The FOMC, or Federal Open Market Committee, is a key component of the Federal Reserve System, which is the central bank of the United States. The FOMC is responsible for setting monetary policy, primarily by influencing interest rates and controlling the money supply to promote economic stability and growth. The committee meets regularly, typically eight times a year, to assess economic conditions and make decisions on monetary policy. Their actions can affect inflation, employment, and overall economic health, making the FOMC's decisions crucial for both the U.S. economy and global markets.