for this action: Ben Bernanke, William C. Dudley, James Bullard, Charles L. Evans, Esther L. George, Jerome H. Powell, Jeremy C. Stein, Daniel K. Tarullo, and Janet L. Yellen.
Voting against this action: Eric Rosengren.
Mr. Rosengren dissented because he viewed the decision to slow the pace of asset purchases at this meeting as premature. In his view, with the unemployment rate still elevated and the inflation rate well below the Committee’s longer-run objective of 2 percent, changes in the asset purchase program should be postponed until incoming data more clearly indicate that economic growth is likely to be sustained above its potential rate. He saw the costs of delaying action at this meeting as likely to be small relative to the gains from promoting a faster return of both elements of the Committee’s dual mandate to their longer-run objectives.
It was agreed that the next meeting of the Committee would be held on Tuesday-Wednesday, January 28-29, 2014. The meeting adjourned at 11:00 a.m. on December 18, 2013.
By notation vote completed on November 19, 2013, the Committee unanimously approved the minutes of the FOMC meeting held on October 29-30, 2013.