October 31–November 1 · Published November 21, 2023
Jerome H. Powell
October 31–November 1, 2023 FOMC Minutes
Our reading
The minutes are consistent with the statement because both documents reflect the same key decisions and assessments: the FOMC voted unanimously to maintain the federal funds rate target range at 5-1/4 to 5-1/2 percent, acknowledged strong economic activity and elevated inflation, and agreed to continue reducing its securities holdings, with the minutes providing detailed discussion and rationale that align with the statement's concise summary.
Our reading compares the minutes of the October 31–November 1 FOMC meeting with the FOMC statement issued at the end of that meeting, three weeks before the minutes were published.
Vote
- 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
- Jerome H. Powell
- Christopher J. Waller
- John C. Williams
From the minutes
FOMC minutes
Voting for this action: Jerome H. Powell, John C. Williams, 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, and Christopher J. Waller.
Voting against this action: None.
Consistent with the Committee's decision to leave the target range for the federal funds rate unchanged, the Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on reserve balances at 5.4 percent, effective November 2, 2023. The Board of Governors of the Federal Reserve System voted unanimously to approve the establishment of the primary credit rate at the existing level of 5.5 percent, effective November 2, 2023.
It was agreed that the next meeting of the Committee would be held on Tuesday–Wednesday, December 12–13, 2023. The meeting adjourned at 10:05 a.m. on November 1, 2023.
What changed from the previous meeting’s minutes
- Participants noted financial conditions tightened significantly due to a rise in longer-term Treasury yields, a new development.
- Participants discussed financial stability risks, including unrealized losses on bank assets and CRE valuation declines.
- Participants cited the Israel-Hamas conflict as a new source of uncertainty for inflation and activity.
- Participants noted the United Auto Workers strike resolution reduced business-sector uncertainty.
- Participants observed housing activity flattened due to higher mortgage rates, replacing prior resilience.
- Participants no longer mentioned a majority favoring one more rate increase; all agreed to maintain the target range.
Summary generated automatically from the two documents.