The Federal Open Market Committee (FOMC) is the most critical monetary policy committee in the U.S. The FOMC has the most control over the U.S. Dollar compared to any other entity. To FOREX traders, the FOMC is colloquially known as the “feds” from time to time and is actually not part of the federal government per se. They were established under President Woodrow Wilson in 1913 as a governing board that is a section of the Federal Government, but set up as a private corporation in which the U.S. government bestowed upon monetary decisions. So, as a non-governmental governmental agency, who are and what all does the FOMC do asides offer one of Shawn Lucas’ favorite to trade news events?
The Federal Open Market Committee (FOMC) is the body in charge of Monetary Policy for the Federal Reserve. Currently, Jerome Powell is the Chairman of the 12 member board which is composed of 7 board members and 5 Reserve Bank presidents out of the 12 total reserve banks. The FOMC releases many critical announcements for the U.S. economy and its growth. Today, the release will be 8 times per year interest rate announcement and rate statement along with a quarterly Economic Projection.