The FOMC is responsible for deciding whether or not to raise interest rates, typically having a big effect on Wall Street. What is FOMC short for?

The FOMC is the Federal Open Market Committee operates under the Federal Reserve System, and wields a lot of power. As the principal organ of our country's monetary policy, this committee helps set the federal funds rate, commonly known as the federal interest rate. This rate affects everything from corporate loans to home mortgages.

Asked by Tom Cohen · Last updated 5 years ago · 1.9K views