Datasets:

gtfintechlab
/

swiss_national_bank

sentences stringlengths 27 370	stance_label stringclasses 4 values	time_label stringclasses 2 values	certain_label stringclasses 2 values	year int64 2k 2.02k	__index_level_0__ int64 1 999
the national bank views the prospects for the global economy more cautiously than it did only three months ago	neutral	forward looking	certain	2,002	705
in addition, uncertainty about future developments in the fiscal policies of numerous advanced economies is dampening consumer and investment confidence and poses risks to growth	dovish	forward looking	uncertain	2,013	921
if necessary, it will take further measures immediately	irrelevant	forward looking	certain	2,014	158
both short-time work and unemployment have declined further	neutral	not forward looking	certain	2,010	654
it is thus projected to remain below 1 until mid-2005	neutral	forward looking	uncertain	2,003	822
this is reflected in the increasingly rapid growth of the monetary aggregates since the beginning of the year	hawkish	forward looking	certain	2,009	43
subsequently, an acceleration will set in and forecast inflation will reach 2.8 in the second quarter of 2006	hawkish	forward looking	certain	2,003	189
growth is likely to remain rather modest in switzerland in the coming quarters due to the recent appreciation of the swiss franc and the moderate development of the global economy	neutral	forward looking	uncertain	2,024	869
the latest inflation forecast is based on the assumption that inflation will remain below the 2 level in the next three years	dovish	forward looking	uncertain	2,001	987
price rises for foreign goods remain very low and also volatile due not least to the fluctuating oil price	neutral	forward looking	uncertain	2,003	467
the coronavirus pandemic has pushed the global economy into a sharp recession	dovish	forward looking	certain	2,020	257
in the us, economic activity was driven mainly by strong consumer demand, and labour market developments continued to be favourable	neutral	not forward looking	certain	2,016	658
for the two following years, a further increase in exports, a rise in equipment investment, robust private consumption and sustained economic growth are anticipated	neutral	forward looking	uncertain	2,004	754
next year, growth is likely to decline slightly, but should nevertheless remain above potential	neutral	forward looking	uncertain	2,006	632
the national bank anticipates average inflation for 2005 to remain at 1.2	neutral	forward looking	certain	2,005	426
monetary policy was last adjusted on 22 march 2001, when the target range was lowered by 0.25 percentage points	dovish	not forward looking	certain	2,001	288
that said, the economy has lost momentum again somewhat of late	dovish	not forward looking	certain	2,021	70
the snbs baseline scenario for the global economy anticipates a phased easing of the containment measures in place in many countries over the course of the spring	neutral	forward looking	certain	2,021	167
another risk is that the european economy might perform below expectations	dovish	forward looking	uncertain	2,005	102
the negative inflation rate in july is mainly attributable to a change in data collection on clearance sales prices for clothing	neutral	not forward looking	certain	2,002	250
for the following years, upside and downside risks are more symmetrical	neutral	forward looking	certain	2,008	832
another appreciation would have a serious impact on both prices and the economy in switzerland	dovish	forward looking	certain	2,012	916
the magnitude of the contraction in demand in the fourth quarter of 2008 was unexpected	dovish	not forward looking	certain	2,009	763
an improvement in the labour market is expected only in the course of 2004	hawkish	forward looking	certain	2,003	84
in so doing, it aims to cushion the negative impact of the pandemic on economic activity and inflation	neutral	forward looking	certain	2,020	295
the snb now anticipates slightly lower gdp growth of around 2.5 for 2018 as a whole	dovish	forward looking	certain	2,018	125
nevertheless, forecast inflation remains low for the next few years	dovish	forward looking	uncertain	2,012	845
in switzerland, gdp grew at an annualised rate of 1.0 in the third quarter	hawkish	not forward looking	certain	2,022	191
unemployment has increased around the world, although short-time work schemes in various countries have so far prevented a stronger rise	dovish	not forward looking	certain	2,020	617
given favourable economic developments internationally, the outlook for switzerlands economy is cautiously optimistic	neutral	forward looking	uncertain	2,017	64
since the last assessment, the swiss franc has appreciated substantially against the euro and the us dollar	dovish	not forward looking	certain	2,010	709
in addition, it is leaving the target range for the three-month libor unchanged at 0.00.25	neutral	forward looking	certain	2,014	247
over the medium term, however, it should return to more moderate levels, not least due to more restrictive monetary policy	hawkish	forward looking	uncertain	2,023	434
although inflation declined again in many countries, it remains clearly above central banks targets	hawkish	forward looking	certain	2,023	362
while the strong expansion of monetary aggregates can be partly explained by special effects, liquidity in the economy has risen significantly	hawkish	forward looking	certain	2,004	215
economic activity was as anticipated, and the inflation outlook was also confirmed at the new assessment	neutral	not forward looking	certain	2,006	879
the swiss national bank snb is leaving the target range for the three-month libor unchanged at between 1.25 and 0.25	neutral	not forward looking	certain	2,015	985
the national bank anticipates economic growth to be 1.5 - 2 for 2004	neutral	forward looking	uncertain	2,004	652
higher utilisation of technical production capacity is likely to strengthen investment activity and boost demand for equipment goods	hawkish	forward looking	certain	2,006	316
the assumptions on which the new forecast is based differ in various respects from those in june	neutral	forward looking	uncertain	2,003	489
the snb is authorised to debit the account without prior notice	neutral	not forward looking	certain	2,019	89
a weakening in global economic momentum cannot be excluded	neutral	not forward looking	certain	2,013	977
as a result of the higher oil prices, the new forecast exceeds the june forecast until mid-2006	hawkish	forward looking	certain	2,005	199
the new conditional inflation forecast is based on the assumption that the snb policy rate is 1.75 over the entire forecast horizon cf	neutral	forward looking	uncertain	2,023	277
in manufacturing and in the service sector, it is at a satisfactory level, while in the construction industry it is high	neutral	not forward looking	certain	2,011	878
compared to december, the inflation forecast has even fallen further	dovish	forward looking	uncertain	2,012	789
given this difficult situation, the national bank wishes decisively to counter the tightening of monetary conditions that would arise from an appreciation of the swiss franc	hawkish	forward looking	certain	2,003	408
the recovery of the global economy continues and the swiss economy is benefiting from it	dovish	not forward looking	certain	2,010	865
the national bank is therefore maintaining its expansionary monetary policy and will keep the attractiveness of swiss franc investments low	dovish	forward looking	certain	2,002	148
assuming an unchanged three-month libor of 0.25, average inflation for 2010 is expected to amount to 0.9, for 2011 to 1.0 and for 2012 to 2.2	neutral	forward looking	uncertain	2,010	894
these factors will continue to hold back the global economy over the coming months	dovish	forward looking	certain	2,016	37
the conditional inflation forecast is based on the assumption that the threemonth libor remains at 0.75 over the entire forecast horizon	neutral	forward looking	certain	2,017	776
on the other hand, the economic policy measures introduced since the outbreak of the pandemic could support the recovery more strongly than anticipated in the baseline scenario	dovish	forward looking	certain	2,021	380
consequently, the unemployment rate has risen again slightly in recent months	dovish	not forward looking	certain	2,016	851
coronavirus is posing exceptionally large challenges for switzerland, both socially and economically	neutral	not forward looking	certain	2,020	697
negative interest and the willingness to intervene are important in order to counteract the attractiveness of swiss franc investments and thus ease pressure on the currency	dovish	not forward looking	certain	2,019	814
in spite of the fact that money market rates are already very low, the national bank still has effective instruments at its disposal	dovish	not forward looking	certain	2,003	904
forecast inflation is slightly higher and more persistent, but the medium-term outlook remains essentially the same	neutral	forward looking	certain	2,008	252
the trade-weighted exchange rate of the swiss franc is practically unchanged compared with september 2019	neutral	not forward looking	certain	2,019	929
the uncertainties relate to the global economy and to the level of recovery within the financial industry	neutral	forward looking	uncertain	2,009	611
owing to the economic growth, the labour market situation in advanced economies has improved in recent quarters	neutral	not forward looking	certain	2,017	500
although the us economy rebounded in the second quarter following a weather-related winter slump, the major euro area economies experienced considerably weaker growth than expected, and inflation was again very low	dovish	not forward looking	certain	2,014	163
according to an initial quarterly estimate, gdp in switzerland grew at an annualised rate of 0.2 in the third quarter	neutral	not forward looking	certain	2,016	280
for this reason, the snbs inflation forecast is embedded in a global economic scenario	neutral	not forward looking	certain	2,006	942
despite more favourable exchange rate conditions, swiss exports again fell in the second quarter	dovish	not forward looking	certain	2,003	596
tensions can reappear at any moment on global financial markets	neutral	forward looking	uncertain	2,013	604
unemployment rose somewhat, and the utilisation of overall production capacity was only slightly above average	neutral	not forward looking	certain	2,023	217
in the same month, the growth rate of m3 was 6.1 as compared to 7.9 in november	hawkish	not forward looking	certain	2,010	395
this will ensure that the secured short-term swiss franc money market rates are close to the snb policy rate	neutral	forward looking	certain	2,022	997
the target range for the three-month libor remains at between 1.25 and 0.25, and the interest rate on sight deposits with the snb is unchanged at 0.75	neutral	forward looking	certain	2,015	475
conversely, the financial crisis could cause a more marked slowdown in the economy, thereby reducing inflationary pressure	dovish	forward looking	uncertain	2,008	203
even under this assumption, however, gdp growth is likely to be negative for the year as a whole	dovish	forward looking	uncertain	2,020	850
generally, in times of slow economic activity, a decline is recorded in loans not secured by mortgages	neutral	not forward looking	certain	2,010	963
a correction to the expansionary monetary policy pursued by the snb for a long time now will be necessary if the economic outlook improves	neutral	forward looking	uncertain	2,005	982
compared with the december expectations, the recovery this year is likely to be delayed somewhat	dovish	forward looking	certain	2,005	445
according to the snbs assessment, imbalances on the mortgage and real estate markets persist	neutral	not forward looking	certain	2,016	507
with its decision to leave the three-month libor unchanged, the national bank is adhering to its current monetary policy course and is making use of its monetary policy leeway to support the recovery of the economy without jeopardising long-term price stability	neutral	not forward looking	certain	2,005	645
for 2013, the national bank expects inflation of 0.1 and for 2014, 0.4	hawkish	forward looking	certain	2,012	196
as the economy recovers, the price of oil is likely to edge upwards again gradually	hawkish	forward looking	uncertain	2,002	708
the inflation forecast puts average annual inflation at 2.2 for 2023 and 2024, and at 1.9 for 2025 cf	neutral	forward looking	uncertain	2,023	785
in this way, the snb stabilises price developments and supports economic activity	neutral	forward looking	certain	2,019	423
by contrast, international trade and global manufacturing remain subdued	dovish	not forward looking	certain	2,016	683
however, these loans are still below the level they had reached at the beginning of the boom years of 19992000	dovish	not forward looking	certain	2,007	415
short-time working has reached unprecedented levels, unemployment has risen rapidly, and consumer sentiment has fallen to a record low	dovish	not forward looking	certain	2,020	895
this favourable forecast is based, among other things, on the assumption that the global economy continues to grow and that the war in ukraine does not escalate further	neutral	forward looking	uncertain	2,022	693
at its monetary policy assessment in june, the snb was still expecting growth of roughly 1.5	neutral	not forward looking	certain	2,017	993
the swiss national bank is leaving the target range for the three-month libor rate unchanged at 0.251.25	neutral	not forward looking	certain	2,005	781
economic recovery is also underway in switzerland	hawkish	forward looking	certain	2,010	400
since december, the three-month libor has remained virtually unchanged within the lower part of the target range	neutral	not forward looking	certain	2,011	132
banks sight deposits held at the snb will be remunerated at the snb policy rate of 1.5 up to a certain threshold	neutral	forward looking	certain	2,023	55
the expansionary monetary policy continues to be necessary given the latest international developments and the inflation outlook in switzerland	dovish	forward looking	certain	2,019	981
the reasons for this development are two-fold	irrelevant	not forward looking	certain	2,006	847
in december, the snb expected annual growth of some 2 for 2015	neutral	not forward looking	certain	2,015	193
until the beginning of 2006, the inflation trend according to the new forecast will fall short of that projected in june	dovish	forward looking	uncertain	2,003	696
first, growth in the united states is more moderate than we were expecting in june	dovish	not forward looking	certain	2,006	431
the swiss national bank is leaving the snb policy rate unchanged at 1.75	neutral	not forward looking	certain	2,023	620
debiting the negative interest triggers a sight deposit account transfer by the snb for swiss interbank clearing sic system participants	irrelevant	not forward looking	certain	2,019	660
in the second quarter, real gdp rose at an annualised rate of 3.0, as compared with the previous quarter	hawkish	not forward looking	certain	2,007	388
the snbs expansionary monetary policy is aimed at stabilising price developments and supporting economic activity	dovish	forward looking	certain	2,017	177
at the end of the forecast horizon, inflation stands at 2.1	neutral	forward looking	certain	2,023	859

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Dataset Summary

For dataset summary, please refer to https://huggingface.co/datasets/gtfintechlab/swiss_national_bank

Additional Information

This dataset is annotated across three different tasks: Stance Detection, Temporal Classification, and Uncertainty Estimation. The tasks have four, two, and two unique labels, respectively. This dataset contains 1,000 sentences taken from the meeting minutes of the Swiss National Bank.

Label Interpretation

Stance Detection

Hawkish: The sentence supports contractionary monetary policy.
Dovish: The sentence supports expansionary monetary policy.
Neutral: The sentence contains neither hawkish or dovish sentiment, or both hawkish and dovish sentiment.
Irrelevant: The sentence is not related to monetary policy.

Temporal Classification

Forward-looking: The sentence discusses future economic events or decisions.
Not Forward-looking: The sentence discusses past or current economic events or decisions.

Uncertainty Estimation

Certain: Indicates that the sentence presents information definitively.
Uncertain: Indicates that the sentence presents information with speculation, possibility, or doubt.

Licensing Information

The swiss_national_bank dataset is licensed under the Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International. More information in the paper.

Citation Information

@article{WCBShahSukhaniPardawala,
  title={Words That Unite The World: A Unified Framework for Deciphering Global Central Bank Communications},
  author={Agam Shah, Siddhant Sukhani, Huzaifa Pardawala et al.},
  year={2025}
}