Federal Reserve — FOMC Statement (USA, 2023)

Minutes of the Federal Open Market Committee January 31 February 1, 2023 A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve Sys- tem was held in the offices of the Board of Governors on Tuesday, January 31, 2023, at 10:00 a.m. and contin- ued on Wednesday, February 1, 2023, at 9:00 a.m.1 Attendance Jerome H. Powell, Chair John C. Williams, Vice Chair Michael S. Barr Michelle W. Bowman Lael Brainard Lisa D. Cook Austan D. Goolsbee Patrick Harker Philip N. Jefferson Neel Kashkari Lorie K. Logan Christopher J. Waller Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly, Loretta J. Mester, and Helen E. Mucciolo, Alternate Members of the Committee James Bullard and Susan M. Collins, Presidents of the Federal Reserve Banks of St. Louis and Boston, respectively Kelly J. Dubbert, Interim President of the Federal Reserve Bank of Kansas City Joshua Gallin, Secretary Matthew M. Luecke, Deputy Secretary Brian J. Bonis, Assistant Secretary Michelle A. Smith, Assistant Secretary Mark E. Van Der Weide, General Counsel Richard Ostrander, Deputy General Counsel Trevor A. Reeve, Economist Stacey Tevlin, Economist Beth Anne Wilson, Economist Shaghil Ahmed, Roc Armenter, James A. Clouse, Brian M. Doyle, Eric M. Engen, Anna Paulson, Andrea Raffo, and William Wascher, Associate Economists Patricia Zobel, Manager pro tem, System Open Market Account Stephanie R. Aaronson, Senior Associate Director, Division of Research and Statistics, Board Jose Acosta, Senior Communications Analyst, Division of Information Technology, Board Isaiah C. Ahn, Information Management Analyst, Division of Monetary Affairs, Board Alyssa Arute,2 Manager, Division of Reserve Bank Operations and Payment Systems, Board Kartik B. Athreya, Executive Vice President, Federal Reserve Bank of Richmond Penelope A. Beattie, Section Chief, Office of the Secretary, Board Travis J. Berge, Principal Economist, Division of Research and Statistics, Board David Bowman, Senior Associate Director, Division of Monetary Affairs, Board Isabel Cair , Principal Economist, Division of Monetary Affairs, Board Prabal Chakrabarti, Executive Vice President, Federal Reserve Bank of Boston Kathryn B. Chen, Director of Cross Portfolio Policy & Analysis, Federal Reserve Bank of New York Laura Choi, Senior Vice President, Federal Reserve Bank of San Francisco Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board Stephanie E. Curcuru, Deputy Director, Division of International Finance, Board 1 The Federal Open Market Committee is referenced as the  FOMC  and the  Committee  in these minutes; the Board of Governors of the Federal Reserve System is referenced as the  Board  in these minutes. 2 Attended through the discussion of the economic and finan- cial situation. _____________________________________________________________________________________________Page 1 Marnie Gillis DeBoer, Senior Associate Director, Kurt F. Lewis,2 Special Adviser to the Board, Division Division of Monetary Affairs, Board of Board Members, Board Navtej S. Dhillon, Special Adviser to the Board, Laura Lipscomb, Special Adviser to the Board, Division of Board Members, Board Division of Board Members, Board Burcu Duygan-Bump, Special Adviser to the Board, Francesca Loria, Senior Economist, Division of Division of Board Members, Board Monetary Affairs, Board Rochelle M. Edge, Deputy Director, Division of Andrew Meldrum, Assistant Director, Division of Monetary Affairs, Board Monetary Affairs, Board Charles A. Fleischman, Adviser, Division of Research Ann E. Misback, Secretary, Office of the Secretary, and Statistics, Board Board Glenn Follette, Associate Director, Division of Michelle M. Neal, Head of Markets, Federal Reserve Research and Statistics, Board Bank of New York Carlos Garriga, Senior Vice President, Federal Reserve Giovanni Olivei, Senior Vice President, Federal Bank of St. Louis Reserve Bank of Boston Michael S. Gibson, Director, Division of Supervision Ander Perez-Orive, Principal Economist, Division of and Regulation, Board Monetary Affairs, Board Christine Graham, Deputy Associate Director, Division Nellisha D. Ramdass, Deputy Director, Division of of Supervision and Regulation, Board Monetary Affairs, Board Joseph W. Gruber, Executive Vice President, Federal Reserve Bank of Kansas City Julie Ann Remache, Head of Cross Market & Portfolio Analysis, Federal Reserve Bank of New York Valerie S. Hinojosa, Section Chief, Division of Linda Robertson, Assistant to the Board, Division of Monetary Affairs, Board Board Members, Board Jane E. Ihrig, Special Adviser to the Board, Division of Zina Bushra Saijid, Senior Financial Analyst, Division Board Members, Board of International Finance, Board Michael T. Kiley, Deputy Director, Division of Zack Saravay, Financial Institution and Policy Analyst, Financial Stability, Board Division of Monetary Affairs, Board Anna Kovner, Director of Financial Stability Policy Research, Federal Reserve Bank of New York Samuel Schulhofer-Wohl, Senior Vice President, Federal Reserve Bank of Dallas David E. Lebow, Senior Associate Director, Division Chiara Scotti, Deputy Associate Director, Division of of Research and Statistics, Board Financial Stability, Board Sylvain Leduc, Director of Research, Federal Reserve Nitish Ranjan Sinha, Special Adviser to the Board, Bank of San Francisco Division of Board Members, Board Andreas Lehnert, Director, Division of Financial Ellis W. Tallman, Executive Vice President, Federal Stability, Board Reserve Bank of Cleveland Karen Leone de Nie, Vice President, Reserve Bank of Manjola Tase, Principal Economist, Division of Atlanta Monetary Affairs, Board Page 2Federal Open Market Committee_____________________________________________________________________________________________ Alene G. Tchourumoff, Senior Vice President, Federal Reserve Bank of Minneapolis Robert J. Tetlow, Senior Adviser, Division of Monetary Affairs, Board Clara Vega, Special Adviser to the Board, Division of Board Members, Board Jeffrey D. Walker,2 Associate Director, Division of Reserve Bank Operations and Payment Systems, Board Min Wei, Senior Associate Director, Division of Monetary Affairs, Board Jonathan Willis, Vice President and Senior Economist, Federal Reserve Bank of Atlanta Paul R. Wood, Special Adviser to the Board, Division of Board Members, Board Rebecca Zarutskie, Special Adviser to the Board, Division of Board Members, Board Annual Organizational Matters3 The agenda for this meeting reported that advices of the election of the following members and alternate mem- bers of the Federal Open Market Committee for a term beginning January 31, 2023, were received and that these individuals executed their oaths of office. The elected members and alternate members were as fol- lows: John C. Williams, President of the Federal Reserve Bank of New York, with Helen E. Mucciolo, Interim First Vice President of the Federal Reserve Bank of New York, as alternate Patrick Harker, President of the Federal Reserve Bank of Philadelphia, with Thomas I. Barkin, President of the Federal Reserve Bank of Richmond, as alternate Austan D. Goolsbee, President of the Federal Reserve Bank of Chicago, with Loretta J. Mester, President of the Federal Reserve Bank of Cleveland, as alternate Lorie K. Logan, President of the Federal Reserve Bank of Dallas, with Raphael W. Bostic, President of the Fed- eral Reserve Bank of Atlanta, as alternate Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, with Mary C. Daly, President of the Federal Reserve Bank of San Francisco, as alternate. By unanimous vote, the following officers of the Com- mittee were selected to serve until the selection of their successors at the first regularly scheduled meeting of the Committee in 2024: Chair Vice Chair Secretary Deputy Secretary Assistant Secretary Assistant Secretary Jerome H. Powell John C. Williams Joshua Gallin Matthew M. Luecke Brian J. Bonis Michelle A. Smith Mark E. Van Der Weide General Counsel Richard Ostrander Charles C. Gray Trevor A. Reeve Stacey Tevlin Beth Anne Wilson Deputy General Counsel Assistant General Counsel Economist Economist Economist Shaghil Ahmed Roc Armenter James A. Clouse Brian M. Doyle Eric M. Engen Beverly J. Hirtle Anna Paulson Andrea Raffo Chiara Scotti4 William Wascher Associate Economists By unanimous vote, the Committee selected the Federal Reserve Bank of New York to execute transactions for the System Open Market Account (SOMA). By unanimous vote, the Committee selected Patricia Zo- bel to serve at the pleasure of the Committee as deputy manager of the SOMA through February 20, 2023, and Roberto Perli and Julie Ann Remache to serve at the pleasure of the Committee as manager and deputy man- ager of the SOMA, respectively, effective February 21, 2023, on the understanding that these selections were subject to being satisfactory to the Federal Reserve Bank of New York. Secretary s note: The Federal Reserve Bank of New York subsequently sent advice that the se- lections indicated previously were satisfactory. 3 Committee organizational documents are available at www.federalreserve.gov/monetarypolicy/rules_authoriza- tions.htm. 4 Chiara Scotti s selection was set to be effective upon her em- ployment with the Federal Reserve Bank of Dallas. _____________________________________________________________________________________________Minutes of the Meeting of January 31 February 1, 2023Page 3 As part of the annual review of the Committee s govern- ance docu