ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The Federal Open Market Committee (FOMC) is a committee within the Federal Reserve System (the Fed) that is charged under United States law with overseeing the nation’s open market operations (e.g., the Fed’s buying and selling of United States Treasury securities).

Detailed explanation-2: -The Federal Open Market Committee (FOMC) is responsible for directing monetary policy through open market operations. The group is a 12-member group that is the primary committee of the Fed affecting monetary policy.

Detailed explanation-3: -Board of Governors of the Federal Reserve System.

Detailed explanation-4: -The Federal Reserve System performs five functions to promote the effective operation of the U.S. economy and, more generally, to serve the public interest. It includes three key entities: the Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee.