From https://metaculus.com/questions/17294/fed-raises-interest-rates-in-june-2023/

The Federal Open Market Committee (FOMC) is a key monetary policy-making body in the United States responsible for implementing and overseeing the country's monetary policy. The FOMC is composed of 12 members, which includes the seven members of the Federal Reserve Board of Governors and five of the 12 Federal Reserve Bank presidents, who serve on a rotating basis. The Chair of the Federal Reserve Board of Governors, Jerome Powell also serves as the Chair of the FOMC.

The primary responsibility of the FOMC is to set monetary policy in order to promote maximum employment, stable prices, and moderate long-term interest rates. To achieve these goals, the FOMC engages in open market operations, which involve the buying and selling of U.S. government securities in order to influence the federal funds rate, the interest rate at which banks lend to each other overnight. The FOMC also sets the target range for the federal funds rate and communicates its policy decisions to the public through press releases and the Chair's press conferences. As a result, the decisions made by the FOMC have a significant impact on the U.S. economy and financial markets, making it an important focus of attention for economists, investors, and policymakers.

The next FOMC meeting will be June 13-14.