The Federal Open Market Committee (FOMC) is the United States’ Federal Reserve System’s monetary policy-making body. The current chairman is Jerome Powell. The FOMC consists of 12 members, including the seven members of the Board of Governors of the Federal Reserve System. Why are FOMC News Events Important?
In the FOMC meeting, decisions such as interest rate hikes are discussed, as well as current economic growth, the future of fed funds, and funds rate decisions, all of these meetings count as FOMC news events. As the federal reserve is America’s central bank, a lot of decisions are undertaken by the FOMC, and therefore adept traders will be keeping a close eye on these meetings and FOMC news in order to trade dollar pairs in real time. Chairmen of the FOMC have previously come to butt heads with Presidents of the US, the most notable being George H.W. Bush and Alan Greenspan. Depending on the comments between the president and the Fed, we could see market shifts happen rather suddenly, so keep an eye out for these, as some may consider these also to be FOMC news events.
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