Every FOMC meeting produces a policy decision, but the Summary of Economic Projections is usually updated only four times a year. This guide explains why SEP releases are less frequent and how gold investors can distinguish meetings with and without new projections.

The SEP summarizes FOMC participants' projections for growth, unemployment, inflation and the policy-rate path they consider appropriate. This guide explains how gold investors can read real GDP, unemployment, PCE inflation, core PCE and the dot plot together.

Federal Open Market Committee (FOMC) policy statements are brief, frequently modifying only a few words or phrases between meetings. Yet, gold prices often move significantly upon release.

Many investors think no Fed rate hike means gold should rise. This view is incomplete. Gold prices focus not just on the meeting result, but the overall policy signals. Even if rates stay unchanged, a stance hinting at prolonged high rates can pressure gold.

A Fed Chair press conference usually happens right after the policy decision is announced. For gold traders, what matters is not only whether rates changed, but also how the Chair explains that decision. If he stresses that inflation is still too high, it suggests the policy stance may not turn soon. If he highlights slowing growth or cooling employment, the market may think there is more room for future policy changes.