Federal Open Market Committee (FOMC) participants at the William McChesney Martin Jr. Building in Washington, D.C. Source: U.S. Federal Reserve.

At the time of our 2022 edition of "Who are the Voting Members of the Federal Reserve," we said the central bank could raise interest rates as soon as March 2022, opening the door to a potential four rate hikes this year.

A year later and the speculation rests on when the hiking cycle might end, and whether 2023 could in fact see a rate cut as the economy and inflation cool further.

The outcome will depend on the composition of the Federal Open Market Committee (FOMC) and where the instincts of each voting member lie.

Every year a portion of the voting members of the FOMC rotate, allowing economists to ponder what the new personalities will bring to the monetary policy trajectory.

The permanent voting members of the FOMC in 2023 are:

- Jerome Powell (Chair)
- Lael Brainard (Vice Chair)
- Michael Barr (Vice Chair for Supervision)
- Christopher Waller
- Michelle Bowman
- Lisa Cook
- Philip Jefferson

The voting districts - taken from the regional Federal Reserves - in 2023 are:

- John Williams from the New York Federal Reserve (this is a permanent voting district).
- Austen Goolsbee (Chicago)
- Patrick Harker (Philadelphia)
- Lorie Logan (Dallas)
- Neel Kashakari (Minneapolis)

Non-voting districts:

- Loretta Mester (Cleveland)
- Thomas Barkin (Richmond)
- Raphael Bostic (Atlanta)
- Mary Daly (San Francisco)
- Susan Collins (Boston)
- James Bullard (St. Louis)
- Esther George (Kansas City)

More details of the Hawk-Dove divide are provided in the following graphic that comes courtesy of Wells Fargo's economics research team: