FOMC Definition

The Federal Open Market Committee consists of the seven Governors of the Federal Reserve Board and five Federal Reserve Bank presidents. The FOMC meets eight times a year in order to determine the near term direction of monetary policy. Changes are now announced immediately after FOMC meetings.

Influence on Interest Rates 

There are a few accompanying statements the Fed may make after they announce any adjustments in Interest rates. One is if the economy is at risk for economic weakness or the other is if they feel the economy is at risk for inflationary pressures and as well, there is always a chance for a neutral stance