Federal Reserve — FOMC Statement (USA, 2024)

Minutes of the Federal Open Market Committee January 30 31, 2024 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 30, 2024, at 10:00 a.m. and contin- ued on Wednesday, January 31, 2024, at 9:00 a.m.1 Stephanie R. Aaronson, Senior Associate Director, Division of Research and Statistics, Board Jose Acosta, Senior System Administrator II, Division of Information Technology, Board Attendance Jerome H. Powell, Chair John C. Williams, Vice Chair Thomas I. Barkin Michael S. Barr Raphael W. Bostic Michelle W. Bowman Lisa D. Cook Mary C. Daly Philip N. Jefferson Adriana D. Kugler Loretta J. Mester Christopher J. Waller Susan M. Collins, Austan D. Goolsbee, Kathleen O Neill, Jeffrey R. Schmid, and Sushmita Shukla, Alternate Members of the Committee Patrick Harker, Neel Kashkari, and Lorie K. Logan, Presidents of the Federal Reserve Banks of Philadelphia, Minneapolis, and Dallas, respectively 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, James A. Clouse, Edward S. Knotek II, David E. Lebow, Sylvain Leduc, Paula Tkac, and William Wascher, Associate Economists Roberto Perli, Manager, System Open Market Account Julie Ann Remache, Deputy Manager, System Open Market Account Isaiah C. Ahn, Information Management Analyst, Division of Monetary Affairs, Board Roc Armenter, Executive Vice President, Federal Reserve Bank of Philadelphia Alyssa Arute, Manager, Division of Reserve Bank Operations and Payment Systems, Board Penelope A. Beattie,2 Section Chief, Office of the Secretary, Board David Bowman, Senior Associate Director, Division of Monetary Affairs, Board Celso Brunetti,3 Assistant Director, Division of Research and Statistics, Board Juan C. Climent, Special Adviser to the Board, Division of Board Members, Board Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board Jennifer S. Crystal, Senior Adviser, Division of International Finance, Board Stephanie E. Curcuru, Deputy Director, Division of International Finance, Board Ryan Decker, Special Adviser to the Board, Division of Board Members, Board Sarah Devany, First Vice President, Federal Reserve Bank of San Francisco Rochelle M. Edge, Deputy Director, Division of Monetary Affairs, Board Eric C. Engstrom, Associate Director, Division of Research and Statistics, Board Jon Faust, Senior Special Adviser to the Chair, Division of Board Members, 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. 3 Attended opening remarks for Tuesday s session only. _____________________________________________________________________________________________Page 1 Jenn Gallagher, Assistant to the Board, Division of Anna Paulson, Executive Vice President, Federal Board Members, Board Reserve Bank of Chicago Carlos Garriga, Senior Vice President, Federal Reserve Eugenio P. Pinto, Special Adviser to the Board, Bank of St. Louis Division of Board Members, Board Michael S. Gibson, Director, Division of Supervision Andrea Raffo, Senior Vice President, Federal Reserve and Regulation, Board Bank of Minneapolis Joseph W. Gruber, Executive Vice President, Federal Andres Schneider, Principal Economist, Division of Reserve Bank of Kansas City Monetary Affairs, Board Luca Guerrieri, Associate Director, Division of Samuel Schulhofer-Wohl, Senior Vice President, International Finance, Board Federal Reserve Bank of Dallas Christopher J. Gust, Associate Director, Division of Felipe F. Schwartzman, Senior Economist, Federal Monetary Affairs, Board Reserve Bank of Richmond Andrew Haughwout, Acting Director of Research, Chiara Scotti,3 Senior Vice President, Federal Reserve Federal Reserve Bank of New York Bank of Dallas Valerie S. Hinojosa, Section Chief, Division of Zeynep Senyuz, Deputy Associate Director, Division Monetary Affairs, Board of Monetary Affairs, Board Jane E. Ihrig, Special Adviser to the Board, Division of Arsenios Skaperdas, Senior Economist, Division of Board Members, Board Monetary Affairs, Board Michael T. Kiley, Deputy Director, Division of Balint Szoke, Senior Economist, Division of Monetary Financial Stability, Board Affairs, Board Kyungmin Kim, Principal Economist, Division of Clara Vega, Special Adviser to the Board, Division of Monetary Affairs, Board Board Members, Board Elizabeth K. Kiser, Senior Associate Director, Division Annette Vissing-J rgensen, Senior Adviser, Division of of Research and Statistics, Board Monetary Affairs, Board Andreas Lehnert, Director, Division of Financial Jeffrey D. Walker, Associate Director, Division of Reserve Bank Operations and Payment Systems, Board Fabian Winkler, Principal Economist, Division of Monetary Affairs, Board Paul R. Wood, Special Adviser to the Board, Division of Board Members, Board Egon Zakrajsek, Executive Vice President, Federal Reserve Bank of Boston Rebecca Zarutskie, Special Adviser to the Board, Division of Board Members, Board Stability, Board Kurt F. Lewis, Special Adviser to the Chair, Division of Board Members, Board Dan Li,4 Assistant Director, Division of Monetary Affairs, Board Laura Lipscomb, Special Adviser to the Board, Division of Board Members, Board Ann E. Misback, Secretary, Office of the Secretary, Board Phillip Monin, Senior Economist, Division of Monetary Affairs, Board Michelle M. Neal, Head of Markets, Federal Reserve Bank of New York Christopher J. Nekarda, Principal Economist, Division of Research and Statistics, Board 4 Attended Tuesday s session only. Page 2Federal Open Market Committee_____________________________________________________________________________________________ Annual Organizational Matters5 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 30, 2024, 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 Sushmita Shukla, First Vice President of the Federal Reserve Bank of New York, as alternate; Thomas I. Barkin, President of the Federal Reserve Bank of Richmond, with Susan M. Collins, President of the Federal Reserve Bank of Boston, as alternate; Loretta J. Mester, President of the Federal Reserve Bank of Cleveland, with Austan D. Goolsbee, President of the Federal Reserve Bank of Chicago, as alternate; Raphael W. Bostic, President of the Federal Reserve Bank of Atlanta, with Kathleen O Neill, Interim Presi- dent of the Federal Reserve Bank of St. Louis, as alter- nate; Mary C. Daly, President of the Federal Reserve Bank of San Francisco, with Jeffrey R. Schmid, President of the Federal Reserve Bank of Kansas City, 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 2025: 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 Kartik B. Athreya6 James A. Clouse Brian M. Doyle Edward S. Knotek II David E. Lebow Sylvain Leduc Paula Tkac William Wascher Alexander L. Wolman 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 Roberto Perli and Julie Ann Remache to serve at the pleasure of the Committee as manager and deputy manager of the SOMA, respectively, on the understanding that these se- lections 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. By unanimous vote, the Committee approved the FOMC Authorizations and Continuing Directives for Open Market Operations, with a revision to Section II, Continuing Directive for Domestic Open Market Oper- ations, to add a standing seven-day term option to the existing standing Foreign and International Monetary Authorities Repurchase Agreement Operations. Ahead of the vote on policies relating to investment and trading, information security, and external communica- tions, the Chair commented on the critical importance of earning and keeping the public s trust in the impar- tiality of the Committee s decisionmaking. A revised in- vestment and trading policy was proposed which ex- panded the scope of employees subject to the Commit- tee s investment and trading rules, and introduced new investment restrictions on all employees with access to FOMC information. All participants indicated support for, and agr