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   Federal Open Market Committee (FOMC)
   















 

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Federal Open Market Committee (FOMC)

A twelve member body consisting of the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank Presidents. The President of the Federal Reserve Bank of New York is a permanent member and the other Federal Reserve Bank Presidents serve on a rotating basis. The Committee is the primary policy making body in the determination of objectives for the growth of money and credit. The Committee implements its decisions through purchases and sales of U.S. Government Securities in the open market. The FOMC is also the principal policy-making body with respect to Federal Reserve operations in foreign exchange markets.

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