How Many Times Does the Fed Meet Per Year?

The Federal Open Market Committee meets eight times per year on a fixed schedule published in advance by the Federal Reserve. Those eight meetings are the primary mechanism through which the Fed adjusts the federal funds rate — the benchmark interest rate that drives borrowing costs, asset prices, and monetary policy across the US economy. This page explains the full FOMC meeting structure, including what happens at each meeting, which meetings carry the most market weight, and how the schedule connects to the Fed's key decision tools.

How Many FOMC Meetings Are There Per Year?

There are eight scheduled FOMC meetings per year, spaced roughly six to eight weeks apart. The schedule is released in advance — typically in November of the prior year — and is available on the Federal Reserve's website at federalreserve.gov. In addition to the eight scheduled meetings, the Fed can convene emergency or unscheduled meetings when economic conditions warrant immediate action, as it did in March 2020 in response to the COVID-19 pandemic.

The eight meetings are distributed across the calendar year with no meeting in August or October, and two meetings in the first quarter (January and March), making the early part of the year particularly active for Fed watchers.

What Happens at Each FOMC Meeting

Each meeting spans two days. On the afternoon of the second day, the Fed releases its policy statement and rate decision at 2:00 PM Eastern Time. Federal Reserve Chair Jerome Powell then holds a press conference beginning at 2:30 PM ET, where he elaborates on the decision and takes questions from reporters.

The press conference is not a formality. Powell's language, tone, and responses to specific questions frequently move markets more than the rate decision itself. Traders and portfolio managers monitor it in real time for signals about the path of future rate moves.

Which Fed Meetings Include the Dot Plot?

Four of the eight annual meetings — typically March, June, September, and December — include the Summary of Economic Projections, which contains the dot plot. The dot plot shows where each FOMC member expects the federal funds rate to be over the next several years and is one of the most closely watched forward guidance tools in financial markets.

These four meetings are generally considered higher-impact events because they provide a more complete picture of the committee's forward guidance. A shift in the median dot — even by a quarter point — can significantly reprice rate expectations across the yield curve and move equity markets.

The four meetings without projections — typically January, May, July, and November — still carry full market significance. A rate change or a material shift in the statement language at a non-projection meeting can be equally disruptive, particularly when it deviates from consensus expectations.

Why the FOMC Meeting Schedule Matters to Investors

Knowing the FOMC meeting schedule in advance allows investors and portfolio managers to plan around periods of elevated volatility. The weeks immediately preceding a Fed meeting often see reduced risk-taking as participants wait for clarity on the policy direction. The days following a meeting can see sharp directional moves as the market digests the statement, the projections, and Powell's press conference remarks.

Options traders pay particular attention to the schedule. Implied volatility in equity index options tends to rise in the days before a meeting and collapse sharply after the decision is released — a pattern known as the "vol crush." Short-dated options expiring on or just after Fed decision days are frequently used to express directional views on the announcement.

Can the Fed Meet Outside Its Regular Schedule?

Yes. The FOMC can hold emergency meetings outside its regular schedule when economic or financial conditions require an immediate policy response. These unscheduled meetings are rare but consequential. The Fed convened emergency meetings in 2001 following the September 11 attacks, in 2008 during the financial crisis, and in March 2020 at the onset of the COVID-19 pandemic, cutting rates by 50 basis points in an emergency action before its scheduled March meeting.

Emergency rate moves are typically interpreted as signals of serious concern from the Fed about near-term economic stability, and they tend to produce outsized market reactions.

Key Takeaway

The Fed meets eight times per year on a published schedule, with four of those meetings including updated economic projections and the dot plot. Each meeting concludes with a rate decision at 2:00 PM ET and a press conference at 2:30 PM ET. Understanding the full meeting structure — including what the federal funds rate is, when decisions are announced, and how forward guidance works — is the foundation for interpreting Fed policy throughout the year.

This article is part of Big Market Report's ongoing coverage of Federal Reserve policy and FOMC meetings.

This article is for informational purposes only and does not constitute investment advice. For the current FOMC meeting schedule, visit federalreserve.gov.