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Four new voting members on the Fed's Federal Open Market Committee in 2024 could change the balance of power between hawks and doves.
The winds of change are blowing through the Federal Open Market Committee (FOMC): Fed presidents who previously resisted market pressure to axe interest rates are now saying they too want a cut.
Get the latest updates on the U.S. Elections. Stay informed with fast facts, candidate updates, and key takeaways on the issues, all in one place.
The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed) that is charged under United States law with overseeing the nation's open market operations (e.g., the Fed's buying and selling of United States Treasury securities). [1]
The FOMC left rates unchanged the day after the Bankruptcy of Lehman Brothers. Official Statement: August 5, 2008 2.00% 2.25% 10–1 The Federal Open Market Committee decided today to keep its target for the federal funds rate at 2 percent. Official statement: April 30, 2008 2.00% 2.25% 8–2 The FOMC cut rates by 25 basis points.
The FOMC typically meets about every six weeks, culminating in about eight meetings a year. Broader economic events could, however, prompt the Fed to meet outside of its original schedule.
Presidential elections were held in the United States on November 5, 2024. [a] The Republican Party's ticket—Donald Trump, who was the 45th president of the United States from 2017 to 2021, and JD Vance, the junior U.S. senator from Ohio—defeated the Democratic Party's ticket—Kamala Harris, the incumbent vice president, and Tim Walz, the 41st governor of Minnesota.
Today Jerome Powell and his Fed committee kick off a two-day meeting that might, in theory, mark the beginning of a long-awaited reduction in America's base interest rate.