The FOMC meeting minutes from December 13, 2023, indicate a slowdown in economic activity compared to the third quarter, with continued but moderated job gains and a persistent low unemployment rate. Inflation, though eased from the previous year, remains elevated. The U.S. banking system is described as resilient, but there are concerns about tighter financial conditions impacting the economy and inflation. The Federal Reserve maintains its target for the federal funds rate at 5-1/4 to 5-1/2 percent, underscoring its commitment to achieving maximum employment and a 2 percent inflation rate over the long term. The Committee will continue to adjust its policy based on economic and financial developments, including the effects of its cumulative policy tightening. Key decisions include maintaining the interest rate on reserve balances at 5.4 percent and conducting various open market operations, with a unanimous vote from Federal Reserve members including Chair Jerome Powell and Vice Chair John Williams.