The next FOMC meeting minutes will be released on Wednesday, May 28, 2025 at 18:00 UTC.
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 FOMC 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.
Does FOMC minutes affect the market?
Yes, FOMC minutes can significantly affect the market, especially in the short term. Here's how:
Stock market
The minutes give investors insights into the Fed’s view on the economy and interest rates.
- If the Fed sounds dovish (suggesting rate cuts or a soft stance), stocks often rally.
- If the Fed is hawkish (hinting at more hikes), stocks can dip, especially rate-sensitive sectors like tech.
Bond market
Bond yields react strongly to perceived changes in interest rate direction.
- Hawkish tone → yields rise → bond prices fall.
- Dovish tone → yields fall → bond prices rise.
Forex market
The U.S. dollar moves based on interest rate expectations.
- More aggressive Fed → USD strengthens.
- More cautious Fed → USD weakens.
Major currency pairs like EUR/USD, USD/JPY, and GBP/USD often see sharp moves right after the release.
Gold and commodities
Since gold is sensitive to both the dollar and interest rates:
- Hawkish minutes → stronger dollar → gold typically drops.
- Dovish minutes → weaker dollar → gold tends to rise.
In short, markets watch the FOMC minutes closely for any change in tone or policy direction. Even subtle shifts in language can trigger significant price movements across asset classes.
Does FOMC minutes affect gold?
The FOMC meeting minutes significantly influence gold prices by providing insights into the Federal Reserve's monetary policy stance, which affects interest rate expectations, the U.S. dollar's strength, and inflation outlooks (key factors that drive gold's appeal as a non-yielding, safe-haven asset).
For exaxmple, following the FOMC's March 2025 meeting, where the Fed held interest rates steady and signalled potential rate cuts later in the year, gold prices surged to a record high, surpassing $3,050 per ounce. This increase was driven by investor anticipation of lower interest rates enhancing gold's attractiveness.
When is the next Fed meeting?
Please see below for more information on Federal Reserve meetings:
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