Waller Proposes Cutting Fed's Annual Rate-Setting Meetings to Six by 2028
nashnova research
Fed Chair Kevin Warsh is formally reducing the number of FOMC rate votes per year — from eight to seven in 2027, then to six in 2028 — framing the move as monetary-policy reform, not an administrative tweak.
What exactly changes?
In 2027 the FOMC will still hold eight meetings, but only seven will include a rate vote. The October session becomes a strategy-only discussion — no policy statement, no vote.
By 2028, rate votes drop to six per year, stretching the gap between decisions to roughly every two months.
This means → each meeting carries more decision weight, and market pricing swings around any single meeting could grow larger.
Why is Warsh doing this?
He has long argued that central-bank officials "talk too much" and lean too heavily on the latest single data print.
At a 2017 Dallas Fed event he said officials spend too much time preparing meeting materials, "and not enough time doing something crazy — actually thinking about what's happening."
In plain terms = meeting too often chains policymakers to short-term data and leaves no room to step back. Fewer meetings forces the focus onto medium- and longer-term judgment.
Is there a precedent?
Yes. In 2014 Warsh reviewed the Bank of England and recommended cutting its monthly policy meetings to six to eight per year.
The Bank of England adopted the advice in 2016, moving to eight meetings — the same starting point the Fed has now.
This reflects a decade-long conviction, not a sudden idea: from outside adviser at the BoE to Fed Chair, Warsh has pushed the same reform for over ten years and finally has the authority to implement it.
What does it mean for markets?
Stretching the interval from roughly six weeks to roughly two months slows the Fed's policy-response speed to economic shifts.
This means → if a sudden economic shock hits between meetings, markets will sit longer in a "waiting for the Fed" vacuum.
Warsh frames the change as "another step in getting monetary policy back on track" — put simply = he believes the old pace was abnormally frequent, and fewer meetings is the return to a proper rhythm.
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