FOMC Meeting & Fed Rate Decision — Schedule & Impact
The Federal Open Market Committee (FOMC) sets US monetary policy — its rate decision and statement are the single biggest monthly driver of USD, gold, and global equity indices.
About FOMC
The FOMC meets 8 times per year to set the federal funds rate target — the benchmark US interest rate that anchors global borrowing costs. Meetings last two days; the statement releases at 14:00 ET (19:00 UTC) on day two.
The statement is followed 30 minutes later by a press conference with the Fed Chair — often more market-moving than the statement itself, because it reveals the committee's forward-looking stance.
Quarterly meetings (March, June, September, December) also release the Summary of Economic Projections (SEP) — the "dot plot" — which shows where each committee member expects rates to be in coming years.
How FOMC moves forex markets
- EURUSD and XAUUSD are the most FOMC-sensitive pairs. US30 and NAS100 also see large immediate reactions.
- The initial move often reverses within 60-90 minutes as the press conference changes the narrative — don't assume the first candle is the trend.
- Implied volatility spikes 2-3 hours before the release. Existing option positions can see large P&L swings from theta decay alone.
- A hawkish surprise strengthens USD; a dovish surprise weakens it and boosts gold. Neutral outcomes usually favor existing trends.
Frequently asked questions
When is the next FOMC meeting?
See the schedule above — the FOMC meets 8 times per year, typically every 6-8 weeks. Statements release at 14:00 ET (19:00 UTC) on the Wednesday of the meeting.
What moves markets more — the statement or the press conference?
Historically the press conference moves markets more. The statement sets the initial direction, but Q&A with the Fed Chair often reveals nuance that reverses or amplifies the move.
How do I trade FOMC safely?
Most prop firms restrict news trading around FOMC. If you do trade it, reduce position size, widen stops, and be prepared for 30-60 minutes of whipsaw before a clear trend develops.