The Federal Reserve System includes 12 regional Federal Reserve Banks and the Federal Open Market Committee (FOMC) is a 19-member committee that meets eight times a year to decide whether to change the key short-term interest rate that influences borrowing costs in the U.S. economy.
high
temporal
Describes the institutional structure and meeting cadence of the U.S. central bank's policy committee.
At each Federal Open Market Committee meeting, 12 of the 19 participants have voting rights on interest-rate decisions, and regional Federal Reserve Bank presidents rotate as voting members.
high
temporal
Explains the voting composition and rotation system used for FOMC interest-rate decisions.