The US Federal Reserve's Federal Open Market Committee (FOMC) begins its two-day policy meeting today, April 28, with the rate decision and Chair Jerome Powell's press conference scheduled for April 29.

The FOMC is the Fed's rate-setting body. It meets roughly eight times a year to decide whether to raise, cut, or hold the benchmark federal funds rate — the interest rate banks charge each other for overnight loans, which ripples through mortgages, credit cards, business loans, and global capital flows.

What to Expect

Markets are not pricing in a rate cut at this meeting. With US inflation still above the Fed's 2% target and the labor market holding relatively firm, most analysts expect the Fed to keep rates steady. The focus will be on Powell's language — specifically whether he signals any shift in the timeline for future cuts, or flags new concerns about growth given ongoing trade policy uncertainty.

The rate decision will be released at 2:00 PM Eastern Time (ET) on April 29, which is 11:30 PM India Standard Time (IST). Powell's press conference follows at 2:30 PM ET, or midnight IST on April 29-30. Both the statement and the press conference will be live-streamed on the Federal Reserve's official website at federalreserve.gov.

Why This Matters Beyond the US

Fed decisions carry direct weight for Indian markets. A hawkish Fed — one that keeps rates high for longer — tends to strengthen the US dollar, pressure the Indian rupee, and pull foreign portfolio investment away from emerging markets like India. Indian bond yields and equity valuations both respond to shifts in Fed tone, even when the rate itself does not move.

With global growth concerns mounting and the US administration's tariff moves adding uncertainty, traders will parse every word Powell says about the economic outlook. Any hint of earlier cuts could lift risk assets; any pushback on that view could tighten financial conditions further.

Watch the Fed statement at 2:00 PM ET and Powell's remarks at 2:30 PM ET on April 29 via federalreserve.gov.