Definition
The seven-member board in Washington that runs the Federal Reserve System.
The story
Governors are nominated by the President and confirmed by the Senate for 14-year terms, which are staggered so no single President appoints the whole board at once. All seven governors vote on interest rates at every FOMC (Federal Open Market Committee) meeting.
Why markets watch it
Governors hold the majority of votes on rates, so who sits on the board shapes policy for years.
Connects to
We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms