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 July 29, 2020

Press Conference
July 29, 2020

FOMC Minutes: PDF | HTML
Released July 1, 2020

Projection Materials: PDF | HTML
Released June 10, 2020

Upcoming Dates

August 19        FOMC Minutes
                         Meeting of July 28-29

Sept 15-16        FOMC Meeting
                         Two-day meeting
                         Press Conference

October 7        FOMC Minutes
                         Meeting of Sept 15-16

Nov 4-5            FOMC Meeting
                         Two-day meeting
                         Press Conference

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: August 4, 2020
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