Quoting from the Board of Governors of the Federal Reserve System website: “The Federal Open Market Committee (FOMC) is the monetary policymaking body of the Federal Reserve System… The FOMC schedules eight meetings per year, one about every six weeks or so. The Committee may also hold unscheduled meetings as necessary to review economic and financial developments.”
One of those unscheduled meetings took place on Sunday, March 15. At that time, the FOMC announced a reduction in the benchmark U.S. interest rate target range by a full percentage point. This decision was made ahead of the regularly scheduled March 17-18 meeting. How often does the FOMC do this? That is, how often does it change its monetary policy target without waiting for a regularly scheduled meeting? FRED can help us answer that question.
The purple bars in the FRED graph above show the change in the federal funds target rate (which is
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