This week, the Federal Open Market Committee (FOMC) — a division of the Federal Reserve responsible for setting monetary policy — will meet to evaluate the health of the economy and make key decisions regarding the federal funds rate.

Following a series of interest rate hikes between March 2022 and July 2023, which were intended to help reverse rising inflation, the Fed has since held its benchmark rate steady. In the upcoming meeting, the Fed will decide whether to keep the federal funds rate where it is or start lowering it.

These decisions impact not only how the economy functions as a whole but also everyday consumers, as they influence rates on savings accounts, credit cards, mortgages, and more.

Statements and forecasts released during FOMC meetings provide valuable information on the economic outlook. Knowing when the Fed meets to discuss monetary policy and make important decisions can help you get a snapshot of the economy’s overall health and adjust your own financial strategy accordingly.

Read more: Should you open a savings account or CD before the Fed's next meeting?

When is the next Fed meeting?

The FOMC holds eight regularly scheduled meetings per year. Its next meeting takes place Sept. 17-18, 2024.

At these meetings, policymakers assess the health of the economy by evaluating economic indicators such as the Consumer Price Index (CPI), gross domestic product (GDP), and the unemployment rate to shape monetary policy.

The minutes of regularly scheduled meetings are released three weeks after the date of the policy decision. The live press conferences held by Federal Reserve Chairman Jerome Powell are also livestreamed and recorded.

Upcoming 2024 FOMC meetings:

• Sept. 17-18*

• Nov. 6-7

• Dec. 17-18*

* Meeting associated with a Summary of Economic Projections.

Once each meeting concludes, the FOMC releases its policy decisions at 2 p.m. Eastern time. Then the Fed Chairman holds a press conference at 2:30 p.m.

Read more: How the Federal Reserve rate decision affects mortgage rates

What to expect from the next Fed meeting

The next meeting is expected to provide Americans with an update on the federal funds rate. The Fed has held it steady since July 2023, following a series of rate hikes to temper rising inflation. However, many experts believe the Fed will decide to cut its target rate in the September meeting.

In it a previous meeting, the committee noted that while inflation has eased over the past year, it still remains elevated, and progress toward the committee’s target of 2% has slowed.

Still, the committee emphasized in a press release that it is prepared to adjust its strategy when it makes sense:

“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals. The Committee’s assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments.”

Read more: How much control does the president have over the Fed and interest rates?

Frequently Asked Questions

Will the Fed lower rates in June?

It’s not possible to predict with certainty what the Fed will decide regarding the federal funds rate. That said, many economists expect rates to remain unchanged.

How often does the Fed meet to change interest rates?

The FOMC holds eight regularly scheduled meetings per year. But this doesn’t necessarily mean the committee will decide to change rates at every meeting. Members assess the economy's performance and the committee adjusts monetary policy accordingly.

What is the Fed’s target interest rate?

The Fed’s current target range is 5.25%-5.50%.