Federal Open Market Committee

The panel that decides whether to raise interest rates, tighten or loosen the money supply, etc. The committee, whose actions are anticipated and scrutinized around the world, consists of the seven members of the Federal Reserve Board plus four rotating presidents of regional Federal Reserve Banks and the president of the New York Fed. FOMC actions can have a huge influence on interest rates here and abroad, the rate of economic growth, the cost of borrowing for businesses and consumers, and the direction of stocks and bonds.



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