During the meeting, the committee deliberates on several issues about the U.S. economy and the global economy. The committee considers a lot of economic data, including the growth of household spending, job gains, unemployment rate, wage increase, inflation, and business fixed investments.
After carefully considering all these data, the committee decides on the Federal Fund Rate and money supply. Fund Rate is the short-term overnight interest rate that banks charge each other for loans and deposits with the Fed, and this rate dictates the medium-term and long-term interest rates. The Fed’s decision on money supply affects the sale of U.S. Treasury Bills and bonds.
Meetings are closed to outsiders, and only the seven governors of the board and the five Federal Reserve Bank Presidents are in attendance. Shortly after the meeting is concluded, a press conference is held, and the general outcome and the key decisions are announced. However, the minutes of the meeting are not published until three weeks after the conclusion of the meeting.