US interest-rate decision (FOMC)
The biggest event on the forex calendar: the dollar's interest rate, and what the Fed chair says about the next step.
- Published by
- The Federal Reserve's Federal Open Market Committee
- Frequency
- Eight scheduled meetings a year
- When
- Meeting dates are published a year ahead on the Fed's website. The decision comes on the meeting's second day.
- Time
- Statement at 2:00 p.m. New York time (21:00 Mecca/Riyadh on US daylight time, 22:00 otherwise), press conference half an hour later.
What is FOMC?
The committee sets the target range for US interest rates. A written statement comes with the decision, followed by the chair's press conference. At four of the eight meetings members also publish their projections for rates and the economy (the dot plot). Minutes follow about three weeks later.
Why does it move markets?
Rates are the return on holding dollars, so any change — or change in expectations — reprices every dollar pair, gold and the indices. The decision itself is often expected; the big move tends to come from the tone of the statement and the press conference.
What traders watch
- Whether the decision matched what markets priced in.
- How the statement's wording changed from the last meeting.
- The dot plot at projection meetings, and the chair's answers at the press conference.
Most affected instruments
Official schedule
Exact release dates are published in advance by the issuer:
Federal Reserve FOMC calendarNext release in the economic calendar
From TradingView, in your device's time zone. Look for “FOMC” in the list.
Before you trade the release
- Spreads widen sharply in the minutes around the release, and orders can fill at a worse price than asked (slippage).
- Some brokers raise margin or restrict orders around major news. Read your broker's terms beforehand.
- The first move can reverse within minutes. Set your position size and stop before the number comes out, not after.
Related indicators
- CPIUS Consumer Price Index (CPI)
- PCEPersonal Consumption Expenditures price index (PCE)
- NFPUS Non-Farm Payrolls (NFP)
Educational explanation, not investment advice. Market reactions to any release are not guaranteed and can run against the usual pattern.