Glossary
Federal Open Market Committee (FOMC)
The Federal Reserve committee that votes on interest-rate policy at eight scheduled meetings a year.
On this page
The Federal Open Market Committee (FOMC) is the body within the Federal Reserve that sets US monetary policy: the target range for the federal funds rate, the interest paid on reserves, and the size and makeup of the Fed's securities holdings. Its decisions move bond yields, the dollar and stock prices within minutes, so its calendar is one of the most watched in finance.
Who votes
The committee has 12 voting members: the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the other eleven Reserve Bank presidents, who rotate into voting seats each year. All twelve Reserve Bank presidents attend and take part in the discussion, whether or not they vote that year. The Fed chair also chairs the FOMC.
How a meeting plays out
The FOMC holds eight scheduled meetings a year, most lasting two days, and can meet between them if conditions demand.
- Statement: released at 2:00 p.m. ET on the final day, with the decision and the vote tally, including any dissents.
- Press conference: the chair takes questions at 2:30 p.m.
- Projections: four times a year (March, June, September and December) members publish economic forecasts, including the dot plot of their expected rate paths.
- Minutes: published three weeks after each meeting.