FOMC (Federal Reserve Open Market Operations Committee) is a branch of the US Federal Reserve, which determines the direction of monetary policy. The FOMC announcements inform everyone of the US Federal Reserve's resolution on interest rates and are one of the most anticipated events in the economic calendar. The FOMC can decide whether to lower, raise or leave interest rates unchanged, which has a huge impact on the value of the currency. The FOMC Board of Governors consists of seven members and five reserve bank presidents.