What is the FOMC?
The Federal Open Market Committee (FOMC) is a branch of the Federal Reserve Bank in the United States. The FOMC is the policy making arm of the Federal Reserve, and has eight meetings a year to assess the current market and make decisions which are intended to keep it running smoothly. While the decisions that the FOMC makes only directly impact funds held by the Federal Reserve Bank, they have a ripple effect on the market in general, and the results of FOMC meetings are eagerly awaited by the finance industry. The FOMC has 12 members. Seven of the members come from the Federal Reserve Bank Board, and are appointed by the president of the United States. 12 reserve banks from around the nation are represented at FOMC meetings: the president of the New York Reserve Bank has a permanent seat on the committee with full voting rights, and the remaining four seats are filled on a rotating basis with presidents of the various reserve banks. Each president serves with voting rights for one ye
