FOMC (Federal Open Market Committee)
The FOMC is the monetary policy committee of the US Federal Reserve (the Fed): it decides the level of the policy rate and steers the other levers (asset purchases, forward guidance). Its modern structure dates back to the Banking Act of 1935: 12 voting members — the 7 Board governors plus the president of the New York Fed (permanent) and 4 of the other 11 regional presidents, on an annual rotation. It meets 8 times a year in Washington, publishes a statement after every decision, and a “dot plot” of projections 4 times a year. Since May 22, 2026, it has been chaired by Kevin Warsh, the 17th Chair of the Fed.
See also
The rate at which a central bank lends to commercial banks — the “rent on money.”
The set of levers a central bank uses to steer inflation and employment.
The chart of dots where each FOMC participant, voting or not, anonymously projects the fed funds rate.
The two monetary policy stances: restrictive (hawkish) or accommodative (dovish).