Federal Reserve System

The central bank of the United States, providing the nation with a safe, flexible, and stable monetary and financial system

12
Regional Banks
7
Board Members
1913
Year Established
8
FOMC Meetings/Year

Key Economic Indicators

Current economic metrics under Federal Reserve oversight

5.25-5.50%
Federal Funds Rate
↔ Unchanged
3.2%
Core PCE Inflation
↓ Decreasing
4.1%
Unemployment Rate
↓ Stable
2.8%
GDP Growth
↑ Growing

Board of Governors

Current leadership of the Federal Reserve System

JP
Jerome H. Powell
Chair
February 5, 2018 - Present

Reappointed for second term in 2022. Previously served as Governor from 2012-2018.

PJ
Philip N. Jefferson
Vice Chair
September 2027 term expires

Economist and former Davidson College dean, confirmed as Governor in 2022.

MB
Michelle W. Bowman
Vice Chair for Supervision
June 9, 2025 - Present

Former Kansas banking commissioner, nominated by Trump for supervisory role.

MB
Michael S. Barr
Governor
Resigned as Vice Chair, remains Governor

Former Treasury official, stepped down from supervision role February 2025.

LC
Lisa D. Cook
Governor
Term expires 2038

Michigan State economist, first Black woman on Fed Board of Governors.

CW
Christopher J. Waller
Governor
Term expires 2030

Former St. Louis Fed research director, appointed by Trump in 2020.

FOMC Meeting Schedule 2025

Federal Open Market Committee regular meetings and policy decisions

January 28-29, 2025
Completed
March 18-19, 2025
Completed
April 30 - May 1, 2025
Completed
June 10-11, 2025
Completed
July 29-30, 2025
Completed
September 17-18, 2025
Upcoming
October 29-30, 2025
Upcoming
December 16-17, 2025
Upcoming

Recent Policy Actions

July 2025
Federal Funds Rate Held Steady
FOMC maintains target range of 5.25-5.50% citing continued progress on inflation and labor market stability
June 2025
New Vice Chair for Supervision
Michelle Bowman confirmed as Vice Chair for Supervision following Michael Barr's resignation
May 2025
Stress Test Results Released
Annual bank stress tests show major banks remain well-capitalized under adverse scenarios
April 2025
Banking Supervision Updates
New guidance issued on commercial real estate lending and interest rate risk management
February 2025
Leadership Changes
Michael Barr steps down as Vice Chair for Supervision while remaining as Governor

Federal Reserve Banks

12 regional banks that make up the Federal Reserve System

Boston Fed
Boston, Massachusetts
Serves New England states including Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut
New York Fed
New York, New York
Largest Fed bank, conducts open market operations and houses the Federal Reserve's trading desk
Philadelphia Fed
Philadelphia, Pennsylvania
Serves eastern Pennsylvania, southern New Jersey, and Delaware
Cleveland Fed
Cleveland, Ohio
Serves Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia
Richmond Fed
Richmond, Virginia
Serves Virginia, Maryland, North Carolina, South Carolina, and most of West Virginia
Atlanta Fed
Atlanta, Georgia
Serves Alabama, Florida, Georgia, and portions of Louisiana, Mississippi, and Tennessee
Chicago Fed
Chicago, Illinois
Serves Illinois, Indiana, Michigan, Wisconsin, and Iowa
St. Louis Fed
St. Louis, Missouri
Serves Missouri, Arkansas, and portions of Illinois, Indiana, Kentucky, Mississippi, and Tennessee
Minneapolis Fed
Minneapolis, Minnesota
Serves Minnesota, Montana, North Dakota, South Dakota, Wisconsin, and Michigan's Upper Peninsula
Kansas City Fed
Kansas City, Missouri
Serves Kansas, Missouri, Nebraska, Oklahoma, Colorado, northern New Mexico, and Wyoming
Dallas Fed
Dallas, Texas
Serves Texas, northern Louisiana, and southern New Mexico
San Francisco Fed
San Francisco, California
Largest district by geography, serves Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah, and Washington