Federal Open Market Committee
E14867
The Federal Open Market Committee is the Federal Reserve body that sets U.S. monetary policy, primarily by directing open market operations to influence interest rates and money supply.
Aliases (6)
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
component of the Federal Reserve System
→
monetary policy committee → |
| canHold |
unscheduled meetings
→
|
| chairSelectedFrom |
members of the Board of Governors of the Federal Reserve System
→
|
| communicationChannel |
press conferences by the Chair of the Federal Reserve
→
|
| country |
United States of America
→
|
| decisionType |
collective decision-making by vote
→
|
| established |
1933
→
|
| goal |
maximum employment
→
moderate long-term interest rates → stable prices → |
| hasMemberType |
four presidents of other regional Federal Reserve Banks serving on a rotating basis
→
members of the Board of Governors of the Federal Reserve System → president of the Federal Reserve Bank of New York → |
| influences |
broader financial conditions in the U.S. economy
→
short-term money market conditions → |
| issues |
FOMC statements after each meeting
→
|
| jurisdiction |
United States dollar
→
|
| legalBasis |
Federal Reserve Act
→
|
| mainFunction |
directing open market operations
→
implementing monetary policy decisions of the Federal Reserve → influencing short-term interest rates → managing growth of money supply → setting U.S. monetary policy → |
| mandateType |
dual mandate
→
|
| meetingLocation |
Federal Reserve Board building, Washington, D.C.
→
|
| meetsFrequency |
eight regularly scheduled meetings per year
→
|
| minutesPublicationLag |
about three weeks after each meeting
→
|
| nonVotingParticipants |
presidents of non-voting regional Federal Reserve Banks
→
|
| numberOfVotingMembers |
12
→
|
| oversees |
open market operations conducted by the Federal Reserve Bank of New York
→
|
| parentOrganization |
Board of Governors of the Federal Reserve System
→
Federal Reserve System → |
| permanentVotingMember |
president of the Federal Reserve Bank of New York
→
|
| policyInstrument |
discount rate recommendations
→
federal funds rate target → open market operations → reserve balance management → |
| publishes |
Summary of Economic Projections
→
meeting minutes → |
| reorganized |
1935
→
|
| reportsTo |
United States Congress
→
|
| shortName |
FOMC
→
|
| usesIndicator |
federal funds rate
→
|
| usesTool |
forward guidance on interest rates
→
large-scale asset purchases → quantitative easing programs → |
| viceChairSelectedFrom |
president of the Federal Reserve Bank of New York
→
|
| voteRequirement |
simple majority of voting members
→
|