Definitions
Open Market Committee Federal Open Market Committee (FOMC), agencies, a US federal reserve system, to develop interest rates and credit policies.
Introduction to the Open Market Committee
The annual FOMC will hold 8 meetings in Washington, and time is not, but the schedule will be pre-released. The FOMC detailed meeting was disclosed in a few days after the next meeting. Therefore, it is usually the focus of the market after the policy declaration. Policy declarations include the adjustment of FOMC monetary policy, as well as comments on future economic development.
FOMC pays attention to two issues facing economies: economic growth and inflation. If interest rate is too high, economic growth may slow down; ontso, the interest rate is too low to make economic growth beyond the potential of economies, and form inflation.
Therefore, the FOMC's monetary policy goal is to seek a balance between economic growth and both infantimeter, according to this principle, the interest rate target interval is determined.
FOMC is mainly composed of 12 voters, 7 of which is a Federal Preparation Council Director, including a famous Fed Chairman and Vice-Chair. The seven council directors, plus the Chairman of the Federal Preparation Bank of the New York District, a total of 8 bits of FMC fixed voting members. The remaining four voters were taken by 11 Regional Federal Preparation Bank.
In addition, all other federal reserve banks can participate in the discussion meeting of the Federal Open Market Committee, but there is no voting right.
The most important task of the federal public market committee is to use Open market operation (one of the major monetary policies), from a certain extent, it affects the reserves of currency on the market. In addition, it is responsible for determining the growth range of total monetary volume (ie, the number of currencies in the new market), and the federal reserve bank Guidance in the foreign exchange market.
The main decisions of the committee need to be banned by holding a discussion meeting, and they have to hold eight routine conferences every year in Washington, DC, and their conference schedule They will open to the public. Instead, it is mainly related to the transactions related to consultations. Of course, special sessions can also be held when necessary.
The current member list
is as follows:
(Chairman) Allen Greenspan, Chairman of the Federal Reserve Committee.
(Vice President) Timothy F. Geithner, New York Federal Reserve Bank President.
(member) Roger Ferguson, Vice Chairman of the Federal Reserve Committee.
(Member) Edward Granridge ( Edward M. Gramlich, Federal Reserve Committee member. "Susan Schmidt Bies, member of Schmidt Bies, Federal Reserve Committee.
( Members) Mark W. Olson, member of the Federal Reserve Committee.
(member) Ben S. Bernanke, a member of the Federal Reserve Committee.
(member) Donald L. Kohn, member of the Federal Reserve Committee.
(member) Thomas M. Hoenig, Kansas City Federal Reserve Bank
(Member) Cathy E. Minehan, Boston Federal Reserve Bank President.
(Member) Sandra Pichia Lady (Sandra Pianalto), UN Federal Reserve Bank President.
(Member) William Poole, the St. Louis Federal Reserve Bank President.