ELI5: Explain Like I'm 5


The FOMC - the Federal Open Market Committee - is the group of people at the Federal Reserve (the United States' central bank) that meets regularly to decide what to do with the country's money. They meet eight times a year and make decisions about how much money should be in the economy and what interest rates should be. They do this in order to keep the economy healthy - growing, but not too fast, so that prices don't go too high.