The FOMC (Federal Open Market Committee) is the group within the Federal Reserve that votes on US interest-rate policy.
It has 12 voting members: the seven Fed governors, the president of the New York Fed, and four of the other 11 regional bank presidents on a rotating basis. It holds eight scheduled meetings a year, each followed by a statement and a press conference by the Fed chair.
Why it matters to you
FOMC decision days often move markets, because they set the direction of borrowing costs across the economy.