The Fed - Federal Open Market Committee

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the ... 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PressConferenceMaterials OpeningStatementTranscript(PDF) FOMCTranscriptsandotherhistoricalmaterials 2016FOMCHistoricalDocuments FAQs RelatedContent GuidetotheSummaryofEconomicProjections Theterm"monetarypolicy"referstotheactionsundertakenbyacentralbank,suchastheFederalReserve,toinfluencetheavailabilityandcostofmoneyandcredittohelppromotenationaleconomicgoals.TheFederalReserveActof1913gavetheFederalReserveresponsibilityforsettingmonetarypolicy. TheFederalReservecontrolsthethreetoolsofmonetarypolicy--openmarketoperations,thediscountrate,andreserverequirements.TheBoardofGovernorsoftheFederalReserveSystemisresponsibleforthediscountrateandreserverequirements,andtheFederalOpenMarketCommitteeisresponsibleforopenmarketoperations.Usingthethreetools,theFederalReserveinfluencesthedemandfor,andsupplyof,balancesthatdepositoryinstitutionsholdatFederalReserveBanksandinthiswayaltersthefederalfundsrate.ThefederalfundsrateistheinterestrateatwhichdepositoryinstitutionslendbalancesattheFederalReservetootherdepositoryinstitutionsovernight. Changesinthefederalfundsratetriggerachainofeventsthataffectothershort-terminterestrates,foreignexchangerates,long-terminterestrates,theamountofmoneyandcredit,and,ultimately,arangeofeconomicvariables,includingemployment,output,andpricesofgoodsandservices. StructureoftheFOMC TheFederalOpenMarketCommittee(FOMC)consistsoftwelvemembers--thesevenmembersoftheBoardofGovernorsoftheFederalReserveSystem;thepresidentoftheFederalReserveBankofNewYork;andfouroftheremainingelevenReserveBankpresidents,whoserveone-yeartermsonarotatingbasis.TherotatingseatsarefilledfromthefollowingfourgroupsofBanks,oneBankpresidentfromeachgroup:Boston,Philadelphia,andRichmond;ClevelandandChicago;Atlanta,St.Louis,andDallas;andMinneapolis,KansasCity,andSanFrancisco.NonvotingReserveBankpresidentsattendthemeetingsoftheCommittee,participateinthediscussions,andcontributetotheCommittee'sassessmentoftheeconomyandpolicyoptions. TheFOMCholdseightregularlyscheduledmeetingsperyear.Atthesemeetings,theCommitteereviewseconomicandfinancialconditions,determinestheappropriatestanceofmonetarypolicy,andassessestheriskstoitslong-rungoalsofpricestabilityandsustainableeconomicgrowth. FormoredetailontheFOMCandmonetarypolicy,seesection2ofthebrochureonthestructureoftheFederalReserveSystemandchapter2ofPurposes&FunctionsoftheFederalReserveSystem.FOMCRulesandAuthorizationsarealsoavailableonline. 2022CommitteeMembers JeromeH.Powell,BoardofGovernors,Chair JohnC.Williams,NewYork,ViceChair MichelleW.Bowman,BoardofGovernors LaelBrainard,BoardofGovernors JamesBullard,St.Louis LisaD.Cook,BoardofGovernors EstherL.George,KansasCity PhilipN.Jefferson,BoardofGovernors LorettaJ.Mester,Cleveland ChristopherJ.Waller,BoardofGovernors AlternateMembers MeredithBlack,InterimPresident,Dallas CharlesL.Evans,Chicago PatrickHarker,Philadelphia NaureenHassan,FirstVicePresident,NewYork NeelKashkari,Minneapolis FederalReserveBankRotationontheFOMC Committeemembershipchangesatthefirstregularlyscheduledmeetingoftheyear.   2023 2024 2025 Members NewYork Chicago Philadelphia Dallas Minneapolis   NewYork Cleveland Richmond Atlanta SanFrancisco   NewYork Chicago Boston St.Louis KansasCity   Alternate Members NewYork† Cleveland Richmond Atlanta SanFrancisco NewYork† Chicago Boston St.Louis KansasCity NewYork† Cleveland Philadelphia Dallas Minneapolis  †FortheFederalReserveBankofNewYork,theFirstVicePresidentisthealternateforthePresident.Return to table Foradditionalinformation,pleaseusetheFOMCFOIArequestform. 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