Federal Open Market Committee

The president of the Federal Reserve Bank of New York is traditionally part of a leadership triumvirate at the Federal Reserve alongside the Chair and the Vice Chair of the Board of Governors of the Federal Reserve System.

The Federal Open Market Committee (FOMC) permits individual members to record dissenting votes on monetary policy decisions.

Quantitative tightening is a Federal Reserve program that reduces the central bank's balance sheet by allowing securities to roll off, and that program began in 2022.

The Federal Reserve's minutes from its September 16–17, 2025 policy meeting reported that a few participants favored keeping the federal funds rate unchanged at that meeting while almost all participants supported a subsequent rate cut.

The Federal Reserve's 2025 meeting minutes indicated that most participants judged it likely would be appropriate to implement further interest rate cuts over the remainder of 2025.

The Federal Reserve's 2025 meeting minutes reported that some officials said progress toward the Committee's 2 percent inflation objective had stalled in 2025 and that this year's tariff increases had contributed to higher inflation readings and the risk of more persistent inflation expectations.

The Federal Reserve's 2025 meeting minutes recorded that several participants viewed continued adoption of artificial intelligence as potentially reducing labor demand.

Federal Reserve projections released in September 2024 showed the median Fed policymaker projected three interest rate cuts in 2025; 10 of 19 policymakers projected three or more cuts while nine projected fewer.

Regional Federal Reserve bank presidents rotate voting slots on the Federal Open Market Committee, so the collective voting influence of regional presidents varies from year to year.

The Federal Open Market Committee (FOMC) is the Federal Reserve panel responsible for setting U.S. monetary policy, including decisions on the target federal funds rate.