The FOMC, or Federal Open Market Committee, is the twelve-member body inside the Federal Reserve that sets the federal funds rate and decides monetary policy for the United States. Meeting eight times a year, it produces the single scheduled event most likely to move crypto prices. On 16 September 2026, its next meeting concludes.
Who sits on the FOMC
Twelve voting members, drawn from two groups.
The seven Board governors, including the chair, appointed by the President and confirmed by the Senate for fourteen-year terms.
Five of the twelve regional Reserve Bank presidents. The New York Fed president is a permanent voting member. The other four rotate annually among the remaining eleven banks.
All twelve regional presidents attend and participate in discussion. Only five vote at any given meeting, which is why a president's regional bank matters for reading the committee's likely lean in a given year.
What happens at an FOMC meeting
Two days, ending in a decision.
- Staff present economic and financial conditions.
- Members discuss the outlook and debate policy options.
- The committee votes on the federal funds target range.
- At 2:00 p.m. Eastern on the second day, the decision and a written statement are released.
- At 2:30 p.m., the chair holds a press conference.
- Three weeks later, detailed minutes are published.
Four meetings a year, in March, June, September, and December, also release the Summary of Economic Projections, including the dot plot showing each member's rate expectations.
The 2026 FOMC meeting schedule
| Meeting | Dates | Projections released |
|---|---|---|
| 1 | 27 to 28 January | No |
| 2 | 17 to 18 March | Yes |
| 3 | 28 to 29 April | No |
| 4 | 16 to 17 June | Yes |
| 5 | 28 to 29 July | No |
| 6 | 15 to 16 September | Yes |
| 7 | 27 to 28 October | No |
| 8 | 8 to 9 December | Yes |
During emergencies, the committee can also meet unscheduled, as it did in March 2020.
The July 2026 decision: rates held at 3.50% to 3.75%
On 29 July 2026, the FOMC held the federal funds target range at 3.50% to 3.75% for the fifth consecutive meeting, by a 9 to 3 vote.
Each of the three dissenters, the presidents of the Cleveland, Minneapolis, and Dallas Reserve Banks, preferred a 25 basis point increase. Dissents in favor of tightening are uncommon, and they signal that a hike is a live possibility.
Describing economic activity as expanding at a solid pace and inflation as running above the 2% goal, the statement cited supply shocks from the Middle East conflict as a contributing factor. Earlier language that had implied an easing bias was dropped.
Why crypto watches the FOMC so closely
Three reasons the FOMC matters more to crypto than to most asset classes.
No earnings anchor. Crypto prices rest on capital flows, and the FOMC sets the return on the alternative to holding risk assets.
Continuous trading. Crypto is the only major market open at 2:00 p.m. on decision day and through the press conference, so it absorbs the reaction first and without a closing bell.
Leverage. Borrowed positions liquidate automatically on sharp moves, and FOMC days produce sharp moves. The combination amplifies whatever direction the market takes.
In practice, volatility compresses into the meeting, spikes on the statement, and often reverses during the press conference as the chair's tone gets parsed.
How to read an FOMC statement
In roughly this order, traders read four things.
- The rate decision itself, which is usually priced in and rarely the surprise.
- Changes in the statement language versus the prior meeting. A single removed or added word about "easing" or "patience" moves markets.
- The vote count and dissents, which show how divided the committee is and in which direction.
- The dot plot, at the four meetings that include it, which reveals where members expect rates to go.
Frequently the press conference matters more than the statement. Cautious by design, prepared remarks say little. The chair's actual view surfaces in answers to questions.
What the FOMC does not do
- It does not regulate crypto. That falls to the SEC, CFTC, and stablecoin regulators under the GENIUS Act.
- It does not target crypto or stock prices. Market moves are a consequence of decisions, not their aim.
- It does not control long-term rates directly. Mortgages and bond yields follow market expectations of future FOMC policy, not the current rate alone.
- It does not announce decisions early. Members observe a blackout period before each meeting during which they do not speak publicly on policy.
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Frequently asked questions
What does FOMC stand for?
Federal Open Market Committee, the body within the Federal Reserve that sets the federal funds rate and directs US monetary policy through open market operations.
How often does the FOMC meet?
Eight scheduled meetings a year, roughly every six weeks, plus unscheduled meetings during emergencies. The 2026 schedule runs from January through December, with the sixth meeting on 15 to 16 September.
Who votes on the FOMC?
Twelve members: the seven Board governors and five of the twelve regional Reserve Bank presidents. The New York Fed president votes permanently, and four other presidents rotate annually.
What did the FOMC decide in July 2026?
The FOMC held the federal funds rate at 3.50% to 3.75% by a 9 to 3 vote, with three members dissenting in favor of a 25 basis point increase.
When is the next FOMC decision?
Wednesday, 16 September 2026, at 2:00 p.m. Eastern Time, followed by a press conference at 2:30 p.m. That meeting includes updated economic projections and the dot plot.
Why does crypto react so strongly to the FOMC?
Crypto has no earnings to anchor its price, trades continuously through the announcement, and carries leverage that liquidates on sharp moves. All three amplify the reaction to rate decisions.
What is the FOMC blackout period?
The stretch before each meeting during which committee members do not comment publicly on monetary policy, so that markets receive the decision through the official statement rather than through leaks.
Does the FOMC set mortgage rates?
Not directly. It sets only the overnight federal funds rate. Following longer-term bond yields, mortgage rates reflect market expectations of where FOMC policy is heading over years rather than the current rate alone.
