The Federal Open Market Committee (FOMC) is best described as the Federal Reserve committee that makes key decisions about interest rates and the growth of the U.S. money supply. The FOMC is responsible for setting monetary policy, including the target for the federal funds rate, which influences other interest rates in the economy, and for implementing open market operations to manage the supply of money.
What is the Federal Open Market Committee (FOMC)?
research arm of the Federal Reserve
Federal Reserve committee that makes key decisions about interest rates and the growth of the U.S. money supply
seven-member board that oversees the Federal Reserve System
group of Federal Reserve governors that influences the level of real GDP and the rate of inflation in the economy
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