Federal Open Market Committee (FOMC

Federal Open Market Committee (FOMC)
The FOMC usually meets eight times a year (about every six weeks) and makes deciregarding the conduct of open market operations, which influence the money supply and interest rates. Indeed, the FOMC is often referred to as the “Fed” in the press: For example, when the media say that the Fed is meeting, they actually mean that the FOMC is meeting. The committee consists of the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and the presidents of four other Federal Reserve banks. The chairman of the Board of Governors also preas the chairman of the FOMC. Even though only the presidents of five of the FedReserve banks are voting members of the FOMC, the other seven presidents of the district banks attend FOMC meetings and participate in discussions. Hence they have some input into the committee’s decisions.
Because open market operations are the most important policy tool that the Fed has for controlling the money supply, the FOMC is necessarily the focal point for policyin the Federal Reserve System. Although reserve requirements and the discount rate are not actually set by the FOMC, decisions in regard to these policy tools are effecmade there, and this is why Figure 1 has dashed lines indicating that the FOMC “advises” on the setting of reserve requirements and the discount rate. The FOMC does not actually carry out securities purchases or sales. Instead, it issues directives to the trading desk at the Federal Reserve Bank of New York, where the manager for domesopen market operations supervises a roomful of people who execute the purchases and sales of the government or agency securities. The manager communicates daily with the FOMC members and their staffs concerning the activities of the trading desk.
The FOMC Meeting
The FOMC meeting takes place in the boardroom on the second floor of the main building of the Board of Governors in Washington, DC. The seven governors and the twelve Reserve Bank presidents, along with the secretary of the FOMC, the Board’s director of the Research and Statistics Division and his deputy, and the directors of the Monetary Affairs and International Finance Divisions, sit around a massive contable. Although only five of the Reserve Bank presidents have voting rights on the FOMC at any given time, all actively participate in the deliberations. Seated around the sides of the room are the directors of research at each of the Reserve Banks and other senior board and Reserve Bank officials, who, by tradition, do not speak at the meeting.
The meeting starts with a quick approval of the minutes of the previous meeting of the FOMC. The first substantive agenda item is the report by the manager of system open market operations on foreign currency and domestic open market operations and other issues related to these topics. After the governors and Reserve Bank presidents finasking questions and discussing these reports, a vote is taken to ratify them.
The next stage in the meeting is a presentation of the Board staff’s national ecoforecast, referred to as the “green book” forecast (see the Inside the Fed box, “Green, Blue, and Beige”), by the director of the Research and Statistics Division at the Board. After the governors and Reserve Bank presidents have queried the division direcabout the forecast, the go-round occurs: Each bank

Kết quả (Việt) 1:

Ủy ban thị trường mở liên bang (FOMC)FOMC thường gặp tám lần một năm (khoảng mỗi sáu tuần) và làm cho deciregarding việc tiến hành các hoạt động thị trường mở, mà ảnh hưởng đến lượng cung tiền và lãi suất. Thật vậy, FOMC thường được gọi là "Fed" trên báo chí: ví dụ, khi các phương tiện truyền thông nói rằng Fed là cuộc họp, họ thực sự có ý nghĩa rằng FOMC là cuộc họp. Ủy ban bao gồm bảy thành viên của Ban thống đốc, chủ tịch của ngân hàng dự trữ liên bang New York, và chủ tịch của bốn ngân hàng dự trữ liên bang khác. Chủ tịch Hội đồng thống đốc cũng preas chủ tịch FOMC. Mặc dù chỉ là các chủ tịch trong năm của các ngân hàng FedReserve đang bỏ phiếu thành viên của FOMC, chủ tịch bảy trong các ngân hàng huyện tham dự cuộc họp FOMC và tham gia vào cuộc thảo luận. Do đó, họ có một số đầu vào vào các quyết định của Ủy ban.Because open market operations are the most important policy tool that the Fed has for controlling the money supply, the FOMC is necessarily the focal point for policyin the Federal Reserve System. Although reserve requirements and the discount rate are not actually set by the FOMC, decisions in regard to these policy tools are effecmade there, and this is why Figure 1 has dashed lines indicating that the FOMC “advises” on the setting of reserve requirements and the discount rate. The FOMC does not actually carry out securities purchases or sales. Instead, it issues directives to the trading desk at the Federal Reserve Bank of New York, where the manager for domesopen market operations supervises a roomful of people who execute the purchases and sales of the government or agency securities. The manager communicates daily with the FOMC members and their staffs concerning the activities of the trading desk.The FOMC MeetingThe FOMC meeting takes place in the boardroom on the second floor of the main building of the Board of Governors in Washington, DC. The seven governors and the twelve Reserve Bank presidents, along with the secretary of the FOMC, the Board’s director of the Research and Statistics Division and his deputy, and the directors of the Monetary Affairs and International Finance Divisions, sit around a massive contable. Although only five of the Reserve Bank presidents have voting rights on the FOMC at any given time, all actively participate in the deliberations. Seated around the sides of the room are the directors of research at each of the Reserve Banks and other senior board and Reserve Bank officials, who, by tradition, do not speak at the meeting.The meeting starts with a quick approval of the minutes of the previous meeting of the FOMC. The first substantive agenda item is the report by the manager of system open market operations on foreign currency and domestic open market operations and other issues related to these topics. After the governors and Reserve Bank presidents finasking questions and discussing these reports, a vote is taken to ratify them.The next stage in the meeting is a presentation of the Board staff’s national ecoforecast, referred to as the “green book” forecast (see the Inside the Fed box, “Green, Blue, and Beige”), by the director of the Research and Statistics Division at the Board. After the governors and Reserve Bank presidents have queried the division direcabout the forecast, the go-round occurs: Each bank