Behind the Curtain: The FOMC Meeting in Review September 2023

The Federal Open Market Committee (FOMC) held rates steady in September, as widely expected. Federal Reserve (Fed) Chair Powell reiterated his unequivocal commitment to return inflation to the 2% goal but equivocated whether this required one more firming this year, emphasizing the outcome depends on “the totality of the data.”

The Summary of Economic Projections, which offers policymakers’ expectations for where interest rates could be headed, was the main event of the September meeting and provided some clues about policy action into 2024.