FOMC Press Conference, June 17, 2026

[00:00:00] Speaker ?: *music* *music* *music* *music* *music* *music* *music* *music* *music* [00:01:46] Ian: *music* Hi, I'm Ian and I work for the Federal Reserve, the Central Bank of the United States. The Federal Reserve System consists of three main entities that perform key functions that serve the public and promote the health of our economy and the stability of our financial system. These key entities are: The Federal Reserve Board of Governors, 12 Federal Reserve Banks operating around our nation, and the Federal Open Market Committee. Based in Washington, D.C., the Board of Governors is the governing body of the Federal Reserve System. It's an agency of the Federal Government that reports to and is directly accountable to Congress. The Board consists of seven members, or governors, who are nominated by the President of the United States and confirmed by the Senate. Governors are appointed for 14-year terms. The Board of Governors oversees and sets policy direction for the system, including 12 Federal Reserve Banks located around the country, which take the pulse of the nation's economic health from a regional perspective. The 12 Reserve Banks represent different geographic regions, or districts, and were set up based on regional economic considerations. Although supervised by the Federal Reserve Board, the Reserve Banks operate independently in many respects. The Reserve Banks carry out a number of core system functions, such as supervising and examining commercial banks and other financial institutions, enforcing compliance with federal consumer protection and fair lending laws, while promoting local community development and lending to depository institutions to ensure crucial liquidity in the financial system. They and the Board also play a key role in another primary Fed function, fostering the safety and efficiency of our nation's payment systems, including distributing currency and coin to banks, operating electronic payment systems, and clearing our checks. In addition, the Reserve Banks act as the government's bank, providing services such as maintaining the Treasury Department's transaction account and issuing and redeeming U.S. government securities. They also act as a bank for banks by providing key financial services to banks, thrifts, and credit unions. The Reserve Banks also provide a wealth of information on conditions across the nation, information that is vital to formulating a national monetary policy that helps maintain a healthy U.S. economy and a stable financial system. The Board and the Reserve Banks together help ensure that consumer and community voices are heard at the Central Bank through consumer-focused outreach, research, and analysis. This helps keep the Federal Reserve's actions, policies, and decision-making attuned to what's going on in American households, communities, and businesses, which are the foundation of our economy. The third key Fed entity is the Federal Open Market Committee, or FOMC, which brings together representatives from the Board and the Reserve Banks to consider the state of the U.S. economy and set a course for our monetary policy in a manner that seeks to promote an economy that works for all Americans. The 12-member FOMC establishes an appropriate position, or stance, for monetary policy to help move the economy towards two essential mandates set for the Fed by Congress, promoting maximum employment and price stability. This occurs mainly through the FOMC's influence on interest rates and credit conditions, which can significantly impact financial conditions, including economic productivity and even spending and investment decisions by households, communities, and businesses. Working together, these three key Fed entities, and the unique Federal Reserve System structure established by Congress more than a century ago, help promote conditions resulting in a strong, healthy, and sustainable economy. For more information on how the Fed functions, visit FederalReserve.gov, and click on "About the Fed." [00:05:17] Speaker 2: Across the United States, the Federal Reserve, through its Federal Reserve Education Program, helps people understand how the economy works, so consumers have the tools to make sound financial decisions. Through this education program, teachers have access to classroom-ready online resources for students from kindergarten to college, videos, classroom lessons, online education, publications, and more. These resources are all free for educators to use in their lesson plans, or as they see fit. Many of the Federal Reserve System's regional reserve banks, located in 12 districts across the nation, also offer in-person and online professional development that allows educators to deepen their knowledge and hone their craft when it comes to economics, personal finance, and more. With the board and reserve banks, students also get hands-on opportunities, like internships and participation on student boards, which introduce them to key economics concepts and potential careers in economics and finance. For more information, visit Federal Reserve Education Program, to find links to resources and reserve bank programs. Consumers are empowered to make sound financial decisions through the availability of easy-to-understand resources that explain personal finance concepts, the broader economy, and the Federal Reserve's role in it. Federal Reserve Education is committed to equipping educators, educating students, and empowering consumers when it comes to understanding and participating in our evolving economy. For more information, visit Federal Reserve Education.org to find links to resources and reserve bank programs offered near you. [00:07:15] Speaker ?: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [00:28:45] Ian: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [00:36:14] Speaker ?: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [00:58:44] Speaker 3: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [01:06:44] Speaker 4: Thank you. [01:07:14] Speaker 3: Thank you. Thank you. Thank you. [01:08:44] Speaker 5: Thank you. [01:09:14] Speaker 3: Thank you. Thank you. Thank you. [01:10:44] Speaker 5: Thank you. [01:11:14] Speaker 3: Thank you. [01:11:44] Speaker 6: Thank you. [01:12:14] Speaker 3: Thank you. Thank you. Thank you. Thank you. [01:14:14] Speaker 6: Thank you. [01:14:44] Speaker 3: Thank you. Thank you. [01:15:44] Speaker 7: Thank you. [01:16:14] Speaker 3: Thank you. [01:16:44] Speaker 7: Thank you. [01:17:14] Speaker 3: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [01:22:13] Speaker 8: Thank you. [01:22:43] Speaker 3: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [01:25:43] Speaker 9: Thank you. [01:26:13] Speaker 3: Thank you. [01:26:43] Speaker 9: Thank you. [01:27:13] Speaker 3: Thank you. Thank you. [01:28:13] Speaker 10: Thank you. [01:28:43] Speaker 3: Thank you. Thank you. [01:29:43] Speaker 10: Thank you. [01:30:13] Speaker 3: Thank you. Thank you. [01:31:13] Speaker 11: Thank you. Thank you. [01:32:13] Speaker 3: Thank you. Thank you. Thank you. Thank you. Thank you. [01:34:43] Speaker 12: Thank you. [01:35:13] Speaker 3: Thank you. Thank you. [01:36:13] Speaker 13: Thank you. [01:36:43] Speaker 3: Thank you. [01:37:13] Speaker 13: Thank you. [01:37:43] Speaker 3: Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. [01:41:43] Speaker ?: Thank you. Thank you.