Federal Open Market Committee Meetings: 2013 to 2022

The fifth FOMC meeting of 2022 was held on July 26 and 27.5 At this meeting, the Fed announced it would once again raise the target fed funds rate by 75 basis ... TableofContents Expand TableofContents WhatHappensatTheseMeetings? TheMostRecentMeeting 2022FOMCMeetingScheduleandSummaries 2021FOMCMeetings 2020FOMCMeetings 2019FOMCMeetings 2018FOMCMeetings 2017FOMCMeetings Significant2016FOMCMeetings Significant2015FOMCMeetings Significant2014FOMCMeetings Significant2013FOMCMeetings USEconomy MonetaryPolicy WhatYouNeedToKnowAbouttheFederalOpenMarketCommitteeMeeting TheFedIncreasedInterestRatesby0.75%inJuly2022 ••• PhotobyChipSomodevilla/GettyImages  By KimberlyAmadeo FullBio LinkedIn KimberlyAmadeoisanexpertonU.S.andworldeconomiesandinvesting,withover20yearsofexperienceineconomicanalysisandbusinessstrategy.SheisthePresidentoftheeconomicwebsiteWorldMoneyWatch.AsawriterforTheBalance,Kimberlyprovidesinsightonthestateofthepresent-dayeconomy,aswellaspasteventsthathavehadalastingimpact. Learnaboutour editorialpolicies UpdatedJuly27,2022 Reviewedby RobertC.Kelly Reviewedby RobertC.Kelly FullBio RobertKellyismanagingdirectorofXTSEnergyLLC,andhasmorethanthreedecadesofexperienceasabusinessexecutive.Heisaprofessorofeconomicsandhasraisedmorethan$4.5billionininvestmentcapital. Learnaboutour FinancialReviewBoard Factcheckedby DavidRubin Factcheckedby DavidRubin FullBio LinkedIn Twitter DavidJ.RubinisafactcheckerforTheBalancewithmorethan30yearsineditingandpublishing.Themajorityofhisexperiencelieswithinthelegalandfinancialspaces.AtlegalpublisherMatthewBender&Co./LexisNexis,hewasamanagerofR&D,programmeranalyst,andseniorcopyeditor. Learnaboutour editorialpolicies TheFederalOpenMarketCommittee(FOMC)holdseightscheduledmeetingsperyear.Duringitsfourthmeetingof2022,onJuly26-27,theFOMCraiseditstargetforthefederalfundsrate(FFR)toarangeof2.25%to2.5%.AtitsMarch,May,andJunemeetingstheFedraisedratesby25,50,and75basispoints,respectively.TheFedprojectstherewillbeatotalofsevenratehikesin2022.ReadontolearnwhathappenedatFOMCmeetingsfromDecember2013throughJuly2022. WhatDoestheFOMCDoatTheseMeetings? Atfourofitseightmeetings,theFOMCissueseconomicforecasts.TheFOMCconductsandimplementsmonetarypolicyfortheFederalReserveSystem,theU.S.centralbank.Ithasanoverarchingmandateofpromotingmaximumemploymentandstableprices. TheFOMCinfluencesinterestrateswhenitchangestheFFRrange.Thisisoneofthemostimportantleadingindicators.Itcanindicatewhichwaytheeconomyislikelytogo.Iftherateisraised,itincreasesthecostofhomemortgages,loans,andcreditcards.Asfewerloansaretakenout,itslowseconomicgrowth.Theoppositeoccurswhentherateislowered. AftersettinginterestratestozeroinresponsetotheCOVID-19pandemic,theFedstateditwouldraiseratesthroughout2022inordertocurbinflation,whichhadreached8.5%byMarch2022.AtitsJunemeeting,theFedincreasedtheFederalFundsrateby75basispoints,markingthelargestincreasesince1994.Thismovebroughtthetargetratetoarangeof1.50%-1.75%. Themeetingminutesgiveyouahigh-levelanalysisoftheU.S.economy.ThatmakesthemusefultoreadeveniftheFOMCdoesn'tchangeinterestrates.ThestockmarketoftenreactsimmediatelytoFOMCmeetings,announcements,andminutes. Learnmoreaboutthe2022meetingschedule,aswellaswhathasunfoldedatthemostimportantFOMCmeetingssince2013. WhatHappenedattheJuly2022Meeting ThefifthFOMCmeetingof2022washeldonJuly26and27.Atthismeeting,theFedannounceditwouldonceagainraisethetargetfedfundsrateby75basispoints.TheFOMCstatementnotedmanyconcurrentfactors,includingsoaringinflation,thesituationinUkraine,andsupplyanddemandpressuresrelatedtothepandemic. TheFedcommitteestatedthattheywouldcontinuetokeepaneyeonthejobspicture,andwouldbewillingtoadjusttheirstrategyifrisksemerged. 2022FOMCMeetingScheduleandSummaries TheFOMC2022meetingscheduleisJan.25-26,March15-16,May3-4,June14-15,July26-27,Sept.20-21,Nov.1-2,andDec.13-14.TheMarch,June,September,andDecembermeetingsareassociatedwithaSummaryofEconomicProjections. June14-15:TheFOMCraiseditsrateby0.75%(75basispoints),movingitstargetratefortheFFRto1.50%-1.75%.Theincreasepassedinvoteof10-1.TheFOMCalsodowngradeditseconomicprojections.TheFOMCstateditwas"stronglycommitted"toreturninginflationtoits2%objective,perhapsinferringitwouldcontinuetoactaggressivelyuntilinflationstartedtocomedown. May3-4:TheFOMCraiseditsrateby0.50%(50basispoints),movingitstargetfortheFFRto0.75%-1.00%.TheFedstucktoitsprojectionof5additionalincreasestotheFFRin2022. March15-16:TheFOMCraiseditstargetfortheFFRto0.25%to0.50%andsaiditanticipatedfurtherratehikes,whilealsoreducingholdingsaccumulatedduringitsquantitativeeasing(QE)program. Jan.25-26:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%,whichhadremainedthetargetgoalsincethespringof2020.However,duetoimprovinglabormarketconditionsandahighrateofinflation,theFOMCsaiditexpectedtobeabletoraisethefederalfundstargetrangesoon.Itcontinueditsquantitativeeasingprogram.TheCommitteedecidedtoreducethemonthlypaceofitsnetassetpurchases,withtheintenttoendthemaltogetherbyearlyMarch.TheCommitteealsodecideditwillincreaseholdingsby$20billionpermonthforTreasurysecuritiesand$10billionpermonthforagencymortgage-backedsecurities. 2021FOMCMeetings Dec.14-15:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%,whichhadremainedthetargetgoalsincethespringof2020.Itcontinueditsquantitativeeasingprogram.TheCommitteedecidedtoreducethemonthlypaceofitsnetassetpurchasesby$20billionforTreasurysecuritiesand$10billionforagencymortgage-backedsecurities. TheFedreleasedupdatedprojectionmaterialsandmaintainedeconomicprojectionsthrough2024.Thecommitteeanticipatedthatinflationratesof2.6%in2022,2.2%in2023,and2.1%in2024. Nov.3-4:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItalsocontinueditsQEprogram.TheCommitteedecidedtobeginreducingthemonthlypaceofitsnetassetpurchasesby$10billionforTreasurysecuritiesand$5billionforagencymortgage-backedsecurities. Sept.21-22:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItalsocontinueditsQEprogram.Itanticipatedinflationratesof4.2%in2021,2.2%in2022,2.2%in2023,and2.1%in2024. July27-28:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItalsocontinueditsQEprogram. June15-16:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.Italsoreleaseditseconomicprojectionsthrough2023.Itanticipatedaninflationrateof3.4%for2021,2.1%for2022,and2.2%for2023. April27-28:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.Italsocontinueditsquantitativeeasingprogram. March16-17:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.Italsoreleasedeconomicprojectionsthrough2023.Itanticipatedaninflationrateof2.4%for2021,2.0%for2022,and2.1%for2023. Jan.26-27:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItcontinueditsQEprogramandstateditwouldkeepituntilinflationroseabove2%,andlong-terminflationexpectationswere"wellanchored"at2%. 2020FOMCMeetings Dec.15-16:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItalsooptedtocontinueitsQEprogramandovernightreverserepurchase(repo)agreementoperations. Nov.4-5:TheFOMCmaintaineditstargetfortheFFRatarangeof0%to0.25%.ItalsooptedtocontinueitsQEprogramandovernightrepurchase(repo)agreementoperations. MostoftheFOMCmeetingsin2020respondedtoeconomicthreatsposedbytheCOVID-19pandemic. Sept.15-16:TheFOMCmaintaineditstargetfortheFFRtoarangeof0%to0.25%.ItdecidedtocontinueitsQEprogramandovernightrepoagreementoperations. ThiswasthefirsttimetheFOMCreleasedaforecastthrough2023.Init,theFedforecastthatinflationwouldremainbelow2%until2023.Theannualunemploymentratewasexpectedtobe7.6%in2020,droppingeveryyearuntilitreachedamedianrateof4%by2023.Itwasprojectedtobe5.5%in2021and4.6%in2022.ThecommitteeprojectedthattheFFRwouldremainunchangedthrough2023. Aug.27:TheFOMCannouncedupdatestoitsStatementonLonger-RunGoalsandMonetaryPolicyStrategy.Itdecidedtofocusmoreonaddressingunemploymentthanoncontaininginflation.Thecommitteedecidedtoallowaninflationrateofmorethan2%ifithelpedensuremaximumemploymentandstability. July28-29:TheCommitteesaiditwouldmaintaintheFFR0%to0.25%targetrangeuntilitbecame"confidentthattheeconomyhasweatheredrecenteventsandisontracktoachieveitsmaximumemploymentandpricestabilitygoals." June9-10:TheFedmaintaineditstargetfortheFFRrangeof0%to0.25%. April28-29:TheFOMCannounceditwascommittedtousingitsfullrangeoftoolstosupporttheeconomy.ItkepttheFFRatarangeofbetween0%and0.25%. IncreasingthelevelofreservesgavetheFedmorefundstolendtothosehithardbytheCOVIDcrisis. March23:TheFOMCheldanemergencymeetingtoexpandcredit.TheFedexpandeditsQEprogram,allowingittouseitwithoutlimitasneededtosupportsmoothmarketfunction.Italsoincludedpurchasesofagencymortgage-backedsecurities.Itexpandeditsovernightrepurchaseprogramandallowedbankstodecreasetheirreservelevels. Onthesamedayasthemeeting,theFedannouncedseveralmeasuresinresponsetotheCOVID-19pandemic.Itestablishedtwofundstosupportcorporatebondlending. ThePrimaryMarketCorporateCreditFacility(PMCCF)isfornewbonds,andtheSecondaryMarketCorporateCreditFacility(SMCCF)isforexistingbonds. TheFedrevivedtheTermAsset-BackedSecuritiesLoanFacility(TALF).Thisfacilitysupportscreditforasset-backedloanssuchasstudentandautoloans,creditcards,andSmallBusinessAdministration(SBA)loans. ItexpandedtheMoneyMarketMutualFundLiquidityFacility(MMLF)tosupportmunicipalbonds.TheCommercialPaperFundingFacility(CPFF)allowshigh-quality,tax-exemptcommercialpapertobeconsideredeligiblesecurities. TheFedannounceditwouldcreateaMainStreetBusinessLendingProgram(MSBLP)tosupportlendingtoeligiblesmall-andmedium-sizedbusinesses,complementingeffortsbytheSBA. March15:TheFOMCheldanemergencymeetingtolowertheFFRtoarangeofbetween0%and0.25%.ItalsorevivedtheQEprogram.Itpromisedtopurchase$500billioninU.S.Treasurysand$200billioninmortgage-backedsecuritiesoverthenextseveralmonths. TheFedtooktheunprecedentedmoveofreducingthereserverequirementratiotozero.Thiscreatedmoreliquiditywithintheeconomy. March3:TheCommitteeloweredtheFFRbyhalfapercentagepointtoarangeofbetween1.0%and1.25%. Jan.28-29:TheFOMClefttheFFRatitstargetedrangebetween1.50%and1.75%.Itwassatisfiedwithpre-pandemicratesofeconomicgrowth,inflation,andunemployment. 2019FOMCMeetings TheFOMC,concernedaboutslowinggrowth,reversedcourseandswitchedtoexpansionarymonetarypolicyin2019.Itloweredinterestratesthreetimes. Toincreasetransparency,FOMCChairmanJeromePowellbeganholdingapressconferenceaftereverymeeting.TheFeduses"forwardguidance,"communicationtothepublicaboutthelikelycourseofmonetarypolicy,toinfluencetheeconomywithoutaction.TheFedhassomuchinfluencethatitcanswaytheeconomybysimplytellingthepublicwhatitplanstodo.TheFedhassomuchinfluencethatitcanswaytheeconomybysimplytellingthepublicwhatitplanstodo. Oct.29-30:TheFOMCloweredthetargetFFRtoarangebetween1.50%and1.75%.Itwasconcernedthatinflationwasbelowits2%target. Sept.17-18:TheCommitteelowereditsbenchmarkratetoarangebetween1.75%and2.0%. TheFFRissetbythebanksthatloanreservestoeachother.TheFedsetstheinterestraterangebanksstaybetweenusingtwotools—interestonreservebalancesandovernightreverserepurchaseagreements. July30-31:TheCommitteeloweredtheFFRtobetween2.0%and2.25%.ItwasthefirstratecutsinceDecember2008. Itpausedthereductionof$3.8trillioninholdingsofsecuritiesamassedduringQE. 2018FOMCMeetings In2018,theChairmanshippassedfromJanetYellentoJeromePowell.TheMarch20-21meetingwasPowell'sfirstasChair.Hehadbeena FedBoardmember since2012. TheFOMCraisedthetargetrangefortheFFRfourtimes.Itwasencouragedbystrongeconomicgrowth,lowunemployment,andaninflationratethatwasnearitstargetof2%. Dec.18-19:TheCommitteeraisedtheratetoarangeofbetween2.25%and2.50%.StrongjobgainsandhouseholdspendingencouragedtheFedtocontinuenormalizinginterestrates. Sept.25-26:TheCommitteeraisedtheraterangeto2.0%and2.25%.StrongeconomicgrowthallowedtheFedtonormalizeinterestrates. June12-13: TheFOMCraisedtheFFRtorangeto1.75%and2.0%. Itwasencouragedbystable economicactivity,stronglabormarketconditions,andinflationnear its2% target. March20-21:TheCommitteeraised theFFRrangeto1.50%and1.75%.Itbelievedtheeconomywasstrongandinflationwouldsoonreachitstargetgoalof2%. Jan.30-31:ThiswasFedChairYellen'slastmeeting.TheCommitteelefttheFFRbetweentherangeof1.25%and1.50%.Itannounceditwouldallow$12billionofTreasurysecuritiestomatureeachmonthwithoutreplacingthem.Itwoulddothesamewith$8billionofmortgage-backedsecurities. NotbuyinganymoresecuritiesmeanttheFOMCsuspendedquantitativeeasing. 2017FOMCMeetings TheFOMCraisedthetargetfortheFFRthreetimes.ItalsocontinuedtoreduceitsholdingsofTreasurysecurities,acquiredduringQE,astheymatured.Committeememberswereencouragedbystrongeconomicgrowthdespiteanunusuallyharshhurricaneseason. Dec.12-13:TheCommitteeraisedtheFFRtoarangebetween1.25%and1.50%. June13-14:TheCommitteeraisedtheFFRaquarterofapercentagepointtoarangebetween1.0%and1.25%.Itsaidtheeconomyandemploymentweregrowingsteadily. TheFOMCalsoannouncedhowitwouldreducethe$4.5trillioninQEsecuritiesitheldonitsbalancesheet.Itwouldinitiallyallow$6billionofTreasurystomatureeachmonthwithoutreplacingthem,andatthree-monthintervalsitwouldallowanother$6billiontomatureuntilitcouldretireatotalof$30billionamonth. TheFedannouncedasimilarprocesswithitsholdingsofmortgage-backedsecurities.Itwouldincreaseinincrementsof$4billionpermonthuntilitcouldretireatotalof$20billionpermonth.  March14-15: TheCommitteeraisedtheFFRtoarangeofbetween0.75%and1.0%. Significant2016FOMCMeetings TheFOMCkeptratesthesameuntiltheDecembermeeting.InitsApril27meetingandafter,itwasconcernedaboutweakexports,consumerspending,andbusinessinvestment.Itexpectedinflationtorisetoits2%target"overthemediumterm."ItexpectedtheFFRtoremainlow"forsometime."Onceitbegantoraiserates,itwoulddosogradually. Itmaintainedthiscautionarystancethroughouttheyear. TheFedusestheterm"accommodativemonetarypolicy"whenitlowersratestoencouragelendingandspending."Tightmonetarypolicy"isthetermusedwhentheFedraisesratestodecreaselendingandslowtheeconomy. Dec.13-14: TheFOMCraisedtheFFRbyaquarterofapercentagepointtoarangeofbetween0.50%and0.75%.Itwassatisfiedwiththeeconomicgrowthrateandexpectedinflationtoreachits2%targetinthenearfuture. Significant2015FOMCMeetings Dec.15-16:TheFOMCraisedtheFFRaquarterofapercentagepointto arangebetween0.25%and0.50%.Ithadbeenatarangeofbetween0%and0.25%sinceDec.16,2008.TheCommitteesuggesteditwouldcontinuetoraiseratesin2016,aslongastheeconomycontinuedtoimprove. Significant2014FOMCMeetings TheFOMCdidn'tchangetheFFR.TheFOMC,assuredthattherecessionwasover,reversedcourseandbeganimposingcontractionarymonetarypolicytopreventinflation.ThismeantitbegantoreduceitspurchasesofU.S.Treasuryandmortgage-backedsecurities. Oct.28-29:Asexpected,theFOMCendeditsQEbondpurchases.Ithadquadrupledits holdingsofsecurities,mostly Treasury andagencymortgage-backedsecurities.Itsholdingsrosetoaround$4.49trillionfromabout$880millionin2008.Itdecidedtocontinuepurchasingnewsecuritiestoreplaceitsholdings.However,itwouldnotincreaseorreplacethemwhentheymaturedoncethefedfundsratereached2%. March18-19: Yellen's firstFOMCmeetingasChair.TheFedwouldtaperanother$10billionamonthfromitsTreasurynotesandmortgage-backedsecuritiespurchases. Jan.28-29: ThiswasChairman BenBernanke'slastFOMCmeeting.Aftercreatinganalphabetsoupofprogramstofightthe2008financialcrisis,Bernanke'sfinalactiontofurtherreducequantitativeeasing wasabitofalet-down. TheFedpromisedtoreduceitslong-termTreasuryandmortgage-backedsecuritiespurchasesbyanother$10billionamonth.Thatmeantitwouldonlybuy$65billionamonthinsteadof$75billion. Significant2013FOMCMeetings Dec.17-18: TheFed announceditwouldreversecourseandengageincontractionarymonetarypolicy.ItwouldkeepinterestratesthesamebutbegintaperingQE inJanuary2014.  ArticleSources BoardofGovernorsoftheFederalReserveSystem."WhatIstheFOMCandWhenDoesItMeet?" TheBoardofGovernorsoftheFederalReserveSystem."FederalReserveIssuesFOMCStatement." FRED,FederalReserveBankofSt.Louis."FREDGraph." BoardofGovernorsoftheFederalReserveSystem."FederalReserveIssuesFOMCStatement." BoardofGovernorsoftheFederalReserveSystem."MeetingCalendars,Statements,andMinutes." 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BoardofGovernorsoftheFederalReserveSystem."MinutesoftheFederalOpenMarketCommittee,Jan.28–29,2014,"Pages2,11.  BoardofGovernorsoftheFederalReserveSystem."TimelinesofPolicyActionsandCommunications:BalanceSheetPolicies." BoardofGovernorsoftheFederalReserveSystem.“FederalReserveIssuesFOMCStatement,Dec.18,2013.” Share Tweet Share Email TheMostPowerfulInterestRateintheWorld HowtheFedControlsInflation U.S.EconomicOutlookfor2022andBeyond HowRisingInterestRatesAffectYou FOMC:WhatItIs,WhoIsonItandWhatItDoes DoestheFederalReserveorU.S.TreasuryPrintMoney? WhatIstheCurrentFedInterestRate,andWhyDoesItChange? HowtheFedInfluencesInterestRates HowtheFedFundsRateHasChangedThroughHistory TightMonetaryPolicy WhatExactlyIstheU.S.Economy? MonetaryPolicy FederalReserveDictionary:YourGuidetotheJargon TheSecrettoHowtheFedControlsInterestRates HowIstheU.S.EconomyDoing? WhatIstheCoreInflationRate?