Minutes of the Federal Open Market Committee December 12–13, 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, December 12, 2023, at 10:30 a.m. and con-tinued on Wednesday, December 13, 2023, at 9:00 a.m.1 Attendance Jerome H. Powell, Chair John C. Williams, Vice Chair Michael S. Barr Michelle W. Bowman Lisa D. Cook Austan D. Goolsbee Patrick Harker Philip N. Jefferson Neel Kashkari Adriana D. Kugler Lorie K. Logan Christopher J. Waller Thomas I. Barkin, Raphael W. Bostic, Mary C. Daly, and Loretta J. Mester, Alternate Members of the Committee Susan M. Collins and Jeffrey R. Schmid, Presidents of the Federal Reserve Banks of Boston and Kansas City, respectively Kathleen O’Neill Paese, Interim President of the Federal Reserve Bank of St. Louis 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, Eric M. Engen, Anna Paulson, Andrea Raffo, ChiaraScotti, and William Wascher, Associate EconomistsRoberto Perli, Manager, System Open Market Account 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. Julie Ann Remache, Deputy Manager, System Open Market Account Jose Acosta, Senior System Administrator II, Division of Information Technology, Board David Altig, Executive Vice President, Federal Reserve Bank of Atlanta Alyssa Arute,2 Manager, Division of Reserve Bank Operations and Payment Systems, Board Kimberly N. Bayard, Section Chief, Division of Research and Statistics, Board Penelope A. Beattie,3 Section Chief, Office of the Secretary, Board Paola Boel, Vice President, Federal Reserve Bank of Cleveland David Bowman, Senior Associate Director, Division of Monetary Affairs, Board Celso Brunetti, Assistant Director, Division of Research and Statistics, Board Jennifer J. Burns, Deputy Director, Division of Supervision and Regulation, Board Juan C. Climent, Special Adviser to the Board, Division of Board Members, Board Edmund S. Crawley, Senior Economist, Division of Monetary Affairs, Board Stephanie E. Curcuru, Deputy Director, Division of International Finance, Board Ryan Decker, Special Adviser to the Board, Division of Board Members, Board Riccardo DiCecio, Economic Policy Advisor, Federal Reserve Bank of St. Louis Cynthia L. Doniger, Principal Economist, Division of Monetary Affairs, Board Rochelle M. Edge, Deputy Director, Division of Monetary Affairs, Board 2 Attended through the discussi...
