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 May 1, 2019

Projection Materials: PDF | HTML
Released March 20, 2019

Press Conference
May 1, 2019

FOMC Minutes: PDF | HTML
Released May 22, 2019

Upcoming Dates

June 18-19       FOMC Meeting
                         Two-day meeting
                         Press Conference

July 10             FOMC Minutes
                         Meeting of June 18-19

July 30-31        FOMC Meeting
                         Two-day meeting
                         Press Conference

August 21        FOMC Minutes
                         Meeting of July 30-31


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

Reports

Last Update: June 5, 2019
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