#FOMCMeeting The FOMC (Federal Open Market Committee) is the principal body of the Federal Reserve System of the United States responsible for monetary policy. It is tasked with determining the direction of monetary policy, including setting the federal funds interest rate, to achieve price stability and full employment.

In summary:

What it does: Determines the monetary policy of the United States.

Who makes it up: The 7 members of the Board of Governors of the Federal Reserve, the president of the Federal Reserve Bank of New York, and 4 other presidents of the Reserve Banks (who change annually).

Why it is important: Its decisions affect the U.S. economy and financial markets worldwide.