The study of Dynamic Decision Making (DDM) has contributed to our understanding of the behavior of decision makers in the dynamic decision making environment. This article attempts to apply the findings of the previous DDM research to the monetary decision making at the Federal Reserve Board. The monetary policy is a typical example of the DDM. By analyzing the Federal Open Market Committee (FOMC) meeting transcripts, the decision making environment and behavior of the FOMC will be identified. The FOMC members face unfavorable decision making environment that corresponds with the DDM findings, but it is also revealed that they were able to develop ways to overcome the difficulties. This article also suggests possibilities of future DDM study and application of DDM prescriptions to the FOMC decision making.