Federal Open Market Committee

The Federal Reserve body that sets US monetary policy, including the federal funds rate target, at eight scheduled meetings a year.

The Federal Open Market Committee, the FOMC, is the part of the Federal Reserve System that decides monetary policy. It meets eight times a year on a published calendar, and its statement, released at the close of the meeting, is the document that moves markets.

Three artefacts follow each meeting and they arrive at different times: the statement immediately, the projections at alternate meetings, and the minutes three weeks later. The minutes routinely contain the reasoning that the statement compresses into a sentence, which is why a story worth writing is often three weeks behind the decision rather than simultaneous with it.

Rate decisions are not rulemaking and do not go through the notice-and-comment process. The Federal Reserve's regulatory actions are a separate track and do appear in the Federal Register as proposed and final rules like any other agency's.

All terms

What the federal government did, once a day.

One email each weekday: the rules, filings, votes and Fed decisions that actually changed something, each one linked to the document it came from.