Central bank · USDUsual scheduleLive week from the calendar

FOMC rate decision: release time and what it moves

Federal Reserve. The second day of a two-day meeting, usually a Wednesday, usually at 2:00 PM New York time. What it is, what traders watch and how the WhitePips rules treat trading around it.

  • Eight scheduled meetings a yearhow often
  • 2:00 PMNew York time
  • Redusual calendar rating

FOMC on this week's calendar

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Times in your own time zone and in New York; releases already out are dimmed. Red is high impact, Amber medium; the ratings are the calendar feed's.

Central bankUSD

What FOMC is

FOMC rate decision

The FOMC sets the federal funds rate, the overnight rate US banks lend to each other at, and with it the price of money in dollars. The decision, the statement's wording and the Chair's press conference half an hour later each move markets, often in different directions.

At four meetings a year (usually March, June, September and December) the Fed also publishes its Summary of Economic Projections, with the 'dot plot' of where each official expects rates to go. The minutes of each meeting follow three weeks later.

When it comes out

Published by
Federal Reserve, Federal Open Market Committee (FOMC)
How often
Eight scheduled meetings a year, about every six weeks
Usual day
The second day of a two-day meeting, usually a Wednesday
Usual time
2:00 PM New York; 18:00 UTC while the US is on daylight time, 19:00 UTC in winter; the Chair's press conference follows at 2:30 PM New York
On the calendar as
Federal Funds Rate, FOMC Statement, FOMC Press Conference
Usual rating
Red

What traders watch

The decision against expectations

Markets usually price the decision days ahead; a surprise is rare and violent.

The statement's wording

A changed word about inflation or the labour market can matter more than the rate itself.

The press conference

The second move often comes at 2:30 PM, when the Chair answers questions.

On MetaTrader 5Pip value, lots and commission

Symbols FOMC moves

The WhitePips symbols that usually react most to FOMC. Each page has the pip or point value, a lot-size example and the commission on every plan.

EURUSDEuro / US dollarUSDJPYUS dollar / Japanese yenGBPUSDBritish pound / US dollarXAUUSDGoldUS500US 500NAS100US Tech 100US30US 30USDIDXUS dollar index

Futures on Volumetrica: ESE-mini S&P 500NQE-mini Nasdaq 100YME-mini DowGCGold

Trading Rules, section 11In the rules' own words

Trading FOMC at WhitePips

CFD plans Every plan, every stage

News trading is permitted on every CFD plan. You may open, hold and close positions before, during and after economic releases on every CFD plan, in the evaluation and once funded. There is no restricted window around a release on a CFD account, and no profit is removed because a trade was placed around news.

News straddling is not permitted. On every CFD plan, you may not open straddled, offsetting or hedged exposure on the same or correlated instruments within 15 minutes before or after a scheduled Red or Amber (high or medium impact) economic event, a company earnings release, or a major geopolitical announcement, where the purpose is to capture the volatility of the event rather than to take a view on its outcome. Placing a buy and a sell (or a buy stop and a sell stop) on the same instrument, or opposite positions on correlated instruments such as EURUSD and USDCHF, so that whichever way the price jumps one side profits, is straddling. A single position, or positions in one direction, taken on your own view of the release is not.

Trading Rules, sections 11.1 and 11.2. Each straddle is detected and referred to the risk desk, never penalised automatically.

Futures plans One Step funded, Instant

Futures plans. On the futures plans news trading is permitted during the One Step evaluation. On a funded futures account (One Step funded and Instant) no trade may be opened or closed from two minutes before to two minutes after a high-impact release; a position opened before the window may be held through it. Profit from such a trade is removed and the loss stays. The first and second violations are warnings, and the third is referred for compliance review. A news trading violation never ends an account automatically. The releases are those marked as high impact in the economic calendar shown in the dashboard or notified to you.

Trading Rules, section 11.4.

CFD plans: no straddling1:45 PM to 2:15 PM New YorkFunded futures: no trade opened or closed1:58 PM to 2:02 PMFOMC 2:00 PM
−20 min−15−2+2+15+20 min
A single position taken on your own view, before or after the release, is fine on every CFD plan. On a funded futures account a position opened before the two-minute window may be held through it.

Section 11 of the Trading Rules News trading, explained

QuestionsShort answers

FOMC: questions

What time is FOMC released?

Usually at 2:00 PM New York time: 18:00 UTC while the US is on daylight time, 19:00 UTC in winter; the Chair's press conference follows at 2:30 PM New York. The second day of a two-day meeting, usually a Wednesday.

How often is FOMC released?

Eight scheduled meetings a year, about every six weeks. The second day of a two-day meeting, usually a Wednesday. The exact dates are set by the Federal Reserve; the dashboard's economic calendar shows the coming week.

Can I trade FOMC on a WhitePips account?

On every CFD plan, yes: news trading is allowed in the evaluation and once funded. What is not allowed is straddling, opening both directions (or offsetting positions on correlated instruments) within 15 minutes either side of a Red or Amber release to catch the spike; the risk desk reviews it. On a funded futures account, no trade may be opened or closed from two minutes before to two minutes after a high-impact release.

Which markets move most on FOMC?

On the WhitePips platforms: EURUSD, USDJPY, GBPUSD, XAUUSD, US500, and on futures ES, NQ, YM, GC.

Why do markets move twice on FOMC day?

Once at 2:00 PM, on the decision and statement, and again from 2:30 PM, when the Chair's answers at the press conference add or take away from what the statement implied.

CFDs and futuresNo time limit

Put the numbers to work

Every plan, size and price, with the rules printed before you buy. News trading is allowed on every CFD plan.

See the plansTrading calculator