Many researchers such as Galai (1977) have showed that option markets experience periods of inefficiency. Other researchers such as Gemmill (1991) have shown that these periods of inefficiency occur surrounding uncertain events like political elections. Federal Reserve policy meetings occur roughly every six weeks and frequently have uncertain outcomes over potential policy changes. This study uses option data between February 11th, 2005 and December 31st, 2011 to conduct multiple OLS regressions and robustness tests to determine if Federal Reserve meetings and economic uncertainty increase pricing inefficiency in option markets. Results show a statistically significant, although not economically significant, positive relationship between option market inefficiency, Federal Reserve meetings and economic uncertainty.