The next FOMC meeting minutes will be released on Wednesday, April 9, 2025.
The Federal Open Market Committee (FOMC) meets eight scheduled times a year to discuss and set monetary policy, and its minutes from each meeting are released three weeks after the date of the policy decision.
What are the FOMC meeting minutes?
The FOMC meeting minutes are records of the discussions that take place during the Federal Open Market Committee (FOMC) meetings. These minutes offer a more detailed insight into the perspectives of Committee members regarding the appropriate policy stance, the U.S. economic outlook, and the direction of forthcoming monetary policy.
What time are FOMC minutes released?
The minutes of the regularly scheduled FOMC meetings are usually released three weeks after the date of the previous meeting and policy decision.
See below for the FOMC's 2025 meeting minutes release schedule:
See below for the FOMC's 2026 meeting minutes release schedule:
Meetings marked with * are associated with a Summary of Economic Projections.
While these meeting dates are set by the Federal Reserve, they remain tentative until officially confirmed at the preceding meeting.
How do FOMC minutes affect forex?
The release of FOMC meeting minutes can significantly impact the foreign exchange (forex) market because they provide insights into the Federal Reserve's (Fed's) stance on current monetary policy.
Traders and investors closely analyse the minutes to anticipate future interest rate moves, which influence the value of USD and other currency pairs.
See below for key ways FOMC meeting minutes can affect the FX market:
Interest rate expectations
The main effect from FOMC meeting minutes comes from expectations regarding changes to interest rates.
If the minutes suggest that the Fed is favouring rate hikes (acting hawkish), then USD tends to strengthen. However, if it's suggested that the Fed is favouring rate cuts (acting dovish), then USD tends to weaken.
Market volatility
The release of FOMC minutes can also trigger volatility within the FX markets.
If the minutes contain information or data that is unexpected, major currency pairs such as EURUSD, GBPUSD, and USDJPY can experience price swings.
Risk sentiment and safe-haven demand
As the minutes contain the FOMC's (and by extension the Fed's) general outlook on the current economy, their release can also affect risk sentiment within the markets as well.
If the minutes suggest an economic slowdown or uncertainty, investors may flock to safe-haven currencies or assets. However, if the Fed expresses confidence in economic growth, traders may shift their attention to currencies deemed more "high risk".
Impact on bond yields
Another major factor is the impact on U.S. treasury yields.
Higher yields attract capital inflows, pushing the USD higher. However, lower yields reduce demand for the USD, leading to weakness.
How often do FOMC meetings happen?
FOMC (Federal Open Market Committee) meetings occur eight times per year, approximately every six weeks. These meetings are scheduled in advance and are used to discuss U.S. monetary policy, economic conditions, and interest rate decisions.
When is the next Fed meeting?
Please see below for more information on Federal Reserve meetings:
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