- Federal Open Market Committee (FOMC) to Reduce QE by Another $10B. - Fed Chair Janet Yellen to Hold Press Conference at 18:30 GMT. Trading the News: Federal Open Market Committee Meeting and Federal Funds Rate Despite expectations for another $10B reduction in the Federal Open Market Committee’s (FOMC) asset-purchase program, the central bank’s updated forecasts (growth, inflation & interest rate) may have a greater impact in driving the U.S. dollar as ...