FOMC Meeting Schedule and Process
Source: Federal Reserve Board of Governors. The FOMC calendar is published annually in advance. Unscheduled (emergency) meetings may be called at any time by the Chair.
What Is the FOMC?
The Federal Open Market Committee is the monetary policymaking body of the Federal Reserve System. It consists of 12 members: the 7 members of the Board of Governors, the president of the Federal Reserve Bank of New York, and 4 of the remaining 11 Reserve Bank presidents who serve on a rotating basis.
All 12 Reserve Bank presidents attend and participate in FOMC discussions, but only the 12 members (including the 4 on rotation) vote on policy decisions. The Chair of the Board of Governors also serves as Chair of the FOMC.
2026 Meeting Schedule
| Meeting Dates | SEP / Dot Plot | Minutes Release |
|---|---|---|
| January 28-29 | No | February 19 |
| March 17-18 | Yes | April 9 |
| May 5-6 | No | May 28 |
| June 16-17 | Yes | July 9 |
| July 28-29 | No | August 20 |
| September 15-16 | Yes | October 8 |
| October 27-28 | No | November 19 |
| December 15-16 | Yes | January 7, 2027 |
The Summary of Economic Projections (SEP) and dot plot are released at 4 of the 8 meetings per year -- typically the March, June, September, and December meetings. Meeting dates shown are the scheduled 2-day sessions; the statement is released at 2:00 PM ET on the second day.
FOMC Communication Timeline
Each FOMC meeting produces several communications released on a specific schedule:
Statement (Day 2, 2:00 PM ET)
The post-meeting statement announces the policy decision, describes the economic outlook, and provides forward guidance. Changes in language from the prior statement are closely parsed by markets. The vote tally is included, noting any dissents.
Press Conference (Day 2, 2:30 PM ET)
The Chair holds a press conference after every meeting (since January 2019; previously only at meetings with SEP). The Chair reads a prepared statement and takes questions from reporters. This is often more market-moving than the statement itself, as the Chair's answers can signal nuances not captured in the formal text.
Summary of Economic Projections (4 meetings/year)
Each FOMC participant submits projections for GDP growth, unemployment, PCE inflation, core PCE inflation, and the appropriate policy rate (federal funds rate). Published as a table and as the "dot plot" -- a chart showing each participant's projection for the fed funds rate at year-end for the current year, next two years, and the longer run.
Minutes (3 weeks after meeting)
Detailed account of the policy discussion, including the range of views expressed by participants, staff economic outlook, and the rationale for the policy decision. Published three weeks after the meeting. Contains phrases like "several participants" or "a few participants" to indicate the distribution of views without attribution.
Transcript (5 years after meeting)
Full verbatim transcript of the meeting with individual attribution. Released with a 5-year lag. The transcripts provide the most detailed record of FOMC deliberations.
Understanding the Dot Plot
The dot plot shows individual FOMC participants' projections for the federal funds rate at the end of each of the next several years and in the "longer run." Each dot represents one participant's view; individual dots are not identified by name. The median dot for each period indicates the midpoint of participants' expectations.
Important caveats: the dot plot is not a commitment or forecast by the FOMC as a body. It reflects individual views at a point in time. Participants frequently note that their projections are conditioned on their own assumptions about the economy, which may differ from other participants. The dots can and do change significantly between meetings as economic conditions evolve. The median should not be interpreted as a plan.