Fed Sets Strategy-Only Meetings for 2027 and 2028

Federal Reserve Chair Kevin Warsh said the central bank will reserve some future policy meetings for strategy discussions, reducing the number of gatherings scheduled for interest-rate decisions to seven in 2027 and six in 2028. The meetings set aside for strategy are not expected to include rate votes or policy statements. Warsh announced the plan on October 28, after the Federal Reserve held its benchmark federal funds rate steady at 3.75% to 4.00%. The 2027 calendar includes eight scheduled meetings, with one devoted to broad monetary-policy strategy. In 2028, Warsh expects two of the eight meetings to focus on strategy and six to set policy. Warsh said the Federal Open Market Committee would use the sessions to consider longer-term questions. He described strategic deliberation as a reason to reserve time for discussions beyond the regular assessment of near-term economic developments. The specific 2027 meeting has not been identified. The format’s eventual public disclosure is also unsettled. Warsh said the Fed would share further details as they are developed, but said it was not yet clear what the central bank would communicate after strategy meetings. A forecasting...