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The Federal Open Market Committee (FOMC) is gearing up for its next big meeting and all eyes are on what could be a pivotal moment for global markets. For those tracking the U.S. economy, this is a must-watch event.With whispers of interest rate changes swirling, the FOMC’s decisions could ripple across financial markets worldwide. Here’s everything you need to know about the upcoming meeting, where to watch it and what happened during the Fed’s last rate cut.The Federal Open Market Committee (FOMC) is the U.S. Federal Reserve’s big decision-maker, calling the shots on things like interest rates that ripple through markets worldwide. It’s a 12-person team, with seven members from the Fed’s Board of Governors, the New York Fed president and four other Reserve Bank presidents who take turns. Eight times a year, they huddle to guide the U.S. economy by tweaking the money supply through buying or selling government securities: a process known as open market operations.The FOMC’s next meeting is on October 28-29, 2025, at 2:00 PM ET (11:30 PM IST). Fed Chair Jerome Powell’s press conference follows at 2:30 PM ET (12:00 AM IST, October 30), where he’ll share the committee’s decisions.Back in September 2025, the FOMC grabbed attention with a much-anticipated rate cut. In a near-unanimous 11-to-1 vote, they trimmed the key overnight lending rate by a quarter of a percent, setting it between 4.00% and 4.25%. For the uninitiated, the overnight lending rate is what banks charge each other for short-term loans and it’s a big deal because it influences borrowing costs across the economy: from mortgages to business loans.Why the cut? The Fed was keeping a close eye on a cooling U.S. labor market while wrestling with lingering inflation concerns. Translation: they’re trying to balance job growth with keeping prices in check.The decision to cut rates by 25 basis points (a basis point is 1/100th of a percent) was a cautious move and the Fed hinted at two more cuts before the year ends.
