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FOMC: next Fed meeting and what it means for forex

The Federal Open Market Committee sets US interest rates eight times a year. Its decisions move every dollar pair, gold, US indices and the rand.

Live data · page reviewed 18 October 2026
Next FOMC rate decision
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The statement is released at 14:00 New York time on the second day of each meeting, followed by the chair's press conference at 14:30. Schedule per the Federal Reserve; dates can change.

What is the FOMC?

The Federal Open Market Committee is the Federal Reserve's policy-setting body: seven Board governors plus five of the twelve regional Fed bank presidents (New York always votes). It sets the target range for the federal funds rate and decides on the Fed's balance sheet. Kevin Warsh has chaired the Fed since May 2026, succeeding Jerome Powell, whose term as chair ended that month.

How FOMC decisions move markets

  • The rate decision itself, compared with what markets expected.
  • The statement wording: small changes signal future moves.
  • The dot plot (Summary of Economic Projections) in March, June, September and December shows where officials expect rates to go.
  • The press conference: the chair's tone ("hawkish" = favouring higher rates, "dovish" = lower) often moves markets more than the decision.

FOMC in forex: what traders watch

A hawkish surprise usually lifts the dollar, pushes gold and the Nasdaq lower and weakens the rand (USD/ZAR rises). Because the statement lands at 20:00 SAST (21:00 in the US winter), South African traders can follow it live. Spreads can widen for several minutes.

Frequently asked questions

What is FOMC in forex?

The US Federal Reserve's rate-setting committee. Its decisions on interest rates are among the biggest drivers of the US dollar.

What time is the FOMC statement in South Africa?

20:00 SAST (21:00 SAST during the US winter), with the press conference 30 minutes later.

Who is the chair of the Federal Reserve?

Kevin Warsh, who took over from Jerome Powell in May 2026.