The Federal Open Market Committee will use the nonvoting session to debate broader monetary policy strategy without issuing a public statement. Under the modified 2027 calendar, policymakers will conduct seven voting sessions and entirely skip a December gathering. Warsh has already trimmed statement lengths and shortened press conference question-and-answer periods from 45 minutes to around half an hour. Looking ahead, the Fed intends to double this approach by scheduling two nonvoting meetings in 2028.
Key points
The Federal Reserve plans to expand its strategy-only format by hosting two nonvoting ses…: The Federal Reserve plans to expand its strategy-only format by hosting two nonvoting sessions during 2028.
Chairman Kevin Warsh is actively seeking to limit central bank forward guidance to give p…: Chairman Kevin Warsh is actively seeking to limit central bank forward guidance to give policymakers greater operational flexibility.
The shift to seven voting meetings breaks with the standard historical framework of eight…: The shift to seven voting meetings breaks with the standard historical framework of eight annual policy votes.
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The Federal Reserve will use its October meeting in 2027 as a nonvoting session, a departure that is part of a broader initiative from Chairman Kevin Warsh aimed at reducing the central bank's market footprint.
According to an announcement Thursday, the rate-setting Federal Open Market Committee will set aside its Oct. 26-27 session for "the discussion of broad monetary policy strategy issues."
Warsh announced the move at his October news conference, though he did not set a date.
In 2027, there will still be seven voting meetings, with the October session set up as extra time for policy deliberation without a formal vote or post-meeting statement. The new calendar also does not list a meeting in December.
"Now, what's the reasoning behind this change? To me, it's quite straightforward," the chairman said in explaining his rationale. "Getting policy right involves assessing near-term developments at timely, regular, and information-rich intervals."
"But it's equally important we reserve time and space, as an intellectually diverse group, for strategic deliberations—for thinking anew about big questions, looking out over longer time horizons, focusing, as I…
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