The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed).Its mandate is to oversee the nation’s open market operations (i.e., the Fed’s buying and selling of United States Treasury securities). This Federal Reserve committee makes key decisions about Interest Rates and the growth of the United States money supply. You may also like to read this post about why do Central Banks hike or cut their Interest Rates Here.
The Federal Open Market Committee (FOMC) consists of twelve members, the seven members of the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York, and four of the remaining eleven Reserve Bank presidents who serve one year term. The Federal Reserve said their farewell to Janet Yellen who was the 15th Chairwoman of the Federal Reserve from the 3rd of February 2014 – the 3rd of February 2018. Her last meeting was on the 31st of January 2018. The newly appointed Fed Chair, Jerome Powell was sworn in on Monday the 5th of February and he hiked the Interest Rates in his March 2018 meeting and went on to hike 3 more times in 2018. President Donald Trump is not impressed with the pace at which the Fed Chair is hiking the Interest Rates.
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