Federal Reserve Chair Kevin Warsh announced on Wednesday that it will set aside one of its eight regularly scheduled FOMC meetings in 2027 and two in 2028 for broad monetary policy strategy, with no vote on the federal funds rate or policy statement, Warsh said at a press conference.
Warsh added that the remaining meetings will stay as policy‑setting sessions, and he expects in 2028 there will be six policy‑setting meetings and two strategy‑focused ones.
Omair Sharif, president of forecasting firm Inflation Insights, warned that the October 2027 meeting will be the first with no rate deliberations, creating a 12‑week gap between policy changes and a double set of inflation reports.
Despite the reshuffle, the Fed retains the ability to change policy outside of FOMC meetings—a practice it used during the early‑2020 pandemic response, Warsh noted.
Analysts are watching closely for how the new calendar will influence bond market expectations and equity risk premiums; the Fed will likely share more details in the coming weeks.