Federal Reserve

Janet Yellen at conference | SAUL LOEB/Getty Images

So ... what did the Fed actually say?

The central bank's decision to leave interest rates alone is laid out in a lengthy statement that's not leisurely reading. We do the work for you and interpret what the Fed really said. 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


Jeffrey M. Lacker

Richmond, Virginia

Dennis P. Lockhart


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

Beige Book looks neutral on rate hike

The Federal Reserve's latest economic survey sounds like a familiar but confusing tune.  ... Read more


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