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

Composition of the Meeting

The FOMC consists 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 President of the United States and confirmed by the U.S. Senate; the President of the New York Fed has permanent voting rights; the 4 other regional Fed Presidents are selected from the 11 regional Fed Presidents, excluding the New York Fed President, on a rotating basis for a term of 1 year.

Meeting Schedule

Eight regular meetings are held each year in January, March, May, June, July, September, October, and December, generally lasting one to two days. Among them, the minutes of the meetings in March, June, September, and December will publish a 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

The meeting mainly discusses the state of the economy, financial market risks, monetary policy decisions, etc., and economists from the Fed will also present their research findings. Its monetary policy goal is to seek a balance between economic growth and inflation, and based on this principle, it sets the target range for interest rates.