The Federal Open Market Committee (FOMC) is the monetary-policy decision-making committee within the Federal Reserve System. It sets the stance of U.S. monetary policy, including a target range for the federal funds rate. It is not the whole Federal Reserve: the committee has 12 voting members, while all 12 Reserve Bank presidents take part in its discussions.
What is the FOMC?
The FOMC is the monetary-policy body of the Federal Reserve System. It reviews economic and financial conditions, decides what policy stance is appropriate, and assesses risks to the Fed’s long-run goals. The Federal Reserve describes those goals as maximum employment and price stability. Its longer-run inflation goal is 2 percent; maximum employment is not expressed as one fixed numerical target. Federal Reserve: Federal Open Market Committee · Federal Reserve: FOMC FAQ · Federal Reserve: June 17, 2026 statement
Through monetary policy, the committee influences the availability and cost of money and credit. Its decisions can affect borrowing costs and broader financial conditions, but the FOMC does not set every interest rate consumers encounter.
Who is on the FOMC, and who votes?
The committee has 12 voting seats: seven held by members of the Federal Reserve Board of Governors, one by the president of the Federal Reserve Bank of New York, and four by other Reserve Bank presidents selected through an annual rotation. Reserve Bank presidents without a vote that year still attend and participate in discussion, contributing regional and economic information. Federal Reserve: FOMC membership and rotation
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For 2026, the Federal Reserve’s page, updated October 7, lists Kevin Warsh as chair and John C. Williams as vice chair. It names the 12 members as follows:
- Kevin Warsh, chair
- John C. Williams, vice chair
- Michael S. Barr
- Michelle W. Bowman
- Lisa D. Cook
- Beth M. Hammack
- Philip N. Jefferson
- Neel Kashkari
- Lorie K. Logan
- Anna Paulson
- Jerome H. Powell
- Christopher J. Waller
The four rotating voting seats are filled by one president from each of these 2026 groups: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Membership changes at the first regularly scheduled meeting of the year, so check the Federal Reserve’s current membership page for the latest roster and rotation.
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Voting members and nonvoting presidents
| Group | Voting authority | Role |
|---|---|---|
| Seven governors, the New York Fed president, and four rotating Reserve Bank presidents | Vote on policy actions | Review conditions, deliberate, and decide the policy stance |
| Other Reserve Bank presidents | No vote unless holding a rotating seat that year | Attend meetings, join discussions, and contribute to the economic assessment |
What does the FOMC decide?
The committee determines the appropriate stance of monetary policy in light of economic and financial conditions and its statutory goals. A central policy tool is the target range for the federal funds rate, the rate banks charge one another for overnight loans of reserve balances. The FOMC announces its decision in a statement after a meeting.
For example, at its September 16–17, 2026 meeting, the FOMC raised the federal-funds target range by one quarter point to 3¾–4 percent. No member voted against that action. This describes that meeting’s decision, not necessarily the range in effect now; use the newest FOMC statement to check the current range. Federal Reserve: meeting records and statements
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When does the FOMC meet?
The FOMC holds eight regularly scheduled meetings each year and may meet at other times when needed. At meetings, members review economic and financial conditions and assess risks to the committee’s goals. The Federal Reserve publishes the schedule and meeting materials on its FOMC calendars page.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How can you follow FOMC decisions?
The statement, minutes, and transcript serve different purposes and become available on different timelines:
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- Statement: Read the announcement after the meeting for the committee’s decision and its explanation.
- Minutes: The Federal Reserve releases minutes three weeks after a regular-meeting policy decision. They summarize the discussion and decisions, identify attendees, and record votes by individual members. See the 2026 FOMC minutes calendar and the minutes FAQ.
- Transcripts: These provide a fuller record of meetings and are released after about five years. The delay means they offer historical detail rather than a timely guide to the latest decision. Federal Reserve: minutes and transcripts FAQ
For the latest policy decision, start with the most recent statement. Use the minutes to understand the range of views behind it, and the transcript when you need a more detailed historical account.
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