#FOMCMeeting rate at which banks lend money to each other overnight. The committee includes 12 members: the seven members of the Federal Reserve Board of Governors, the president of the New York Fed, and four of the remaining eleven regional Federal Reserve Bank presidents who serve one-year terms on a rotating basis.

The committee meets eight times a year to assess economic conditions and determine appropriate monetary policy. These meetings influence interest rates, money supply, inflation control, and overall economic growth.