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Federal Reserve FOMC Meeting 2023, Statement, Projections

Fed is the organisation which looks after the budget of the US. In 2022 there are several meetings are arranged for discussing the budget from time to time. Here we look at the Federal Reserve FOMC Meeting 2023 Dates, and what are the statements regarding the budget proposal and Projections, and who are the Members of the organisation.

Federal Reserve FOMC Meeting 2023 Dates

Federal Reserve is the central bank system of the United States. The main function of the bank is to promote the effective monetary operations of the US economy, and public interest. It promotes the stability of the financial system and seeks to minimize the risk with the engagement of the US and abroad. Its duty is to promote the safety and soundness of the individual banking institution and regulation of the financial system.

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The federal reserve makes the payment settlement and safety, which provide strength to the US economy, It lands money in the banking industry and to the US government it deals in the US- Dollars. The economy settlement and consumer protection is the main concern, They develop the community through consumer supervision, examination, and research. They made the community economic development activities and set consumer laws and regulations.

Federal Reserve FOMC Meeting

Federal Reserve FOMC Statement

In the first month of the year, the federal reserves arrange a meeting with all the board members. The first meeting of the board members is on the 25 Jan 2023, where the discussion of new budget and increase in taxes and other financial issues are discussed. The major topic of the discussion is the “longer-run goals and monetary policy strategy” discussed.

  1. Jan/Feb: 31-1
  2. March: 21-22*
  3. May: 2-3
  4. June: 13-14*
  5. July: 25-26
  6. September: 19-20*
  7. Oct/Nov: 31-1
  8. December: 12-13*

In the 2023 year, FOMC scheduled 8 meetings in a specific interval of time in different locations in the US. The meeting calendar is given above. More meetings s can be included in case of emergency.

Federal Reserve FOMC Projections

The Federal bank provides various services to the government and the private sector. The functions of the Federal bank are given below:

  • The bank acts as a reservoir for the bank reserves.
  • It can land short-term funds in deficits, seasonal business cycles, or extraordinary liquidity demands.
  • Collecting and clearing the payments between the banks.
  • Issuing banknotes for currency circulation.
  • Administering the deposit accounts of the Federal government.
  • Conducting auctions and buybacks of federal debt.
  • Purchasing non-bank obligations via emergency credit facilities authorized by the board of governors.

In history, the reserve bank had compensated members who kept reserves on deposit by the law of 6 per cent.

Federal Reserve FOMC Members

The board members of the Federal bank are called as Federal Reserve Board, the members help the government in implementing the monetary policies of the US. The headquarter of the bank is in  Washinton DC.

S.No Current Governer Party Term Start Term Ends
1 Jay Powell (Chairperson) Republican
  • February 5, 2018, as chair
  • May 23, 2022, Reappointed
May 15, 2026, as Chair

Jan 31, 2028, as Governer

2 Vacant
3 Michael Barr(Vice Chair Supervision) Democratic 19 July 2022 13 July 2026
4 Miki Bowman Republican 1 Feb 2020  31 Jan 2034
5 Chris Walter Republican 18 Dec 2020 31 Jan 2030
6 Lisa Cook Democratic 23 May 2022 31 Jan 2024
7 Philip Jefferson Democratic 23 May 2022 31 Jan 2036

The board members list that is given above is the present board members. There is a selection of seven board members at one time and the vice chairperson seat is vacant at this time. So there are a total of 6 members are in the present member list.

Federal Reserve Banks

The Board members of the Federal bank provide the country’s people with safe, flexible and stable monetary services. The Federal Bank of US has the 12 branches in the 12 districts of the country.

  • Federal Bank of Boston
  • Federal Bank of New York
  • Federal Bank of Philadelphia
  • Federal Bank of Cleveland
  • Federal Bank of Atlanta
  • Federal Bank of Chicago
  • Federal Bank of St. Louis
  • Federal Bank of Minneapolis
  • Federal Bank of Dallas
  • Federal Bank of San Franciso

The Federal bank has the authority to conduct open market operations in New York. It manages the system of Open Market Accounts (SOMA), It also had the authority of government-based or government guarantee security and it shared it among all reserve banks.

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