Federal Reserve

Federal statue | Anadolu Agency/Getty Images

Fed says 'nope' to November rate hike

Following a month that brought one "October surprise" after another in the presidential race, Janet Yellen and her Fed colleagues avoid the unexpected and leave rates right where they are. Read more

Federal funds rate

The interest rate at which banks lend money to one another overnight to meet loan reserve requirements. The federal funds rate is a tool used by the Federal Reserve to control the supply of available money and hence, inflation and other interest rates.

Raising the rate makes it more expensive to borrow. That lowers the supply of available money, which helps keep inflation in check. Lowering the rate has the opposite effect.

How Fed moves affect mortgage rates

Click through the timeline below to see the effect the Fed's moves had on mortgage rates.

Fed History

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2016 FOMC meetings

  • January 26-27
  • March 15-16
  • April 26-27
  • June 14-15
  • July 26-27
  • September 20-21
  • November 1-2
  • December 13-14

The Federal Open Market Committee

The rate-setting Federal Open Market Committee meets at least eight times a year. Its members include the Board of Governors of the Federal Reserve System, the president of the Federal Reserve Bank of New York and a rotating selection of presidents of the other 11 reserve banks.

Janet Yellen

Board of Governors, Chair

William C. Dudley

Vice Chairman

Charles L. Evans

Chicago

Jeffrey M. Lacker

Richmond, Virginia

Dennis P. Lockhart

Atlanta

John C. Williams

San Francisco

Jerome H. Powell

Board of Governors

Daniel K. Tarullo

Board of Governors

Stanley Fischer

Board of Governors

Lael Brainard

Board of Governors

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Mark Hamrick

Lame duck season at the Federal Reserve

The election of Donald Trump raises questions about the Fed chair and the next rate hike.  ... Read more

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