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The Federal Open Market Committee or FOMC consists of twelve voting members and is responsible for setting the monetary policy of the USA. The monetary principal goals are the economic growth, stable prices and full employment.
The monetary policy is set by specifying the short-term objective for open market operations.
There are eight regularly scheduled meetings per year. Meetings could also be scheduled outside the regular meetings dates (Unscheduled meetings). Generally, a meeting is scheduled for one day, but the meetings in January-February and June-July are two-day meetings.
The current function uses an internal list of FOMC meeting dates and returns a time-series that has values different from zero on bars where an FOMC meeting occurs. It returns a value between 0 and 3.
Returns 0: If no FOMC meeting is scheduled for the current day
Returns 1: if a one-day FOMC meeting occurs on the current day
Returns 2: If a two-day FOMC meeting occurs on the current day
Returns 3: If a one-day unscheduled FOMC meeting occur on the current day
To create a rule that detects the bars where a meeting occurred, you can use the following formula: FOMC_meetings() > 0.
To create a rule that detects the bars where an unscheduled meeting occurred, you can use the following formula: FOMC_meetings() == 3.
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