Federal Reserve Chair Janet Yellen testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on REUTERS/Kevin Lamarque
The Federal Open Market Committee (FOMC) began its two-day meeting on Wednesday and will announce its interest rate decision at 2:00 p.m. ET on Thursday.
The FOMC sets the Fed's monetary policy. It's made up of five reserve bank presidents and seven members of the board of governors including Fed chair Janet Yellen. Ten of them are voters on policy decisions.
In a recent note to clients, Morgan Stanley compiled quotes from recent speeches by FOMC members that outline their thoughts on when the first rate hike in nine years should be.
Emphasis is ours on all the quotes.