Financial encyclopedia

Cut interest rates in 2024? Jerome Powell, chairman of the Federal Reserve, said earlier that the interest rate hike may have been completed, but other Fed officials gave different answers on when it might start to cut interest rates. Who should decide the Fed to cut interest rates?

The Fed has a mechanism to discuss interest rates. It is not up to one person to decide how much to increase or decrease interest rates. It is the Open Market Committee (FOMC) under the Federal Reserve that is responsible for negotiating interest rates, but 12 of them are responsible for deciding interest rates.

12 people with voting rights

Federal reserve chairman

Vice chairman of the federal reserve

5 executive members

Federal Reserve Bank of new york

4 voting seats

(The remaining 11 regional Federal Reserve Bank presidents rotate annually)

President of the Federal Reserve Bank of the Non-voting Region

Will still attend the FOMC meeting

Participate in discussions, contribute opinions and provide reference.

Forecast the views of future interest rate hikes and gather them into a bitmap.

If an official with voting rights makes a speech, it is more worthy of attention.