Federal Reserve Chair Kevin Warsh announced plans to devote some Federal Open Market Committee meetings exclusively to monetary policy strategy, starting in fall 2027. The committee will retain eight annual meetings, but fewer will include scheduled decisions on interest rates, he said at his October 28 press conference.
One of the eight meetings in 2027 will focus on broad strategy, with neither a federal funds rate vote nor a policy statement anticipated. The remaining seven will be regular policy-setting sessions. Warsh said he expects the balance to shift to six policy-setting meetings and two strategy sessions in 2028.
Warsh said the change would preserve regular opportunities to assess incoming economic information while reserving time for longer-term strategic discussions. His explanation emphasized giving policymakers space to reconsider major monetary policy questions beyond the immediate rate decision.
The Fed has not yet identified which meetings will be devoted to strategy. Warsh also said the form of any communication following those discussions remained under consideration, CNBC reported. The expected 2028 split remains his stated outlook for the meeting structure.
The announcement followed the Fed’s decision to hold its benchmark target range at 3.75%–4.00% in a 10–2 vote. Ahead of the meeting, traders had strongly favored a pause, as MarketSpeaker previously reported.
