The benchmark interest rate in the United States was last recorded at 4 percent. This dataset provides the latest reported value for - United States Fed Funds Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This dataset contains the text from Federal Reserve FOMC (Federal Open Market Committee) meeting minutes and statements, collected by scraping the Federal Reserve's website. The data spans a specific period of time, providing insights into the central bank's monetary policy decisions and discussions.

Content

The dataset consists of the following columns:

• Date: The date of the FOMC meeting or statement release in the format YYYYMMDD.
• Type: Indicator for the type of document. 0 represents a statement, while 1 represents meeting minutes.
• Text: The text content of each paragraph in the meeting minutes or statements.

Acknowledgements

The data is collected from the official Federal Reserve website (https://www.federalreserve.gov) using a custom Python scraper built with BeautifulSoup.

Inspiration

This dataset can be used for various purposes, such as:

1. Analyzing the sentiment and tone of FOMC meeting minutes and statements over time.
2. Identifying key phrases and words that indicate changes in monetary policy.
3. Developing natural language processing models to predict future policy decisions based on historical data.
4. Investigating the relationship between FOMC meeting minutes/statements and financial market reactions.

This dataset contains the textual data of Federal Reserve FOMC meetings statements and minutes.

Column description

• Date - Date of the FOMC meeting.
• Release Date - Release date of the statement/minutes. Note that minutes are usually released with a ~3 week lag from the meeting date.
• Type - Communication type, either a statement or minutes.
• Text - The text content of each communication release.

Update schedule

This dataset is updated on a weekly basis with new data sourced from the Federal Reserve website.

FOMC Meeting Statements & Minutes

This repository automatically scrapes and aggregates the Federal Reserve FOMC meeting statements and minutes - creating a dataset that enables tracking US monetary policy changes through time. It works by polling the website of the U.S. Federal Reserve on a periodic basis and scraping the new statements and minutes as they become available. The scraper runs in a scheduled GitHub Actions workflow, which is available here. The dataset begins in the… See the full description on the dataset page: https://huggingface.co/datasets/vtasca/fomc-statements-minutes.

🏛️ Federal Reserve Document Scraper

1. Dataset description

This repository contains code for downloading and organizing Federal Reserve documents from the official Federal Reserve Board website.

These files were used as part of my NLP project. While collecting data, my data collection code is inspired by centralbank_analysis by yukit-k. However, that implementation had some limitations:

❌ Incomplete handling of newer HTML structures on the Fed website

❌ No support for Greenbook/Tealbook files

❌ File naming and folder structure not ideal for downstream processing

❌ No handling of failed downloads or noisy formatting

So I made som key Improvements:

✅ Supports both Greenbook and Minutes. You can choose which type to download

✅ Automatic directory organization. Files are saved using a consistent format as:

FOMC_[document type]_YYYY-MM-DD

✅ Duplicate check & resume support: Prevents redundant downloads and handles broken links gracefully

✅ Modular and extensible codebase Easy to extend for other Fed documents (e.g., SEP, transcripts)

2. Data detail

This repository contains modules for downloading and processing various official publications of the Federal Open Market Committee (FOMC). These documents, produced and released by the Federal Reserve, provide detailed insight into U.S. monetary policy formation, communication, and economic analysis over time.

Below is a reference guide to the major FOMC document types represented in this repository.

📅 FomcAgenda.py – Meeting Agendas

Agendas are created by the FOMC Secretariat in coordination with the Chair and outline the topics of discussion for each meeting, including standard items (e.g., open market operations, economic outlook) and special topics. Participants receive the agenda about one week in advance.

📄 FomcStatement.py – Policy Statements

FOMC statements are brief summaries of monetary policy decisions released immediately after each meeting. These statements have become a key communication tool since 1994 and are now issued after every scheduled meeting, even if policy remains unchanged.

📝 FomcMinutes.py – Meeting Minutes

Minutes provide a concise, narrative summary of policy discussions and rationales. Since 2004, they are released three weeks after each meeting. The minutes include details on voting outcomes and dissenting views, and are eventually included in the Fed’s Annual Report.

🧾 FomcPresConfScript.py – Press Conference Transcripts

Beginning in 2011, the Fed Chair has held press conferences following certain FOMC meetings. These transcripts document the Chair’s remarks and responses to journalists, offering additional context and forward guidance. Released shortly after the meeting.

🗣️ FomcMeetingScript.py – Meeting Transcripts

Verbatim transcripts of FOMC meetings, produced from audio recordings and lightly edited for readability. They are released with a 5-year delay. For meetings prior to 1994, transcripts were reconstructed from raw records and may contain transcription uncertainties.

📚 FomcGreenbook.py – Greenbook (1964–2010)

The Greenbook, officially titled Current Economic and Financial Conditions, was prepared by Board staff and delivered to FOMC members six days before each meeting. It provided forecasts, data analyses, and economic outlooks.

Part 1: Summary and forecast

Part 2: Detailed breakdowns

Supplement: Late-breaking updates

📘 FomcBlueBook.py – Bluebook (1965–2010)

The Bluebook, titled Monetary Policy Alternatives, outlined potential policy options and risks. It was distributed shortly after the Greenbook and informed FOMC decisions. The document evolved from earlier versions like Money Market and Reserve Relationships.

🧠 FomcTealbook.py – Tealbook (2010–Present)

The Tealbook replaced both the Greenbook and Bluebook in June 2010. It is split into two parts:

Tealbook A: Current Situation and Outlook — Forecasts and financial developments

Tealbook B: Strategies and Alternatives — Policy options and simulations

Both are released with a 5-year lag.

📙 FomcBeigeBook.py – Beige Book

The Beige Book, published eight times a year, summarizes anecdotal economic conditions across the 12 Federal Reserve Districts. Based on business surveys, interviews, and internal reports, it is released ~two weeks before each meeting.

🧾 FomcTestimony.py – Testimony before Congress

This includes the Chair’s Semiannual Monetary Policy Report to Congress and other testimonies. These communications explain the Fed’s outlook and policies directly to lawmakers and the public.

📚 References

Federal Reserve – FOMC Archive

Wikipedia – Federal Open Market Committee

The interest rate set by the Federal Reserve is a crucial tool for promoting economic conditions that meet the mandate established by the United States Congress, which includes high employment, low and stable inflation, sustainable economic growth, and the moderation of long-term interest rates. The interest rates determined by the Fed directly influence the cost of credit, making financing either more accessible or more restrictive. When interest rates are low, there is a greater incentive for consumers to purchase homes through mortgages, finance automobiles, or undertake home renovations. Additionally, businesses are encouraged to invest in expanding their operations, whether by purchasing new equipment, modernizing facilities, or hiring more workers. Conversely, higher interest rates tend to curb such activity, discouraging borrowing and slowing economic expansion.

The dataset analyzed contains information on the economic conditions in the United States on a monthly basis since 1954, including the federal funds rate, which represents the percentage at which financial institutions trade reserves held at the Federal Reserve with each other in the interbank market overnight. This rate is determined by the market but is directly influenced by the Federal Reserve through open market operations to reach the established target. The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds rate target, which has been defined within a range with upper and lower limits since December 2008.

Furthermore, real Gross Domestic Product (GDP) is calculated based on the seasonally adjusted quarterly rate of change in the economy, using chained 2009 dollars as a reference. The unemployment rate represents the seasonally adjusted percentage of the labor force that is unemployed. Meanwhile, the inflation rate is determined by the monthly change in the Consumer Price Index, excluding food and energy prices for a more stable analysis of core inflation.

The interest rate data was sourced from the Federal Reserve Bank of St. Louis' economic data portal, while GDP information was provided by the U.S. Bureau of Economic Analysis, and unemployment and inflation data were made available by the U.S. Bureau of Labor Statistics.

The analysis of this data helps to understand how economic growth, the unemployment rate, and inflation influence the Federal Reserve’s monetary policy decisions. Additionally, it allows for a study of the evolution of interest rate policies over time and raises the question of how predictable the Fed’s future decisions may be. Based on observed trends, it is possible to speculate whether the target range set in March 2017 will be maintained, lowered, or increased, considering the prevailing economic context and the challenges faced in conducting U.S. monetary policy.

Text data from the documents surrounding Federal Open Market Committee meetings. Data is scraped from the Federal Reserve website using a web scraper I made using the Scrapy framework which can be found on GitHub at https://github.com/rw19842/Fed-Scraper.

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families' balance sheets, pensions, income, and demographic characteristics.

The Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) surveys up to 80 large domestic banks and 24 U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee (FOMC). The Federal Reserve occasionally conducts one or two additional surveys during the year. Questions cover changes in the standards and terms of the banks' lending and the state of business and household demand for loans. The survey often includes questions on other topics of current interest. The survey results are released on Mondays after the FOMC meeting.

Context

The Federal Reserve sets interest rates to promote conditions that achieve the mandate set by the Congress — high employment, low and stable inflation, sustainable economic growth, and moderate long-term interest rates. Interest rates set by the Fed directly influence the cost of borrowing money. Lower interest rates encourage more people to obtain a mortgage for a new home or to borrow money for an automobile or for home improvement. Lower rates encourage businesses to borrow funds to invest in expansion such as purchasing new equipment, updating plants, or hiring more workers. Higher interest rates restrain such borrowing by consumers and businesses.

Content

This dataset includes data on the economic conditions in the United States on a monthly basis since 1954. The federal funds rate is the interest rate at which depository institutions trade federal funds (balances held at Federal Reserve Banks) with each other overnight. The rate that the borrowing institution pays to the lending institution is determined between the two banks; the weighted average rate for all of these types of negotiations is called the effective federal funds rate. The effective federal funds rate is determined by the market but is influenced by the Federal Reserve through open market operations to reach the federal funds rate target. The Federal Open Market Committee (FOMC) meets eight times a year to determine the federal funds target rate; the target rate transitioned to a target range with an upper and lower limit in December 2008. The real gross domestic product is calculated as the seasonally adjusted quarterly rate of change in the gross domestic product based on chained 2009 dollars. The unemployment rate represents the number of unemployed as a seasonally adjusted percentage of the labor force. The inflation rate reflects the monthly change in the Consumer Price Index of products excluding food and energy.

Acknowledgements

The interest rate data was published by the Federal Reserve Bank of St. Louis' economic data portal. The gross domestic product data was provided by the US Bureau of Economic Analysis; the unemployment and consumer price index data was provided by the US Bureau of Labor Statistics.

Inspiration

How does economic growth, unemployment, and inflation impact the Federal Reserve's interest rates decisions? How has the interest rate policy changed over time? Can you predict the Federal Reserve's next decision? Will the target range set in March 2017 be increased, decreased, or remain the same?

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