Tags: Money | Federal Reserve | Open Market Committee

When Does the Fed Open Market Committee Meet?

By    |   Wednesday, 01 July 2015 06:28 PM

The Federal Reserve's Open Market Committee, which sets monetary policy for the Federal Reserve System, typically meets eight times a year in Washington, D.C. and, by law, is required to meet four times annually.

The 12-member voting group includes the seven members of the Fed's Board of Governors along with five members who are among the presidents of the 12 U.S. Reserve Banks, according to its website, FederalReserve.gov.

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New York's Federal Reserve Bank president is a permanent voting member of the committee. Presidents representing banks from the other 11 districts nationwide rotate in an out of the committee for one-year terms. Their rotation is mandated by law.

Often, when necessary, the committee will conduct unscheduled meetings. And four times annually, the board's president briefs the press on policy decisions and economic projections.

Minutes for the meetings are available in three weeks, but full transcripts are not made public for five years.

In 2015, meetings were set for January, March, April, June, July, September and December.

According to Investopedia, the meetings are secret, causing much speculation among analysts who try in advance to gauge what members might be thinking as they set interest rates like the discount rate, and tighten or loosen the nation's money supply.

The committee meetings are typically one day in length, although some last two days when the committee presents semi-annual reports to Congress.

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Leadership is determined by tradition with the Fed's Board of Governors chairman also serving as the Federal Open Market Committee chairman, according to newyorkfed.org. The vice chair is always the president of the New York Federal Reserve Bank. When voting members cannot make a meeting, a fellow bank president steps up to vote in their stead.

All Reserve Bank presidents attend Federal Open Market Committee meetings and participate in policy debates, whether they are voting members or not.

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The Federal Reserve's Open Market Committee, which sets monetary policy for the Federal Reserve System, typically meets eight times a year in Washington, D.C. and, by law, is required to meet four times annually.
Federal Reserve, Open Market Committee
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2015-28-01
Wednesday, 01 July 2015 06:28 PM
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