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What is FOMC Statement and Federal Funds Rate?

Today is a big day for financial market. FOMC statement is known as Interest Rate Statement, Fed Statement, Monetary Policy Statement. The full form of FOMC is Federal Open Market Committee. 

The FOMC uses it to communicate with the investors about monetary policy, it is a primary tool. It is based on the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, they discusses about the economic outlook and offers clues on the outcome of future votes.

It is released 8 times in a year.

Federal Funds Rate is also known as Interest Rates, Fed Funds Rate.
The members of FOMC vote on where to set the target rate. The individual votes are published in the FOMC statement.

Effect of this data: If they hike the Interest Rate that will be supportive for the currency. If they decrease than its negative for currency.

Importance: High impact data for Equity, Commodity as well as Forex market.

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