Minutes of the Federal Open Market Committee
June 14–15, 2022
A joint meeting of the Federal Open Market Committee and the Board of Governors of the Federal Reserve System was held in the offices of the Board of Governors on Tuesday, June 14, 2022, at 11:00 a.m. and continued on Wednesday, June 15, 2022, at 9:00 a.m.1
Attendance
Jerome H. Powell, Chair
John C. Williams, Vice Chair
Michelle W. Bowman
Lael Brainard
James Bullard
Lisa D. Cook
Esther L. George
Philip N. Jefferson
Loretta J. Mester
Christopher J. Waller
Meredith Black, Charles L. Evans, Patrick Harker, Naureen Hassan, and Neel Kashkari, Alternate Members of the Committee
Thomas I. Barkin, Raphael W. Bostic, and Mary C. Daly, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively
Kenneth C. Montgomery, Interim President of the Federal Reserve Bank of Boston
James A. Clouse, Secretary
Matthew M. Luecke, Deputy Secretary
Brian J. Bonis, Assistant Secretary
Michelle A. Smith, Assistant Secretary
Mark E. Van Der Weide, General Counsel
Trevor A. Reeve, Economist
Stacey Tevlin, Economist
Beth Anne Wilson, Economist
Shaghil Ahmed, Brian M. Doyle, Carlos Garriga, Joseph W. Gruber, Ellis W. Tallman, and William Wascher, Associate Economists
Lorie K. Logan, Manager, System Open Market Account
Patricia Zobel, Deputy Manager, System Open Market Account
Ann E. Misback, Secretary, Office of the Secretary, Board
Matthew J. Eichner,2 Director, Division of Reserve Bank Operations and Payment Systems, Board; Michael S. Gibson, Director, Division of Supervision and Regulation, Board; Andreas Lehnert, Director, Division of Financial Stability, Board
Daniel M. Covitz, Deputy Director, Division of Research and Statistics, Board; Sally Davies, Deputy Director, Division of International Finance, Board; Rochelle M. Edge, Deputy Director, Division of Monetary Affairs, Board; Michael T. Kiley, Deputy Director, Division of Financial Stability, Board
Jon Faust and Joshua Gallin, Senior Special Advisers to the Chair, Division of Board Members, Board
Burcu Duygan-Bump, Jane E. Ihrig, Kurt F. Lewis, Nitish R. Sinha, and Paul R. Wood, Special Advisers to the Board, Division of Board Members, Board
Linda Robertson, Assistant to the Board, Division of Board Members, Board
Marnie Gillis DeBoer3 and David López-Salido, Senior Associate Directors, Division of Monetary Affairs, Board; Diana Hancock and John J. Stevens, Senior Associate Directors, Division of Research and Statistics, Board
Edward Nelson and Robert J. Tetlow,4 Senior Advisers, Division of Monetary Affairs, Board
Christopher J. Gust, Associate Director, Division of Monetary Affairs, Board
Shane M. Sherlund, Deputy Associate Director, Division of Research and Statistics, Board
Giovanni Favara and Etienne Gagnon,3 Assistant Directors, Division of Monetary Affairs, Board; Paul Lengermann and Byron Lutz, Assistant Directors, Division of Research and Statistics, Board
Penelope A. Beattie,3 Section Chief, Office of the Secretary, Board; Valerie S. Hinojosa, Section Chief, Division of Monetary Affairs, Board
Alyssa Arute,2 Manager, Division of Reserve Bank Operations and Payment Systems, Board
Ayelen Banegas and Anna Orlik,3 Principal Economists, Division of Monetary Affairs, Board; Stephen F. Lin, Principal Economist, Division of Research and Statistics, Board
Giovanni Nicolò, Arsenios Skaperdas, and Hiroatsu Tanaka, Senior Economists, Division of Monetary Affairs, Board; Cisil Sarisoy, Senior Economist, Division of International Finance, Board
Achilles Sangster II, Senior Information Manager, Division of Monetary Affairs, Board
David Na, Senior Financial Institution and Policy Analyst, Division of Monetary Affairs, Board
Jose Acosta, Senior Communications Analyst, Division of Information Technology, Board
Kathleen O. Paese, First Vice President, Federal Reserve Bank of St. Louis
David Altig, Kartik B. Athreya, Michelle M. Neal, and Anna Paulson, Executive Vice Presidents, Federal Reserve Banks of Atlanta, Richmond, New York, and Chicago, respectively
James P. Bergin, Marc Giannoni, Giovanni Olivei, Paolo A. Pesenti, and Robert G. Valletta, Senior Vice Presidents, Federal Reserve Banks of New York, Dallas, Boston, New York, and San Francisco, respectively
Roc Armenter, Vice President, Federal Reserve Bank of Philadelphia
Alisdair G. McKay, Senior Research Economist, Federal Reserve Bank of Minneapolis