The January 2023 FOMC

David Kotok profile picture
David Kotok


  • As expected, the FOMC raised the target range for the federal funds rate by 25 basis points to 4.5%–4.75%.
  • Chairman Powell focused on the Committee’s commitment to getting inflation down to its 2% target and pushed back on any questions about when a pause might be in order, calling them premature.
  • A last thought concerns the timing of the meeting. Two days after the FOMC meeting, the BLS released its jobs report for January 2023.

The gold text fomc or Federal Open Market Committee for business concept 3d rendering


By Robert Eisenbeis, Ph.D.

As expected, the FOMC raised the target range for the federal funds rate by 25 basis points to 4.5%–4.75%. The Committee’s statement was virtually identical to that released in December, except for elimination of references to “…supply and

This article was written by

David Kotok profile picture
David Kotok co-founded Cumberland Advisors in 1973 and has been its Chief Investment Officer since inception. David’s articles and financial market commentaries have appeared in The New York Times, The Wall Street Journal, Barron’s, and other publications. He is a frequent contributor to Bloomberg TV and Bloomberg Radio, Yahoo Finance TV, and other media. He has authored or co-authored four books, including the second edition of From Bear to Bull with ETFs and Adventures in Muniland. He holds a B.S. in economics from The Wharton School of the University of Pennsylvania, an M.S. in organizational dynamics from The School of Arts and Sciences at the University of Pennsylvania, and an M.A. in philosophy from the University of Pennsylvania.David has served as Program Chairman and currently serves as a Director of the Global Interdependence Center (GIC),, whose mission is to encourage the expansion of global dialogue and free trade in order to improve cooperation and understanding among nation states, with the goal of reducing international conflicts and improving worldwide living standards. David chaired its Central Banking Series and organized a five-continent dialogue held in Cape Town, Hong Kong, Hanoi, Milan, Paris, Philadelphia, Prague, Rome, Santiago, Shanghai, Singapore, Tallinn, and Zambia (Livingstone). He has received the Global Citizen Award from GIC for his efforts. David is a member of the National Business Economics Issues Council (NBEIC), the National Association for Business Economics (NABE), has served on the Research Advisory Board of BCA Research and is currently on the advisory board of RiskBridge Advisors. He has also served as a Commissioner of the Delaware River Port Authority (DRPA) and on the Treasury Transition Teams for New Jersey Governors Kean and Whitman. Additionally, he has served as a board member of the New Jersey Economic Development Authority and as Chairman of the New Jersey Casino Reinvestment Development Authority.

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