How the FOMC Meets and How to Read the Dot Plot

FOMC (Federal Open Market Committee) is the Fed's committee that decides on interest rates. It is the meeting that markets around the world watch most closely.

Who votes

There are 12 voting members, made up of:

• 7 Fed governors
• The president of the New York Fed (votes every year)
• 4 other regional Fed presidents, rotating each year from the remaining 11 regional banks

Regional Fed presidents who do not have a vote that year still attend the meetings and can express their views.

8 meetings per year

2026 schedule: Jan 27–28 · Mar 17–18 · Apr 28–29 · Jun 16–17 · Jul 28–29 · Sep 15–16 · Oct 27–28 · Dec 8–9

The Fed may hold an emergency meeting outside the schedule in times of crisis.

What time results are announced in Thai time

What is the Dot Plot

Four times a year (Mar, Jun, Sep, Dec), the Fed publishes the Summary of Economic Projections, which includes a chart called the Dot Plot.

• Each dot represents the view of one committee member on where interest rates should be at the end of that year.
• Analysts look at the median of the dots for each year to gauge how many more times the Fed expects to raise or cut rates.
• If the dots are higher than the market expects = Hawkish (tightening). If lower = Dovish (easing).

What to watch out for when trading on FOMC days

1. Prices often swing sharply in both directions around the announcement and during the press conference.
2. Bid-ask spreads widen, which raises trading costs.
3. Even an in-line result can move prices if the wording of the statement or the Dot Plot changes.
4. Check what the market expects before the meeting, using tools such as CME FedWatch.

Read more: How interest rate changes affect the market