Principles of Macroeconomics / Unit 12 MAC 1103 short lesson, about 20 seconds
The FOMC
Captions available
The idea
Monetary policy is set by the Federal Open Market Committee: the seven governors plus five regional presidents, with New York holding a permanent seat and the other eleven rotating. It meets eight times a year.
In practice
Between meetings its members can confer, so a decision can move quickly.
Where people slip
The committee decides; the trading desk in New York executes.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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