The Federal Reserve FOMC meeting, or the Federal Open Market Committee meeting, is a key meeting that determines U.S. monetary policy. Below is a relevant introduction:

Main Tasks

Achieving a balance between economic growth and price stability through monetary policy regulation.

Composition

Composed of 12 voting members, including 7 Board members, the President of the New York Fed, and 4 other regional Fed presidents. The 7 Board members are nominated by the U.S. President and confirmed by the U.S. Senate; the New York Fed President has permanent voting rights; the 4 other regional Fed presidents are elected in rotation from the 11 regional Fed presidents excluding the New York Fed President, serving a term of 1 year.

Meeting Schedule

Regularly held eight times a year in January, March, May, June, July, September, October, and December, generally lasting one to two days. Among these, the minutes of the meetings in March, June, September, and December will publish the dot plot of the 19 participants (12 voting members + the other 7 regional Fed presidents) forecasting the federal funds target rate, economic growth rate, inflation rate, and unemployment rate.

Meeting Content

Typically includes reviewing economic and financial conditions, discussing the state of the economy and risks in financial markets, determining the appropriate monetary policy stance, assessing risks facing the long-term goals of price stability and sustainable economic growth, and will feature presentations of research findings by Fed economists. The specific agenda for each meeting includes approving the minutes of the last regular meeting, evaluating foreign and domestic open market operations, assessing economic conditions, evaluating long-term monetary policy goals, determining current monetary policy and domestic policy directives, and setting the date for the next meeting, among other items.