The four presidents of the Reserve Banks are chosen on a rotating basis, each serving a one-year term. The FOMC meets eight times per year, almost always on Tuesdays. The first and fourth meetings of the year last two days. The other six meetings last only one day. This year, the FOMC's first meeting will begin on Tuesday, February 1 and conclude Wednesday, February 2.
All meetings are behind closed doors without spectators or media.
FOMC actions have an international impact on financial markets. They attempt to control economic activity by changing key target interest rates. These interest rate changes translate into changes in interest rates on everything from credit cards to auto loans to mortgage loans to interest rates for Georgia Municipal Association's Lease Programs. The intent of the FOMC is to either slow borrowing and spending by raising rates, or to boost a stagnant economy by lowering rates. FOMC actions usually have a two-pronged impact on municipal lease financing interest rates.