Monetary policy in the United States comprises the Federal Reserve's actions and communications to promote maximum employment, stable prices, and moderate long-term interest rates--the three economic goals the Congress has instructed the Federal Reserve to pursue.

The Federal Reserve conducts the nation's monetary policy by managing the level of short-term interest rates and influencing the overall availability and cost of credit in the economy. Monetary policy directly affects short-term interest rates; it indirectly affects longer-term interest rates, currency exchange rates, and prices of equities and other assets and thus wealth. Through these channels, monetary policy influences household spending, business investment, production, employment, and inflation in the United States.

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Federal Open Market Committee

Recent Documents

FOMC Statement: PDF | HTML
Released November 8, 2018

Projection Materials: PDF | HTML
Released September 26, 2018

Press Conference
September 26, 2018

FOMC Minutes: PDF | HTML
Released October 17, 2018

Upcoming Dates

Nov. 7-8            FOMC Meeting
                          Two-day meeting

Nov. 28             FOMC Minutes
                          Meeting of Nov. 7-8

Dec. 18-19       FOMC Meeting
                         Two-day meeting
                         Press Conference

Jan. 9              FOMC Minutes
                        Meeting of Dec.18-19

Monetary Policy Principles and Practice

Six short notes on the principles of sound monetary policy and central banks' practices in setting and implementing monetary policy

View Notes


Last Update: November 16, 2018
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