Federal Open Market Committee-FOMC
FOMC is the branch of the US federal reserve board that determines the direction of monetary policy ( actions of a central bank that determines the size and rate of growth of the money supply). The FOMC comprises of the board of governors which has 7 members and 5 reserve banks presidents. They meet up and hold their meetings 8 times a year to discuss the following:
- whether to increase or decrease money supply, which the Fed does by buying and selling government securities.
- To set key interest rates.
FOMC board members 2016
- Janet L. Yellen Board of Governors, Chair
- William C.Dudley New York, Vice Chairman
- Lael Brainard Board of Governors
- James Bullard St. Louis
- Stanley Fischer Board of Governors
- Esther L. George Kansas City
- Loretta J.Mester Cleveland
- Jerome H. Powell Board of Governors
- Eric Rosengren Boston
- Daniel K. Tarullo Board of Governors
- Charles L. Evens Chicago
- Patrick Harker Philadelphia
- Robert S Kaplan Dallas
- Neel Kashkari Minneapolis
- Michael Strine First Vice President, New York
Thank you for stopping by, We are looking forward to the first FOMC later today, trade safe and check out the exact time of the event here.