We examine how Federal Open Market Committee (FOMC) meetings influence international stock returns, highlighting that the standard Fed news channel creates an even-week pattern in the United States and other highly integrated developed markets. By analyzing the Chinese market, we demonstrate that the news channel contributes to higher returns, operating in non-US countries even without international equity flows. Additionally, we identify an uncertainty channel that produces a contrasting odd-week pattern. Placebo tests indicate that the effectiveness of the uncertainty channel may depend on the financial market’s openness. Overall, our research enriches and extends the existing view on how the Federal Reserve, as the leader of central banks, shapes international stock market returns throughout the entire FOMC cycle.