The Federal Open Market Committee (FOMC) has announced its tentative meeting schedule for 2005. The dates are as follows: Feb. 1-2, March 22, May 3, June 29-30, Aug. 9, Sept. 20, Nov. 1, Dec. 13, and Jan. 31-Feb. 1, 2006. The FOMC is the monetary policy-making body of the Federal Reserve System. During its meetings, the committee reviews U.S. economic conditions, determines the appropriate stance of monetary policy and assesses the risks to price stability and sustainable economic growth. On June 30 the FOMC raised its target for the federal funds rate by 25 basis points to 1.25%.