The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System and is in charge of making decisions which influence interest rates and growth within the United States. On March 15, the FOMC’s most recent meeting, the federal funds target interest rate was raised for the second time in three months to a new level of 1.0%. Three months prior, In December 2016, the FOMC raised the federal funds target interest rate from .50% to .75%. Since December 2008 the federal funds target interest rate has only been changed four times, and for seven years of those years (12/2008 – 12/2015) the interest rate was at an all-time low of .25%.
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