dotenv import load_dotenv \n",
    "\n",
    "load_dotenv() \n",
    "\n",
    "PINECONE_API_KEY = os.getenv(\"PINECONE_API_KEY\") \n",
    "OPENAI_API_KEY = os.getenv(\"OPENAI_API_KEY\")\n",
    "\n",
    "warnings.filterwarnings('ignore')"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 2,
   "metadata": {},
   "outputs": [],
   "source": [
    "import pymupdf # imports the pymupdf library\n",
    "def load_pdf_file(filename: str): \n",
    "    doc = pymupdf.open(filename)  # Open a document \n",
    "    doc_contents = []\n",
    "    for page in doc:  # Iterate the document pages \n",
    "        text = page.get_text()  \n",
    "        doc_contents.append(text) \n",
    "    doc_contents = \"\\n\".join(doc_contents) \n",
    "    return doc_contents\n",
    "doc_contents = load_pdf_file(\"data/fomcminutes20240612.pdf\")"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 3,
   "metadata": {},
   "outputs": [
    {
     "data": {
      "text/plain": [
       "[Document(page_content='Minutes of the Federal Open Market Committee \\nJune 11–12, 2024'),\n",
       " Document(page_content='A joint meeting of the Federal Open Market Committee'),\n",
       " Document(page_content='and the Board of Governors of the Federal Reserve Sys-'),\n",
       " Document(page_content='tem was held in the offices of the Board of Governors'),\n",
       " Document(page_content='on Tuesday, June 11, 2024, at 10:30 a.m. and continued \\non Wednesday, June 12, 2024, at 9:15 a.m.1'),\n",
       " Document(page_content='Attendance \\nJerome H. Powell, Chair \\nJohn C. Williams, Vice Chair \\nThomas I. Barkin'),\n",
       " Document(page_content='Michael S. Barr \\nRaphael W. Bostic \\nMichelle W. Bowman \\nLisa D. Cook \\nMary C. Daly'),\n",
       " Document(page_content='Philip N. Jefferson \\nAdriana D. Kugler \\nLoretta J. Mester \\nChristopher J. Waller'),\n",
       " Document(page_content='Susan M. Collins, Austan D. Goolsbee, Alberto G. \\nMusalem, and Jeffrey R. Schmid, Alternate'),\n",
       " Document(page_content='Members of the Committee \\nPatrick Harker, Neel Kashkari, and Lorie K. Logan,'),\n",
       " Document(page_content='Presidents of the Federal Reserve Banks of \\nPhiladelphia, Minneapolis, and Dallas, respectively'),\n",
       " Document(page_content='Joshua Gallin, Secretary \\nMatthew M. Luecke, Deputy Secretary \\nBrian J. Bonis, Assistant Secretary'),\n",
       " Document(page_content='Michelle A. Smith, Assistant Secretary \\nMark E. Van Der Weide, General Counsel'),\n",
       " Document(page_content='Richard Ostrander, Deputy General Counsel \\nTrevor A. Reeve, Economist \\nStacey Tevlin,2 Economist'),\n",
       " Document(page_content='Beth Anne Wilson, Economist \\nShaghil Ahmed, Kartik B. Athreya, James A. Clouse,'),\n",
       " Document(page_content='Brian M. Doyle, Edward S. Knotek II, David E. \\nLebow, Paula Tkac, and William Wascher,'),\n",
       " Document(page_content='Associate Economists \\nRoberto Perli, Manager, System Open Market Account'),\n",
       " Document(page_content='1 The Federal Open Market Committee is referenced as the'),\n",
       " Document(page_content='“FOMC” and the “Committee” in these minutes; the Board'),\n",
       " Document(page_content='of Governors of the Federal Reserve System is referenced as \\nthe “Board” in these minutes.'),\n",
       " Document(page_content='2 Attended Tuesday’s session only. \\nJulie Ann Remache, Deputy Manager, System Open \\nMarket Account'),\n",
       " Document(page_content='Stephanie R. Aaronson, Senior Associate Director, \\nDivision of Research and Statistics, Board'),\n",
       " Document(page_content='Jose Acosta, Senior System Administrator II, Division \\nof Information Technology, Board'),\n",
       " Document(page_content='Roc Armenter, Executive Vice President, Federal \\nReserve Bank of Philadelphia'),\n",
       " Document(page_content='Ayelen Banegas, Principal Economist, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Michele Cavallo, Principal Economist, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Stephanie E. Curcuru, Deputy Director, Division of \\nInternational Finance, Board'),\n",
       " Document(page_content='Stefania D’Amico,3 Senior Economist and Research \\nAdvisor, Federal Reserve Bank of Chicago'),\n",
       " Document(page_content='Ryan Decker, Special Adviser to the Board, Division of \\nBoard Members, Board'),\n",
       " Document(page_content='Rochelle M. Edge, Deputy Director, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Eric M. Engen, Senior Associate Director, Division of \\nResearch and Statistics, Board'),\n",
       " Document(page_content='Michele Taylor Fennell,4 Deputy Associate Secretary, \\nOffice of the Secretary, Board'),\n",
       " Document(page_content='Glenn Follette, Associate Director, Division of \\nResearch and Statistics, Board'),\n",
       " Document(page_content='Jenn Gallagher, Assistant to the Board, Division of \\nBoard Members, Board'),\n",
       " Document(page_content='Carlos Garriga, Senior Vice President, Federal Reserve \\nBank of St. Louis'),\n",
       " Document(page_content='Michael S. Gibson, Director, Division of Supervision \\nand Regulation, Board'),\n",
       " Document(page_content='David Glancy, Principal Economist, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='3 Attended through the discussion of developments in finan-'),\n",
       " Document(page_content='cial markets and open market operations.'),\n",
       " Document(page_content='4 Attended the discussion of the economic and financial situ-\\nation only.'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Page 1'),\n",
       " Document(page_content='Francois J. Gourio, Senior Economist and Economic \\nAdvisor, Federal Reserve Bank of Chicago'),\n",
       " Document(page_content='Olesya Grishchenko, Principal Economist, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Christopher J. Gust, Associate Director, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Valerie S. Hinojosa, Section Chief, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Jasper J. Hoek, Deputy Associate Director, Division of \\nInternational Finance, Board'),\n",
       " Document(page_content='Sara J. Hogan,3 Senior Financial Institution Policy'),\n",
       " Document(page_content='Analyst I, Division of Reserve Bank Operations \\nand Payment Systems, Board'),\n",
       " Document(page_content='Jane E. Ihrig, Special Adviser to the Board, Division of \\nBoard Members, Board'),\n",
       " Document(page_content='Michael T. Kiley, Deputy Director, Division of \\nFinancial Stability, Board'),\n",
       " Document(page_content='Don H. Kim,3 Senior Adviser, Division of Monetary \\nAffairs, Board'),\n",
       " Document(page_content='Andreas Lehnert, Director, Division of Financial \\nStability, Board'),\n",
       " Document(page_content='Paul Lengermann, Deputy Associate Director, Division \\nof Research and Statistics, Board'),\n",
       " Document(page_content='Kurt F. Lewis, Special Adviser to the Chair, Division of \\nBoard Members, Board'),\n",
       " Document(page_content='Dan Li, Assistant Director, Division of Monetary \\nAffairs, Board'),\n",
       " Document(page_content='Laura Lipscomb, Special Adviser to the Board, \\nDivision of Board Members, Board'),\n",
       " Document(page_content='David López-Salido, Senior Associate Director, \\nDivision of Monetary Affairs, Board'),\n",
       " Document(page_content='Thomas Lubik, Senior Advisor, Federal Reserve Bank \\nof Richmond'),\n",
       " Document(page_content='Benjamin Malin, Vice President, Federal Reserve Bank \\nof Minneapolis'),\n",
       " Document(page_content='Benjamin W. McDonough, Deputy Secretary and \\nOmbudsman, Office of the Secretary, Board'),\n",
       " Document(page_content='Karel Mertens, Senior Vice President, Federal Reserve \\nBank of Dallas'),\n",
       " Document(page_content='Michelle M. Neal, Head of Markets, Federal Reserve \\nBank of New York'),\n",
       " Document(page_content='5 Attended through the discussion of the economic and finan-\\ncial situation.'),\n",
       " Document(page_content='Edward Nelson, Senior Adviser, Division of Monetary \\nAffairs, Board'),\n",
       " Document(page_content='Alyssa O’Connor, Special Adviser to the Board, \\nDivision of Board Members, Board'),\n",
       " Document(page_content='Matthias Paustian, Assistant Director, Division of \\nResearch and Statistics, Board'),\n",
       " Document(page_content='Karen M. Pence, Deputy Associate Director, Division \\nof Research and Statistics, Board'),\n",
       " Document(page_content='Karen A. Pennell, First Vice President, Federal Reserve \\nBank of Boston'),\n",
       " Document(page_content='Damjan Pfajfar, Group Manager, Division of Monetary \\nAffairs, Board'),\n",
       " Document(page_content='Eugenio P. Pinto, Special Adviser to the Board, \\nDivision of Board Members, Board'),\n",
       " Document(page_content='Odelle Quisumbing,5 Assistant to the Secretary, Office \\nof the Secretary, Board'),\n",
       " Document(page_content='Gisela Rua, Principal Economist, Division of Research \\nand Statistics, Board'),\n",
       " Document(page_content='Achilles Sangster II, Senior Information Manager, \\nDivision of Monetary Affairs, Board'),\n",
       " Document(page_content='A. Lee Smith, Senior Vice President, Federal Reserve\\nBank of Kansas City'),\n",
       " Document(page_content='Robert G. Valletta, Senior Vice President, Federal \\nReserve Bank of San Francisco'),\n",
       " Document(page_content='Francisco Vazquez-Grande, Group Manager, Division \\nof Monetary Affairs, Board'),\n",
       " Document(page_content='Clara Vega, Special Adviser to the Board, Division of \\nBoard Members, Board'),\n",
       " Document(page_content='Annette Vissing-Jørgensen, Senior Adviser, Division of \\nMonetary Affairs, Board'),\n",
       " Document(page_content='Jeffrey D. Walker,3 Associate Director, Division of \\nReserve Bank Operations and Payment Systems,'),\n",
       " Document(page_content='Board \\nPaul R. Wood, Special Adviser to the Board, Division \\nof Board Members, Board'),\n",
       " Document(page_content='Egon Zakrajsek, Executive Vice President, Federal \\nReserve Bank of Boston'),\n",
       " Document(page_content='Rebecca Zarutskie, Special Adviser to the Board, \\nDivision of Board Members, Board \\nPage 2'),\n",
       " Document(page_content='Federal Open Market Committee'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Developments in Financial Markets and Open \\nMarket Operations'),\n",
       " Document(page_content='The manager turned first to a review of developments in'),\n",
       " Document(page_content='financial markets.  Financial conditions eased modestly'),\n",
       " Document(page_content='over the intermeeting period mainly because of higher'),\n",
       " Document(page_content='equity prices.  Taking a somewhat longer perspective,'),\n",
       " Document(page_content='the manager noted that financial conditions had changed'),\n",
       " Document(page_content='little since March but eased notably since the fall.  The'),\n",
       " Document(page_content='main drivers of that easing were again higher equity'),\n",
       " Document(page_content='prices, which appeared to respond to the reductions in'),\n",
       " Document(page_content='the perceived odds of a recession, and a consensus'),\n",
       " Document(page_content='among market participants that the federal funds rate has'),\n",
       " Document(page_content='reached its peak.  Nominal Treasury yields declined'),\n",
       " Document(page_content='moderately across the curve, on net, but continued to be'),\n",
       " Document(page_content='very sensitive to incoming data surprises, especially'),\n",
       " Document(page_content='those pertaining to inflation and the labor market.  The'),\n",
       " Document(page_content='net decline in nominal yields over the period was primar-'),\n",
       " Document(page_content='ily due to lower real yields.  Inflation compensation also'),\n",
       " Document(page_content='fell somewhat, especially at shorter horizons.  Longer-'),\n",
       " Document(page_content='term inflation expectations remained well anchored.'),\n",
       " Document(page_content='The manager turned next to policy rate expectations.'),\n",
       " Document(page_content='The path of the federal funds rate implied by futures'),\n",
       " Document(page_content='prices shifted a bit lower over the intermeeting period'),\n",
       " Document(page_content='and indicated one and one-half 25 basis point cuts by'),\n",
       " Document(page_content='year-end.  This shift appeared to reflect mostly changes'),\n",
       " Document(page_content='in perceived risks rather than base-case expectations be-'),\n",
       " Document(page_content='cause the modal path implied by options was virtually'),\n",
       " Document(page_content='unchanged and remained consistent with, at most, one'),\n",
       " Document(page_content='cut this year.  The median of modal paths of the federal'),\n",
       " Document(page_content='funds rate obtained from the Open Market Desk’s Sur-'),\n",
       " Document(page_content='vey of Primary Dealers and Survey of Market Partici-'),\n",
       " Document(page_content='pants—taken before the May employment report—was \\nalso little changed.'),\n",
       " Document(page_content='The manager then discussed expectations regarding bal-'),\n",
       " Document(page_content='ance sheet policy.  Responses to the Desk surveys'),\n",
       " Document(page_content='showed a median expected timing for the end of balance'),\n",
       " Document(page_content='sheet runoff of April 2025, one month later than in the'),\n",
       " Document(page_content='previous surveys, though individual respondents’ views'),\n",
       " Document(page_content='of the exact timing remained dispersed.  Respondents’'),\n",
       " Document(page_content='expectations about the size of the portfolio at the end of'),\n",
       " Document(page_content='runoff had changed little in recent surveys. \\nIn international developments, the European Central'),\n",
       " Document(page_content='Bank (ECB) and the Bank of Canada (BOC) initiated'),\n",
       " Document(page_content='rate-cutting cycles this period, as generally expected.'),\n",
       " Document(page_content='Market participants reportedly had not expected easing'),\n",
       " Document(page_content='cycles to begin at the same time across economies but'),\n",
       " Document(page_content='appeared to expect that most advanced-economy central'),\n",
       " Document(page_content='banks will have started easing policy within the next sev-\\neral months.'),\n",
       " Document(page_content='The manager then turned to money markets and Desk'),\n",
       " Document(page_content='operations.  Unsecured overnight rates were stable over'),\n",
       " Document(page_content='the intermeeting period.  In secured funding markets, re-'),\n",
       " Document(page_content='purchase agreement (repo) rates remained steady for'),\n",
       " Document(page_content='most of the period but firmed close to the end of May'),\n",
       " Document(page_content='because of month-end pressures and the effect of large'),\n",
       " Document(page_content='settlements of Treasury coupon securities.  Rate firm-'),\n",
       " Document(page_content='ness around reporting and settlement dates was con-'),\n",
       " Document(page_content='sistent with historical patterns.  Use of the overnight re-'),\n",
       " Document(page_content='verse repurchase agreement (ON RRP) facility remained'),\n",
       " Document(page_content='sensitive to market rates and the availability of alterna-'),\n",
       " Document(page_content='tive investments.  Usage was little changed over much of'),\n",
       " Document(page_content='the period but dipped late in the period, coincident with'),\n",
       " Document(page_content='the month-end firming in private repo rates.  The staff'),\n",
       " Document(page_content='projected ON RRP usage to decline in coming months,'),\n",
       " Document(page_content='as net Treasury bill issuance was expected to turn posi-'),\n",
       " Document(page_content='tive and private repo rates were expected to continue to'),\n",
       " Document(page_content='move higher relative to administered rates amid large is-'),\n",
       " Document(page_content='suance of Treasury coupon securities.  The staff also'),\n",
       " Document(page_content='projected that reserves will not change much in the near'),\n",
       " Document(page_content='term, with the exception of quarter-end dates, and then'),\n",
       " Document(page_content='will decline about in line with the shrinking of the Fed-'),\n",
       " Document(page_content='eral Reserve’s portfolio after ON RRP balances are'),\n",
       " Document(page_content='nearly fully drained.  The uncertainty surrounding both \\nprojections, however, was considerable.'),\n",
       " Document(page_content='The manager also discussed the responses to a Desk sur-'),\n",
       " Document(page_content='vey question about the most likely spread between the'),\n",
       " Document(page_content='effective federal funds rate and the interest rate on re-'),\n",
       " Document(page_content='serve balances at different levels of the sum of reserves'),\n",
       " Document(page_content='and ON RRP balances.  The responses indicated consid-'),\n",
       " Document(page_content='erable uncertainty and dispersion of views about when'),\n",
       " Document(page_content='and how the spread would move as the sum declines.'),\n",
       " Document(page_content='The manager observed that indicators based on market'),\n",
       " Document(page_content='prices and activity were likely the best gauges of how'),\n",
       " Document(page_content='quickly reserves are transitioning from abundant to am-'),\n",
       " Document(page_content='ple.  Over the intermeeting period, the federal funds'),\n",
       " Document(page_content='market continued to be insensitive to day-to-day changes'),\n",
       " Document(page_content='in the supply of reserves; various other indicators sug-'),\n",
       " Document(page_content='gested that reserves remained abundant and that the risk'),\n",
       " Document(page_content='of money market strains in the near term was low.'),\n",
       " Document(page_content='By unanimous vote, the Committee ratified the Desk’s'),\n",
       " Document(page_content='domestic transactions over the intermeeting period.'),\n",
       " Document(page_content='There were no intervention operations in foreign curren-'),\n",
       " Document(page_content='cies for the System’s account during the intermeeting pe-\\nriod.'),\n",
       " Document(page_content='Staff Review of the Economic Situation \\nThe information available at the time of the meeting sug-'),\n",
       " Document(page_content='gested that U.S. economic activity had expanded at a'),\n",
       " Document(page_content='solid pace so far this year.  Labor market conditions re-'),\n",
       " Document(page_content='mained solid.  Job gains continued to be strong, while'),\n",
       " Document(page_content='the unemployment rate had edged up but was still low.'),\n",
       " Document(page_content='Consumer price inflation was running well below where'),\n",
       " Document(page_content='it was a year earlier, but further progress toward the'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Minutes of the Meeting of June 11–12, 2024\\nPage 3'),\n",
       " Document(page_content='Committee’s 2 percent inflation objective had been \\nmodest in recent months.'),\n",
       " Document(page_content='Consumer price inflation—as measured by the \\n12-month change in the price index for personal con-'),\n",
       " Document(page_content='sumption expenditures (PCE)—was about the same in'),\n",
       " Document(page_content='April as at the end of last year, although recent month-'),\n",
       " Document(page_content='over-month readings of PCE prices were lower than ear-'),\n",
       " Document(page_content='lier this year.  Total PCE price inflation was 2.7 percent'),\n",
       " Document(page_content='in April, and core PCE price inflation—which excludes'),\n",
       " Document(page_content='changes in energy prices and many consumer food\\nprices—was 2.8 percent.  The consumer price index'),\n",
       " Document(page_content='(CPI) in May showed that the 12-month change measure'),\n",
       " Document(page_content='of total CPI inflation was 3.3 percent and core CPI in-'),\n",
       " Document(page_content='flation was 3.4 percent, and recent monthly CPI readings'),\n",
       " Document(page_content='were lower than earlier this year.  Although some survey-'),\n",
       " Document(page_content='based measures of short-term inflation expectations had'),\n",
       " Document(page_content='moved up, longer-term expectations were little changed'),\n",
       " Document(page_content='and stood at levels consistent with those that prevailed\\njust before the pandemic.'),\n",
       " Document(page_content='Labor demand and supply continued to move into better'),\n",
       " Document(page_content='balance.  Total nonfarm payroll employment increased'),\n",
       " Document(page_content='at only a somewhat slower average monthly pace over'),\n",
       " Document(page_content='April and May than the strong rate recorded in the first'),\n",
       " Document(page_content='quarter.  The recently released fourth-quarter data from'),\n",
       " Document(page_content='the Quarterly Census of Employment and Wages sug-'),\n",
       " Document(page_content='gested that while the strong reported rate of payroll in-'),\n",
       " Document(page_content='creases last year may have been overstated, job gains'),\n",
       " Document(page_content='were still solid.  In May, the unemployment rate ticked'),\n",
       " Document(page_content='up further to 4.0 percent, while the labor force partici-'),\n",
       " Document(page_content='pation rate and the employment-to-population ratio'),\n",
       " Document(page_content='both moved down a little.  The unemployment rates for'),\n",
       " Document(page_content='African Americans and for Hispanics were somewhat'),\n",
       " Document(page_content='higher in May than in the first quarter; both rates were'),\n",
       " Document(page_content='above those for Asians and for Whites.  The ratio of job'),\n",
       " Document(page_content='vacancies to unemployment declined further to 1.2 in'),\n",
       " Document(page_content='May, about the same as its pre-pandemic level.  Most'),\n",
       " Document(page_content='measures of the increase in nominal wages from a year'),\n",
       " Document(page_content='earlier continued to trend down, including the 12-month'),\n",
       " Document(page_content='change in average hourly earnings for all employees,'),\n",
       " Document(page_content='which was 4.1 percent in May, 0.2 percentage point \\nlower than at the end of last year.'),\n",
       " Document(page_content='Real gross domestic product (GDP) rose modestly in the'),\n",
       " Document(page_content='first quarter, held down by significant negative contribu-'),\n",
       " Document(page_content='tions from inventory investment and net exports, which'),\n",
       " Document(page_content='tend to be volatile components.  In contrast, private do-'),\n",
       " Document(page_content='mestic final purchases (PDFP)—which comprises PCE'),\n",
       " Document(page_content='and private fixed investment and which often provides a'),\n",
       " Document(page_content='better signal than GDP of underlying economic momen-'),\n",
       " Document(page_content='tum—increased at a solid pace, similar to last year.  Re-'),\n",
       " Document(page_content='cent spending indicators suggested that GDP and PDFP'),\n",
       " Document(page_content='were increasing at solid rates in the second quarter.'),\n",
       " Document(page_content='Real exports of goods edged up in April relative to'),\n",
       " Document(page_content='March, following tepid growth in the first quarter.  Real'),\n",
       " Document(page_content='imports of goods jumped in April, driven by higher im-'),\n",
       " Document(page_content='ports of autos and capital goods.  Overall, the nominal'),\n",
       " Document(page_content='U.S. international trade deficit widened in April, as im-'),\n",
       " Document(page_content='ports of goods and services rose more than exports.'),\n",
       " Document(page_content='Foreign GDP growth firmed in the first quarter.  A'),\n",
       " Document(page_content='buoyant service sector helped Europe recover from a'),\n",
       " Document(page_content='modest contraction in the second half of last year.  In'),\n",
       " Document(page_content='emerging market economies (EMEs), including China,'),\n",
       " Document(page_content='growth was supported by strong external demand.  The'),\n",
       " Document(page_content='first-quarter surge in economic activity in China was also'),\n",
       " Document(page_content='boosted by policy support, especially from fiscal policy.'),\n",
       " Document(page_content='More recent Chinese data, however, especially a steep'),\n",
       " Document(page_content='drop in lending to households and businesses in April,'),\n",
       " Document(page_content='pointed to a considerable slowdown in China’s eco-\\nnomic activity in this quarter.'),\n",
       " Document(page_content='Headline inflation continued to ease in the advanced for-'),\n",
       " Document(page_content='eign economies (AFEs) through May, albeit at a slower'),\n",
       " Document(page_content='pace than last year.  While core inflation had slowed sig-'),\n",
       " Document(page_content='nificantly, the core nonhousing services component re-'),\n",
       " Document(page_content='mained elevated in several regions, partly reflecting'),\n",
       " Document(page_content='strong nominal wage growth.  Inflation inched up in'),\n",
       " Document(page_content='EMEs, in part because of weather-related increases in'),\n",
       " Document(page_content='food prices in some countries.  The Riksbank, the BOC,'),\n",
       " Document(page_content='and the ECB cut their policy rates as market participants'),\n",
       " Document(page_content='expected, amid easing inflation.  Communications about'),\n",
       " Document(page_content='future policy decisions varied and were focused on do-\\nmestic economic conditions.'),\n",
       " Document(page_content='Staff Review of the Financial Situation \\nOver the intermeeting period, the market-implied path'),\n",
       " Document(page_content='for the federal funds rate beyond the next few months'),\n",
       " Document(page_content='edged down.  Options on interest rate futures suggested'),\n",
       " Document(page_content='that market participants were placing higher odds on'),\n",
       " Document(page_content='policy easing by early 2025 than they did just before the'),\n",
       " Document(page_content='April FOMC meeting.  Consistent with the slight down-'),\n",
       " Document(page_content='ward shift in the implied policy path, nominal Treasury'),\n",
       " Document(page_content='yields at all maturities also moved down moderately,'),\n",
       " Document(page_content='driven primarily by declines in real Treasury yields.  In-'),\n",
       " Document(page_content='flation compensation also fell some, with larger declines'),\n",
       " Document(page_content='at nearer horizons.  Market-based measures of interest'),\n",
       " Document(page_content='rate uncertainty ticked down but remained elevated by \\nhistorical standards.'),\n",
       " Document(page_content='Broad stock price indexes increased substantially, on net,'),\n",
       " Document(page_content='amid a positive investor outlook on corporate profits'),\n",
       " Document(page_content='and economic activity.  Yield spreads on investment-'),\n",
       " Document(page_content='and speculative-grade corporate bonds were little'),\n",
       " Document(page_content='changed, remaining at about the lowest decile of their'),\n",
       " Document(page_content='respective historical distributions.  The one-month op-'),\n",
       " Document(page_content='tion-implied volatility on the S&P 500 index remained'),\n",
       " Document(page_content='low by historical standards, suggesting that investors \\nPage 4\\nFederal Open Market Committee'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='perceived only modest near-term risks to the economic \\noutlook.'),\n",
       " Document(page_content='Changes in AFE yields were mixed, as spillovers from'),\n",
       " Document(page_content='declines in U.S. yields were partly offset by upside sur-'),\n",
       " Document(page_content='prises in economic data releases in Europe and by some-'),\n",
       " Document(page_content='what more restrictive-than-expected communications by'),\n",
       " Document(page_content='the ECB.  The dollar depreciated against most AFE cur-'),\n",
       " Document(page_content='rencies as differentials between U.S. and AFE yields nar-'),\n",
       " Document(page_content='rowed.  Nonetheless, the broad dollar index slightly in-'),\n",
       " Document(page_content='creased as the dollar appreciated sharply against the'),\n",
       " Document(page_content='Mexican peso amid heightened policy uncertainty fol-'),\n",
       " Document(page_content='lowing Mexico’s presidential election results.  On bal-'),\n",
       " Document(page_content='ance, moves in foreign risky asset prices were mixed and \\nmodest, and EME funds saw small inflows.'),\n",
       " Document(page_content='Conditions in U.S. short-term funding markets remained'),\n",
       " Document(page_content='stable over the intermeeting period.  Average usage of'),\n",
       " Document(page_content='the ON RRP facility was little changed, primarily reflect-'),\n",
       " Document(page_content='ing the portfolio decisions of money market funds amid'),\n",
       " Document(page_content='lower net Treasury bill supply.  Banks’ total deposit lev-'),\n",
       " Document(page_content='els were roughly unchanged over the intermeeting pe-'),\n",
       " Document(page_content='riod, as outflows of core deposits were about offset by \\ninflows of large time deposits.'),\n",
       " Document(page_content='In domestic credit markets, borrowing costs remained'),\n",
       " Document(page_content='elevated despite declining modestly over the intermeet-'),\n",
       " Document(page_content='ing period.  Rates on 30-year conforming residential'),\n",
       " Document(page_content='mortgages edged down, on net, over the intermeeting'),\n",
       " Document(page_content='period but remained near recent high levels.  Interest'),\n",
       " Document(page_content='rates on new credit card offers were little changed in'),\n",
       " Document(page_content='April at high levels, as were rates on new auto loans.  In-'),\n",
       " Document(page_content='terest rates on commercial and industrial (C&I) loans'),\n",
       " Document(page_content='and small business loans also remained elevated.  Yields'),\n",
       " Document(page_content='on an array of fixed-income securities, including com-'),\n",
       " Document(page_content='mercial mortgage-backed securities (CMBS), invest-'),\n",
       " Document(page_content='ment- and speculative-grade corporate bonds, and resi-'),\n",
       " Document(page_content='dential mortgage-backed securities, moved lower to still-'),\n",
       " Document(page_content='elevated levels relative to recent history.'),\n",
       " Document(page_content='Financing was readily accessible for public corporations'),\n",
       " Document(page_content='and large and middle-market private corporations'),\n",
       " Document(page_content='through capital markets and nonbank lenders.  Credit'),\n",
       " Document(page_content='availability for leveraged loan borrowers remained solid'),\n",
       " Document(page_content='over the intermeeting period, while in private credit mar-'),\n",
       " Document(page_content='kets, loan issuance through direct lending was strong.'),\n",
       " Document(page_content='Bank C&I loan balances picked up in April and May.'),\n",
       " Document(page_content='For small firms, the volume of loan originations ticked'),\n",
       " Document(page_content='down in April, and credit availability remained tight.'),\n",
       " Document(page_content='Credit remained largely available to commercial real es-'),\n",
       " Document(page_content='tate (CRE) borrowers outside of construction and land'),\n",
       " Document(page_content='development loans.  CRE loans at banks continued to'),\n",
       " Document(page_content='increase in April and May, driven by growth in multifam-'),\n",
       " Document(page_content='ily and nonfarm nonresidential loans.  Agency and non-'),\n",
       " Document(page_content='agency CMBS issuance rose in April and May, as falling'),\n",
       " Document(page_content='yields extended the recent wave of refinancing.'),\n",
       " Document(page_content='Consumer credit remained generally available over the'),\n",
       " Document(page_content='intermeeting period despite some signs of tightening.  In'),\n",
       " Document(page_content='the residential mortgage market, access to credit was lit-'),\n",
       " Document(page_content='tle changed and continued to depend on borrowers’'),\n",
       " Document(page_content='credit risk attributes.  Although credit card limits contin-'),\n",
       " Document(page_content='ued to rise through March, credit card balances at banks'),\n",
       " Document(page_content='leveled off in April and May.  Auto lending at finance'),\n",
       " Document(page_content='companies continued to grow at a moderate pace'),\n",
       " Document(page_content='through April, more than offsetting the decline in auto'),\n",
       " Document(page_content='loan balances at banks and credit unions on net.'),\n",
       " Document(page_content='Credit quality continued to be solid for large and midsize'),\n",
       " Document(page_content='firms, home mortgage borrowers, and municipalities but'),\n",
       " Document(page_content='deteriorated further for other sectors in recent months.'),\n",
       " Document(page_content='While delinquency rates on residential mortgages re-'),\n",
       " Document(page_content='mained near pre-pandemic lows, credit card and auto'),\n",
       " Document(page_content='loan delinquency rates continued to rise in the first quar-'),\n",
       " Document(page_content='ter, signaling a further deterioration of balance sheets of'),\n",
       " Document(page_content='some households.  The credit quality of nonfinancial'),\n",
       " Document(page_content='firms borrowing in the corporate bond and leveraged'),\n",
       " Document(page_content='loan markets remained stable overall.  Available indica-'),\n",
       " Document(page_content='tors suggested that delinquency rates for the private'),\n",
       " Document(page_content='credit market and for bank C&I loans remained compa-'),\n",
       " Document(page_content='rable to the levels just before the pandemic despite tick-'),\n",
       " Document(page_content='ing up further in the first quarter.  For small business'),\n",
       " Document(page_content='loans, delinquency rates stayed slightly above pre-'),\n",
       " Document(page_content='pandemic levels.  In the CRE market, credit quality de-'),\n",
       " Document(page_content='teriorated further, as the average CMBS delinquency rate'),\n",
       " Document(page_content='rose in April and May to the highest levels since 2021,'),\n",
       " Document(page_content='driven by the office, hotel, and retail sectors, and the'),\n",
       " Document(page_content='credit quality of CRE borrowers at banks weakened \\nslightly further in the first quarter.'),\n",
       " Document(page_content='Staff Economic Outlook \\nThe economic forecast prepared by the staff for the June'),\n",
       " Document(page_content='meeting was similar to the projection at the time of the'),\n",
       " Document(page_content='previous meeting.  The economy was expected to main-'),\n",
       " Document(page_content='tain a high rate of resource utilization over the next few'),\n",
       " Document(page_content='years, with real GDP growth projected to be roughly'),\n",
       " Document(page_content='similar to the staff’s estimate of potential output growth.'),\n",
       " Document(page_content='The unemployment rate was expected to edge down'),\n",
       " Document(page_content='slightly over the remainder of this year and the next and \\nthen to remain roughly flat in 2026.'),\n",
       " Document(page_content='Total and core PCE price inflation were both projected'),\n",
       " Document(page_content='to be lower at the end of this year than they were at the'),\n",
       " Document(page_content='end of last year.  The staff’s inflation projections for this'),\n",
       " Document(page_content='year—which included a preliminary reaction to the May'),\n",
       " Document(page_content='CPI data—were little changed, on balance, from the in-'),\n",
       " Document(page_content='flation forecast at the time of the previous meeting.  The'),\n",
       " Document(page_content='inflation forecast was higher, however, than at the time'),\n",
       " Document(page_content='of the March meeting and the March Summary of'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Minutes of the Meeting of June 11–12, 2024\\nPage 5'),\n",
       " Document(page_content='Economic Projections (SEP) submissions.  Inflation was'),\n",
       " Document(page_content='still expected to decline further in 2025 and 2026, as de-'),\n",
       " Document(page_content='mand and supply in product and labor markets contin-'),\n",
       " Document(page_content='ued to move into better balance; by 2026, total and core'),\n",
       " Document(page_content='PCE price inflation were expected to be close to 2 per-\\ncent.'),\n",
       " Document(page_content='The staff continued to view the uncertainty around the'),\n",
       " Document(page_content='baseline projection as close to the average over the past'),\n",
       " Document(page_content='20 years.  Risks to the inflation forecast were seen as'),\n",
       " Document(page_content='tilted to the upside, reflecting the possibility that more'),\n",
       " Document(page_content='persistent inflation dynamics or supply-side disruptions'),\n",
       " Document(page_content='could unexpectedly materialize.  The risks around the'),\n",
       " Document(page_content='forecast for economic activity were seen as skewed to'),\n",
       " Document(page_content='the downside on the grounds that more-persistent infla-'),\n",
       " Document(page_content='tion could result in tighter financial conditions than in'),\n",
       " Document(page_content='the staff’s baseline projection; in addition, deteriorating'),\n",
       " Document(page_content='household financial positions, especially for lower-'),\n",
       " Document(page_content='income households, might prove to have a larger nega-'),\n",
       " Document(page_content='tive effect on economic activity than the staff antici-\\npated.'),\n",
       " Document(page_content='Participants’ Views on Current Conditions and the \\nEconomic Outlook'),\n",
       " Document(page_content='In conjunction with this FOMC meeting, participants'),\n",
       " Document(page_content='submitted their projections of the most likely outcomes'),\n",
       " Document(page_content='for real GDP growth, the unemployment rate, and infla-'),\n",
       " Document(page_content='tion for each year from 2024 through 2026 and over the'),\n",
       " Document(page_content='longer run.  These projections were based on their indi-'),\n",
       " Document(page_content='vidual assessments of appropriate monetary policy, in-'),\n",
       " Document(page_content='cluding their projections of the federal funds rate.  The'),\n",
       " Document(page_content='longer-run projections represented each participant’s as-'),\n",
       " Document(page_content='sessment of the rate to which each variable would tend'),\n",
       " Document(page_content='to converge under appropriate monetary policy and in'),\n",
       " Document(page_content='the absence of further shocks to the economy.  The SEP'),\n",
       " Document(page_content='was released to the public after the meeting.'),\n",
       " Document(page_content='In their discussion of inflation developments, partici-'),\n",
       " Document(page_content='pants noted that after a significant decline in inflation'),\n",
       " Document(page_content='during the second half of 2023, the early part of this year'),\n",
       " Document(page_content='had seen a lack of further progress toward the Commit-'),\n",
       " Document(page_content='tee’s 2 percent objective.  Participants judged that al-'),\n",
       " Document(page_content='though inflation remained elevated, there had been mod-'),\n",
       " Document(page_content='est further progress toward the 2 percent goal in recent'),\n",
       " Document(page_content='months.  Participants observed that some of this pro-'),\n",
       " Document(page_content='gress was evident in the smaller monthly change in the'),\n",
       " Document(page_content='core PCE price index and a lower trimmed mean infla-'),\n",
       " Document(page_content='tion rate for April, with the May CPI reading providing'),\n",
       " Document(page_content='additional evidence.  Recent data had also indicated im-'),\n",
       " Document(page_content='provements across a range of price categories, including'),\n",
       " Document(page_content='market-based services.  Some participants commented'),\n",
       " Document(page_content='that sustained achievement of the 2 percent inflation ob-'),\n",
       " Document(page_content='jective would be aided by lower overall services price in-'),\n",
       " Document(page_content='flation, and some noted that shelter price inflation had'),\n",
       " Document(page_content='so far been slow to come down.  A few participants also'),\n",
       " Document(page_content='highlighted the strong increases recorded this year in'),\n",
       " Document(page_content='core import prices.  Nevertheless, participants suggested'),\n",
       " Document(page_content='that a number of developments in the product and labor'),\n",
       " Document(page_content='markets supported their judgment that price pressures'),\n",
       " Document(page_content='were diminishing.  In particular, a few participants em-'),\n",
       " Document(page_content='phasized that nominal wage growth, though still above'),\n",
       " Document(page_content='rates consistent with price stability, had declined, notably'),\n",
       " Document(page_content='in labor-intensive sectors.  A few participants also noted'),\n",
       " Document(page_content='reports that various retailers had cut prices and offered'),\n",
       " Document(page_content='discounts.  Participants further indicated that business'),\n",
       " Document(page_content='contacts reported that their pricing power had declined.'),\n",
       " Document(page_content='Participants suggested that evidence of firms’ reduced'),\n",
       " Document(page_content='pricing power reflected increased customer resistance to'),\n",
       " Document(page_content='price increases, slower growth in economic activity, and'),\n",
       " Document(page_content='a reassessment by businesses of prospective economic \\nconditions.'),\n",
       " Document(page_content='With regard to the outlook for inflation, participants em-'),\n",
       " Document(page_content='phasized that they were strongly committed to their'),\n",
       " Document(page_content='2 percent objective and that they remained concerned'),\n",
       " Document(page_content='that elevated inflation continued to harm the purchasing'),\n",
       " Document(page_content='power of households, especially those least able to meet'),\n",
       " Document(page_content='the higher costs of essentials like food, housing, and'),\n",
       " Document(page_content='transportation.  Participants highlighted a variety of fac-'),\n",
       " Document(page_content='tors that were likely to help contribute to continued dis-'),\n",
       " Document(page_content='inflation in the period ahead.  The factors included con-'),\n",
       " Document(page_content='tinued easing of demand–supply pressures in product'),\n",
       " Document(page_content='and labor markets, lagged effects on wages and prices of'),\n",
       " Document(page_content='past monetary policy tightening, the delayed response of'),\n",
       " Document(page_content='measured shelter prices to rental market developments,'),\n",
       " Document(page_content='or the prospect of additional supply-side improvements.'),\n",
       " Document(page_content='The latter prospect included the possibility of a boost to'),\n",
       " Document(page_content='productivity associated with businesses’ deployment of'),\n",
       " Document(page_content='artificial intelligence–related technology.  Participants'),\n",
       " Document(page_content='observed that longer-term inflation expectations had re-'),\n",
       " Document(page_content='mained well anchored and viewed this anchoring as un-'),\n",
       " Document(page_content='derpinning the disinflation process.  Participants af-'),\n",
       " Document(page_content='firmed that additional favorable data were required to'),\n",
       " Document(page_content='give them greater confidence that inflation was moving \\nsustainably toward 2 percent.'),\n",
       " Document(page_content='Participants remarked that demand and supply in the la-'),\n",
       " Document(page_content='bor market had continued to come into better balance.'),\n",
       " Document(page_content='Participants observed that many labor market indicators'),\n",
       " Document(page_content='pointed to a reduced degree of tightness in labor market'),\n",
       " Document(page_content='conditions.  These included a declining job openings'),\n",
       " Document(page_content='rate, a lower quits rate, increases in part-time employ-'),\n",
       " Document(page_content='ment for economic reasons, a lower hiring rate, a further'),\n",
       " Document(page_content='step-down in the ratio of job vacancies to unemployed'),\n",
       " Document(page_content='workers, and a gradual uptick in the unemployment rate.'),\n",
       " Document(page_content='In addition, a few participants indicated that business'),\n",
       " Document(page_content='contacts were reporting less difficulty in hiring and re-'),\n",
       " Document(page_content='taining workers,\\xa0although contacts in several Districts'),\n",
       " Document(page_content='continued to report tight labor market conditions in \\nPage 6\\nFederal Open Market Committee'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='certain sectors, such as health care, construction, or spe-'),\n",
       " Document(page_content='cialty manufacturing.  Many participants noted that labor'),\n",
       " Document(page_content='supply had been boosted by increased labor force partic-'),\n",
       " Document(page_content='ipation rates as well as by immigration.  A few partici-'),\n",
       " Document(page_content='pants noted that it was unlikely that immigration would'),\n",
       " Document(page_content='continue at the pace seen in recent years.  However, sev-'),\n",
       " Document(page_content='eral participants judged that, with recent immigrants'),\n",
       " Document(page_content='gradually becoming part of the workforce, past immigra-'),\n",
       " Document(page_content='tion likely would continue to add to labor supply.  A few'),\n",
       " Document(page_content='participants observed that increases in labor force par-'),\n",
       " Document(page_content='ticipation would likely now be limited and so would not'),\n",
       " Document(page_content='be a major source of additional labor supply.  In consid-'),\n",
       " Document(page_content='ering recent payrolls data, some participants observed'),\n",
       " Document(page_content='that, although increases in payrolls had continued to be'),\n",
       " Document(page_content='strong, the monthly increase in employment consistent'),\n",
       " Document(page_content='with labor market equilibrium might now be higher than'),\n",
       " Document(page_content='in the past because of immigration.  Several participants'),\n",
       " Document(page_content='also suggested that the establishment survey may have'),\n",
       " Document(page_content='overstated actual job gains.  Several participants re-'),\n",
       " Document(page_content='marked that a variety of indicators, including wage gains'),\n",
       " Document(page_content='for job switchers, suggested that nominal wage growth'),\n",
       " Document(page_content='was slowing, consistent with easing labor market pres-'),\n",
       " Document(page_content='sures.  A number of participants noted that, although the'),\n",
       " Document(page_content='labor market remained strong, the ratio of vacancies to'),\n",
       " Document(page_content='unemployment had returned to pre-pandemic levels and'),\n",
       " Document(page_content='there was some risk that further cooling in labor market'),\n",
       " Document(page_content='conditions could be associated with an increased pace of'),\n",
       " Document(page_content='layoffs.  Some participants observed that, with the risks'),\n",
       " Document(page_content='to the Committee’s dual-mandate goals having now'),\n",
       " Document(page_content='come into better balance, labor market conditions would'),\n",
       " Document(page_content='need careful monitoring.  Participants generally ob-'),\n",
       " Document(page_content='served that continued labor market strength could be'),\n",
       " Document(page_content='consistent with the Committee achieving both its em-'),\n",
       " Document(page_content='ployment and inflation goals, though they noted that'),\n",
       " Document(page_content='some further gradual cooling in the labor market may be \\nrequired.'),\n",
       " Document(page_content='Participants noted that recent indicators suggested that'),\n",
       " Document(page_content='economic activity had continued to expand at a solid'),\n",
       " Document(page_content='pace.  Participants expected that real GDP growth this'),\n",
       " Document(page_content='year would be below the strong pace recorded in 2023,'),\n",
       " Document(page_content='and they remarked that recent data on economic activity'),\n",
       " Document(page_content='were largely consistent with the anticipated slowing.'),\n",
       " Document(page_content='Participants observed that a lower rate of output growth'),\n",
       " Document(page_content='this year could aid the disinflation process while also be-'),\n",
       " Document(page_content='ing consistent with a strong labor market.  Participants'),\n",
       " Document(page_content='generally viewed the Committee’s restrictive monetary'),\n",
       " Document(page_content='policy stance as having a restraining effect on growth in'),\n",
       " Document(page_content='consumption and investment spending and as contrib-'),\n",
       " Document(page_content='uting to a gradual slowing in the pace of economic activ-'),\n",
       " Document(page_content='ity.  A couple of participants particularly stressed that the'),\n",
       " Document(page_content='Committee’s past policy tightening had contributed to'),\n",
       " Document(page_content='higher rates for home mortgage loans and other longer-'),\n",
       " Document(page_content='term borrowing, which were moderating spending and'),\n",
       " Document(page_content='production, including households’ discretionary pur-'),\n",
       " Document(page_content='chases and residential construction activity.  A few par-'),\n",
       " Document(page_content='ticipants remarked that spending by some higher-in-'),\n",
       " Document(page_content='come households was likely being bolstered by increas-'),\n",
       " Document(page_content='ing asset prices.  Many participants observed that, in'),\n",
       " Document(page_content='contrast, lower- and moderate-income households were'),\n",
       " Document(page_content='encountering increasing strains as they attempted to'),\n",
       " Document(page_content='meet higher living costs after having largely run down'),\n",
       " Document(page_content='savings accumulated during the pandemic.  These partic-'),\n",
       " Document(page_content='ipants noted that such strains, which were evident in ris-'),\n",
       " Document(page_content='ing credit card utilization and delinquency rates as well'),\n",
       " Document(page_content='as motor vehicle loan delinquencies, were a significant \\nconcern.'),\n",
       " Document(page_content='Participants continued to assess that the risks to achiev-'),\n",
       " Document(page_content='ing their employment and inflation goals had moved to-'),\n",
       " Document(page_content='ward better balance over the past year.  Participants cited'),\n",
       " Document(page_content='a number of downside risks to economic activity, includ-'),\n",
       " Document(page_content='ing those associated with a sharper-than-anticipated'),\n",
       " Document(page_content='slowing in aggregate demand alongside a marked deteri-'),\n",
       " Document(page_content='oration in labor market conditions, or with strains on'),\n",
       " Document(page_content='lower- and moderate-income households’ budgets lead-'),\n",
       " Document(page_content='ing to an abrupt curtailment of consumer spending.  A'),\n",
       " Document(page_content='few participants pointed to downside risks to economic'),\n",
       " Document(page_content='activity associated with the fragility of some parts of the'),\n",
       " Document(page_content='CRE sector or the vulnerable balance sheet positions of'),\n",
       " Document(page_content='some banks.  Some participants highlighted reasons why'),\n",
       " Document(page_content='inflation could remain above 2 percent for longer than'),\n",
       " Document(page_content='expected.  These participants pointed to risks that infla-'),\n",
       " Document(page_content='tion could stay elevated as a result of worsening geopo-'),\n",
       " Document(page_content='litical developments, heightened trade tensions, more'),\n",
       " Document(page_content='persistent shelter price inflation, financial conditions'),\n",
       " Document(page_content='that might be or could become insufficiently restrictive,'),\n",
       " Document(page_content='or U.S. fiscal policy becoming more expansionary than'),\n",
       " Document(page_content='expected; the latter two scenarios were also seen as im-'),\n",
       " Document(page_content='plying upside risks to economic activity.  Several partici-'),\n",
       " Document(page_content='pants also cited the risk of an unanchoring of longer-\\nterm inflation expectations.'),\n",
       " Document(page_content='In their consideration of monetary policy at this meeting,'),\n",
       " Document(page_content='participants observed that incoming data indicated con-'),\n",
       " Document(page_content='tinued solid growth in economic activity and a strong la-'),\n",
       " Document(page_content='bor market while also pointing to modest further pro-'),\n",
       " Document(page_content='gress toward the Committee’s 2 percent inflation objec-'),\n",
       " Document(page_content='tive in recent months.  Participants remained highly at-'),\n",
       " Document(page_content='tentive to inflation risks.  All participants judged that, in'),\n",
       " Document(page_content='light of current economic conditions and their implica-'),\n",
       " Document(page_content='tions for the outlook for employment and inflation, as'),\n",
       " Document(page_content='well as the balance of risks, it was appropriate to main-'),\n",
       " Document(page_content='tain the target range for the federal funds rate at 5¼ to'),\n",
       " Document(page_content='5½ percent.  Participants furthermore judged that it was'),\n",
       " Document(page_content='appropriate to continue the process of reducing the Fed-\\neral Reserve’s securities holdings.'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Minutes of the Meeting of June 11–12, 2024\\nPage 7'),\n",
       " Document(page_content='In discussing the outlook for monetary policy, partici-'),\n",
       " Document(page_content='pants noted that progress in reducing inflation had been'),\n",
       " Document(page_content='slower this year than they had expected last December.'),\n",
       " Document(page_content='They emphasized that they did not expect that it would'),\n",
       " Document(page_content='be appropriate to lower the target range for the federal'),\n",
       " Document(page_content='funds rate until additional information had emerged to'),\n",
       " Document(page_content='give them greater confidence that inflation was moving'),\n",
       " Document(page_content='sustainably toward the Committee’s 2 percent objective.'),\n",
       " Document(page_content='In discussing their individual outlooks for the target'),\n",
       " Document(page_content='range for the federal funds rate, participants emphasized'),\n",
       " Document(page_content='the importance of conditioning future policy decisions'),\n",
       " Document(page_content='on incoming data, the evolving economic outlook, and'),\n",
       " Document(page_content='the balance of risks.  Several participants noted that fi-'),\n",
       " Document(page_content='nancial market reactions to data and feedback received'),\n",
       " Document(page_content='from contacts suggested that the Committee’s policy ap-'),\n",
       " Document(page_content='proach was generally well understood.  Some partici-'),\n",
       " Document(page_content='pants suggested that further clarity about the FOMC’s'),\n",
       " Document(page_content='reaction function might be provided by communications'),\n",
       " Document(page_content='that emphasized the Committee’s data-dependent ap-'),\n",
       " Document(page_content='proach, with monetary policy decisions being condi-'),\n",
       " Document(page_content='tional on the evolution of the economy rather than being'),\n",
       " Document(page_content='on a preset path.  A couple of participants remarked that'),\n",
       " Document(page_content='providing more information about the Committee’s'),\n",
       " Document(page_content='views on the economic outlook and the risks around the'),\n",
       " Document(page_content='outlook would improve the public’s understanding of \\nthe Committee’s decisions.'),\n",
       " Document(page_content='In discussing risk-management considerations that'),\n",
       " Document(page_content='could bear on the outlook for monetary policy, partici-'),\n",
       " Document(page_content='pants assessed that, with labor market tightness having'),\n",
       " Document(page_content='eased and inflation having declined over the past year,'),\n",
       " Document(page_content='the risks to achieving the Committee’s employment and'),\n",
       " Document(page_content='inflation goals had moved toward better balance, leaving'),\n",
       " Document(page_content='monetary policy well positioned to deal with the risks'),\n",
       " Document(page_content='and uncertainties faced in pursuing both sides of the'),\n",
       " Document(page_content='Committee’s dual mandate.  The vast majority of partic-'),\n",
       " Document(page_content='ipants assessed that growth in economic activity ap-'),\n",
       " Document(page_content='peared to be gradually cooling, and most participants re-'),\n",
       " Document(page_content='marked that they viewed the current policy stance as re-'),\n",
       " Document(page_content='strictive.  Some participants noted that there was uncer-'),\n",
       " Document(page_content='tainty about the degree of restrictiveness of current pol-'),\n",
       " Document(page_content='icy.  Some remarked that the continued strength of the'),\n",
       " Document(page_content='economy, as well as other factors, could mean that the'),\n",
       " Document(page_content='longer-run equilibrium interest rate was higher than pre-'),\n",
       " Document(page_content='viously assessed, in which case both the stance of mon-'),\n",
       " Document(page_content='etary policy and overall financial conditions may be less'),\n",
       " Document(page_content='restrictive than they might appear.  A couple of partici-'),\n",
       " Document(page_content='pants noted that the longer-run equilibrium interest rate'),\n",
       " Document(page_content='was a better guide for determining where the federal'),\n",
       " Document(page_content='funds rate may need to move over the longer run than'),\n",
       " Document(page_content='for assessing the restrictiveness of current policy.  Par-'),\n",
       " Document(page_content='ticipants noted the uncertainty associated with the eco-'),\n",
       " Document(page_content='nomic outlook and with how long it would be appropri-'),\n",
       " Document(page_content='ate to maintain a restrictive policy stance.  Some'),\n",
       " Document(page_content='participants emphasized the need for patience in allow-'),\n",
       " Document(page_content='ing the Committee’s restrictive policy stance to restrain'),\n",
       " Document(page_content='aggregate demand and further moderate inflation pres-'),\n",
       " Document(page_content='sures.  Several participants observed that, were inflation'),\n",
       " Document(page_content='to persist at an elevated level or to increase further, the'),\n",
       " Document(page_content='target range for the federal funds rate might need to be'),\n",
       " Document(page_content='raised.  A number of participants remarked that mone-'),\n",
       " Document(page_content='tary policy should stand ready to respond to unexpected'),\n",
       " Document(page_content='economic weakness.  Several participants specifically'),\n",
       " Document(page_content='emphasized that with the labor market normalizing, a'),\n",
       " Document(page_content='further weakening of demand may now generate a larger'),\n",
       " Document(page_content='unemployment response than in the recent past when'),\n",
       " Document(page_content='lower demand for labor was felt relatively more through \\nfewer job openings.'),\n",
       " Document(page_content='Committee Policy Actions \\nIn their discussions of monetary policy for this meeting,'),\n",
       " Document(page_content='members agreed that economic activity continued to ex-'),\n",
       " Document(page_content='pand at a solid pace.  Job gains remained strong, and the'),\n",
       " Document(page_content='unemployment rate remained low.  Inflation eased over'),\n",
       " Document(page_content='the past year but remained elevated.  Members con-'),\n",
       " Document(page_content='curred that, in recent months, there was modest further'),\n",
       " Document(page_content='progress toward the Committee’s 2 percent inflation ob-'),\n",
       " Document(page_content='jective and agreed to acknowledge this development in'),\n",
       " Document(page_content='the postmeeting statement.  Members judged that the'),\n",
       " Document(page_content='risks to achieving the Committee’s employment and in-'),\n",
       " Document(page_content='flation goals had moved toward better balance over the'),\n",
       " Document(page_content='past year.  Members viewed the economic outlook as un-'),\n",
       " Document(page_content='certain and agreed that they remained highly attentive to \\ninflation risks.'),\n",
       " Document(page_content='In support of the Committee’s goals to achieve maxi-'),\n",
       " Document(page_content='mum employment and inflation at the rate of 2 percent'),\n",
       " Document(page_content='over the longer run, members agreed to maintain the tar-'),\n",
       " Document(page_content='get range for the federal funds rate at 5¼ to 5½ percent.'),\n",
       " Document(page_content='Members concurred that, in considering any adjustments'),\n",
       " Document(page_content='to the target range for the federal funds rate, they would'),\n",
       " Document(page_content='carefully assess incoming data, the evolving outlook, and'),\n",
       " Document(page_content='the balance of risks.  Members agreed that they did not'),\n",
       " Document(page_content='expect that it would be appropriate to reduce the target'),\n",
       " Document(page_content='range until they have gained greater confidence that in-'),\n",
       " Document(page_content='flation is moving sustainably toward 2 percent.  In addi-'),\n",
       " Document(page_content='tion, members agreed to continue to reduce the Federal'),\n",
       " Document(page_content='Reserve’s holdings of Treasury securities and agency'),\n",
       " Document(page_content='debt and agency mortgage-backed securities.  All mem-'),\n",
       " Document(page_content='bers affirmed their strong commitment to returning in-'),\n",
       " Document(page_content='flation to the Committee’s 2 percent objective.'),\n",
       " Document(page_content='Members agreed that, in assessing the appropriate stance'),\n",
       " Document(page_content='of monetary policy, they would continue to monitor the'),\n",
       " Document(page_content='implications of incoming information for the economic'),\n",
       " Document(page_content='outlook.  They would be prepared to adjust the stance of'),\n",
       " Document(page_content='monetary policy as appropriate if risks emerged that'),\n",
       " Document(page_content='could impede the attainment of the Committee’s goals.'),\n",
       " Document(page_content='Members also agreed that their assessments would take \\nPage 8\\nFederal Open Market Committee'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='into account a wide range of information, including'),\n",
       " Document(page_content='readings on labor market conditions, inflation pressures'),\n",
       " Document(page_content='and inflation expectations, and financial and interna-\\ntional developments.'),\n",
       " Document(page_content='At the conclusion of the discussion, the Committee'),\n",
       " Document(page_content='voted to direct the Federal Reserve Bank of New York,'),\n",
       " Document(page_content='until instructed otherwise, to execute transactions in the'),\n",
       " Document(page_content='SOMA in accordance with the following domestic policy \\ndirective, for release at 2:00 p.m.:'),\n",
       " Document(page_content='“Effective June 13, 2024, the Federal Open \\nMarket Committee directs the Desk to: \\n\\uf0b7'),\n",
       " Document(page_content='Undertake open market operations as nec-\\nessary to maintain the federal funds rate in'),\n",
       " Document(page_content='a target range of 5¼ to 5½ percent.\\n\\uf0b7\\nConduct standing overnight repurchase'),\n",
       " Document(page_content='agreement operations with a minimum bid\\nrate of 5.5 percent and with an aggregate'),\n",
       " Document(page_content='operation limit of $500 billion.\\n\\uf0b7\\nConduct standing overnight reverse repur-'),\n",
       " Document(page_content='chase agreement operations at an offering\\nrate of 5.3 percent and with a per-counter-'),\n",
       " Document(page_content='party limit of $160 billion per day.\\n\\uf0b7\\nRoll over at auction the amount of principal'),\n",
       " Document(page_content='payments from the Federal Reserve’s hold-\\nings of Treasury securities maturing in each'),\n",
       " Document(page_content='calendar month that exceeds a cap of\\n$25 billion per month.  Redeem Treasury'),\n",
       " Document(page_content='coupon securities up to this monthly cap\\nand Treasury bills to the extent that coupon'),\n",
       " Document(page_content='principal payments are less than the\\nmonthly cap.\\n\\uf0b7\\nReinvest the amount of principal payments'),\n",
       " Document(page_content='from the Federal Reserve’s holdings of\\nagency debt and agency mortgage-backed'),\n",
       " Document(page_content='securities (MBS) received in each calendar\\nmonth that exceeds a cap of $35 billion per'),\n",
       " Document(page_content='month into Treasury securities to roughly\\nmatch the maturity composition of Treas-'),\n",
       " Document(page_content='ury securities outstanding.\\n\\uf0b7\\nAllow modest deviations from stated'),\n",
       " Document(page_content='amounts for reinvestments, if needed for\\noperational reasons.\\n\\uf0b7'),\n",
       " Document(page_content='Engage in dollar roll and coupon swap\\ntransactions as necessary to facilitate settle-'),\n",
       " Document(page_content='ment of the Federal Reserve’s agency MBS\\ntransactions.”'),\n",
       " Document(page_content='The vote also encompassed approval of the statement \\nbelow for release at 2:00 p.m.:'),\n",
       " Document(page_content='“Recent indicators suggest that economic activ-\\nity has continued to expand at a solid pace.  Job'),\n",
       " Document(page_content='gains have remained strong, and the unemploy-\\nment rate has remained low.  Inflation has eased'),\n",
       " Document(page_content='over the past year but remains elevated.  In re-\\ncent months, there has been modest further'),\n",
       " Document(page_content='progress toward the Committee’s 2 percent in-\\nflation objective.'),\n",
       " Document(page_content='The Committee seeks to achieve maximum em-\\nployment and inflation at the rate of 2 percent'),\n",
       " Document(page_content='over the longer run.  The Committee judges that \\nthe risks to achieving its employment and infla-'),\n",
       " Document(page_content='tion goals have moved toward better balance \\nover the past year.  The economic outlook is un-'),\n",
       " Document(page_content='certain, and the Committee remains highly at-\\ntentive to inflation risks.'),\n",
       " Document(page_content='In support of its goals, the Committee decided \\nto maintain the target range for the federal'),\n",
       " Document(page_content='funds rate at 5¼ to 5½ percent.  In considering \\nany adjustments to the target range for the fed-'),\n",
       " Document(page_content='eral funds rate, the Committee will carefully as-\\nsess incoming data, the evolving outlook, and'),\n",
       " Document(page_content='the balance of risks.  The Committee does not \\nexpect it will be appropriate to reduce the target'),\n",
       " Document(page_content='range until it has gained greater confidence that \\ninflation is moving sustainably toward 2 per-'),\n",
       " Document(page_content='cent.  In addition, the Committee will continue \\nreducing its holdings of Treasury securities and'),\n",
       " Document(page_content='agency debt and agency mortgage‑backed secu-\\nrities.  The Committee is strongly committed to'),\n",
       " Document(page_content='returning inflation to its 2 percent objective. \\nIn assessing the appropriate stance of monetary'),\n",
       " Document(page_content='policy, the Committee will continue to monitor \\nthe implications of incoming information for'),\n",
       " Document(page_content='the economic outlook.  The Committee would \\nbe prepared to adjust the stance of monetary'),\n",
       " Document(page_content='policy as appropriate if risks emerge that could \\nimpede the attainment of the Committee’s'),\n",
       " Document(page_content='goals.  The Committee’s assessments will take \\ninto account a wide range of information, in-'),\n",
       " Document(page_content='cluding readings on labor market conditions, in-\\nflation pressures and inflation expectations, and'),\n",
       " Document(page_content='financial and international developments.” \\nVoting for this action: Jerome H. Powell, John C.'),\n",
       " Document(page_content='Williams, Thomas I. Barkin, Michael S. Barr, Raphael W.'),\n",
       " Document(page_content='Bostic, Michelle W. Bowman, Lisa D. Cook, Mary C.'),\n",
       " Document(page_content='Daly, Philip N. Jefferson, Adriana D. Kugler, Loretta J. \\nMester, and Christopher J. Waller.'),\n",
       " Document(page_content='Voting against this action: None.'),\n",
       " Document(page_content='_____________________________________________________________________________________________'),\n",
       " Document(page_content='Minutes of the Meeting of June 11–12, 2024\\nPage 9'),\n",
       " Document(page_content='Consistent with the Committee’s decision to leave the'),\n",
       " Document(page_content='target range for the federal funds rate unchanged, the'),\n",
       " Document(page_content='Board of Governors of the Federal Reserve System'),\n",
       " Document(page_content='voted unanimously to maintain the interest rate paid on'),\n",
       " Document(page_content='reserve balances at 5.4 percent, effective June 13, 2024.'),\n",
       " Document(page_content='The Board of Governors of the Federal Reserve System'),\n",
       " Document(page_content='voted unanimously to approve the establishment of the'),\n",
       " Document(page_content='primary credit rate at the existing level of 5.5 percent, \\neffective June 13, 2024.'),\n",
       " Document(page_content='It was agreed that the next meeting of the Committee'),\n",
       " Document(page_content='would be held on Tuesday–Wednesday, July 30–31,'),\n",
       " Document(page_content='2024.  The meeting adjourned at 10:55 a.m. on June 12, \\n2024. \\nNotation Vote'),\n",
       " Document(page_content='By notation vote completed on May 21, 2024, the Com-'),\n",
       " Document(page_content='mittee unanimously approved the minutes of the Com-\\nmittee meeting held on April 30–May 1, 2024.'),\n",
       " Document(page_content='_______________________ \\nJoshua Gallin \\nSecretary \\nPage 10\\nFederal Open Market Committee'),\n",
       " Document(page_content='_____________________________________________________________________________________________')]"
      ]
     },
     "execution_count": 3,
     "metadata": {},
     "output_type": "execute_result"
    }
   ],
   "source": [
    "from langchain.text_splitter import RecursiveCharacterTextSplitter\n",
    "\n",
    "text_splitter = RecursiveCharacterTextSplitter(\n",
    "    chunk_size=100, \n",
    "    chunk_overlap=0\n",
    ")\n",
    "\n",
    "texts = text_splitter.create_documents([doc_contents])\n",
    "texts"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 4,
   "metadata": {},
   "outputs": [
    {
     "name": "stderr",
     "output_type": "stream",
     "text": [
      "c:\\Users\\Windows\\anaconda3\\Lib\\site-packages\\langchain_core\\_api\\deprecation.py:139: LangChainDeprecationWarning: The class `OpenAIEmbeddings` was deprecated in LangChain 0.0.9 and will be removed in 0.3.0. An updated version of the class exists in the langchain-openai package and should be used instead. To use it run `pip install -U langchain-openai` and import as `from langchain_openai import OpenAIEmbeddings`.\n",
      "  warn_deprecated(\n"
     ]
    }
   ],
   "source": [
    "from langchain.embeddings import OpenAIEmbeddings \n",
    "\n",
    "embeddings = OpenAIEmbeddings() \n"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 5,
   "metadata": {},
   "outputs": [],
   "source": [
    "import pinecone \n",
    "from langchain.vectorstores import Pinecone \n",
    "\n",
    "pinecone_client = pinecone.Pinecone(api_key=PINECONE_API_KEY) "
   ]
  },
  {
   "cell_type": "code",
   "execution_count": 6,
   "metadata": {},
   "outputs": [],
   "source": [
    "index_name = \"langchain-fed\" \n",
    "search = Pinecone.from_documents(texts, embeddings, index_name=index_name)"
   ]
  },
  {
   "cell_type": "code",
   "execution_count": null,
   "metadata": {},
   "outputs": [],
   "source": []
  },
  {
   "cell_type": "code",
   "execution_count": null,
   "metadata": {},
   "outputs": [],
   "source": []
  },
  {
   "cell_type": "code",
   "execution_count": null,
   "metadata": {},
   "outputs": [],
   "source": []
  },
  {
   "cell_type": "code",
   "execution_count": null,
   "metadata": {},
   "outputs": [],
   "source": []
  },
  {
   "cell_type": "code",
   "execution_count": null,
   "metadata": {},
   "outputs": [],
   "source": []
  }
 ],
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  "kernelspec": {
   "display_name": "base",
   "language": "python",
   "name": "python3"
  },
  "language_info": {
   "codemirror_mode": {
    "name": "ipython",
    "version": 3
   },
   "file_extension": ".py",
   "mimetype": "text/x-python",
   "name": "python",
   "nbconvert_exporter": "python",
   "pygments_lexer": "ipython3",
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