What is the FOMC, and why is it raising interest rates?
The FOMC is a group of Federal Reserve officials responsible for setting benchmark interest rates. The committee meets at least eight times a year, and after each meeting, it announces a new interest rate target in an effort to keep inflation and employment steady.
The next FOMC meeting starts Tuesday, Jan. 31, and ends Wednesday, Feb. 1. The committee is expected to continue raising interest rates after seven consecutive increases last year.
The Fed is raising rates to try to get inflation under control, according to Mark Gibson, an associate professor of economics at Washington State University.....(ref: https://finance.yahoo.com/news/expect-first-fomc-meeting-2023-232011871.html?fr=sycsrp_catchall )
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