Federal Reserve

Federal Reserve | Bloomberg/Getty Images

Rates unchanged -- but stay alert

The central bank leaves interest rates alone, for now. But Fed Chair Janet Yellen announces plans to shrink the Fed's massive bond holdings, which could raise long-term rates, like mortgages. 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.

2017 FOMC meetings

  • Jan.-Feb. 31-1
  • March 14-15
  • May 2-3
  • June 13-14
  • July 25-26
  • September 19-20
  • Oct.-Nov. 31-1
  • December 12-13

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

Patrick Harker

Philadelphia

Robert Kaplan

Dallas

Neel Kashkari

Minneapolis

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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