Warsh proposes 6 Fed meetings a year; discussion leaves current schedule unchanged

Key Facts

Federal Reserve Chair Kevin Warsh raised the idea of holding 6 scheduled meetings a year, roughly two months apart, during the committee’s July meeting, according to minutes published by the central bank on August 19. The minutes document a discussion about the frequency of meetings, not a new decision to reduce them; the committee did not adopt a change to its schedule. Warsh said the frequency “could allow more information to accumulate” between meetings and give policymakers and central bank staff more time to study strategic monetary policy issues. The proposal comes as current practice calls for 8 regular meetings during the year, in addition to other meetings as needed. The idea of 6 meetings therefore remains under discussion and does not represent an effective change to the monetary policy-setting process.

Committee members discussed the proposal at their July 28 and 29, 2026, meeting, according to the official minutes issued on August 19. Warsh linked a reduction in the number of meetings to allowing an interval of about two months between each meeting, instead of the current regular meeting frequency. He explained that the additional time could allow more information to arrive before the next deliberations. It could also give policymakers and staff more scope to study strategic monetary policy issues. The minutes describe these points as the rationale Warsh cited when raising the idea, not as a conclusion that the committee had approved a change or set a date for its implementation. Warsh also said any change in practice would not affect the schedule for the rest of 2026, keeping that year’s scheduled meetings outside the scope of the proposal at this stage.

The Fed’s official calendar sets current practice at 8 regularly scheduled meetings each year, with the possibility of additional meetings as needed. By comparison, Warsh’s proposal would reduce the number of regular meetings to 6 a year, roughly two months apart, but does not amend the published calendar. The official schedule lists meeting dates for 2027 and the January 2028 meeting, without announcing a change in the number of meetings in either year. The inclusion of those dates does not mean the committee has decided to reject or accept the proposal; the published calendar reflects the schedule in place in the absence of a decision to change it. The difference between the proposed arrangement and current practice concerns the frequency of meetings and the time between them, while the minutes do not report a decision to change the established framework.

The committee’s rules set a minimum of 4 meetings a year in Washington. A meeting can be called by the Federal Reserve chair, or requested by 3 committee members. This statutory framework sets the minimum and the process for calling a meeting, while the calendar page describes usual practice as 8 regular meetings, with additional meetings if needed. The discussion of 6 scheduled meetings therefore concerns the regular frequency Warsh proposed, within a framework that also allows meetings as needed. The minutes do not report a decision to amend the statutory minimum or the process for calling a meeting. Any change in the number of regular meetings, if decided, would require a committee decision; no such decision was made in the July minutes.

The same minutes also documented market developments between the June and July meetings: nominal Treasury yields rose between 25 and 30 basis points, driven by corresponding increases in real interest rates, while the S&P 500 edged lower. These figures provide market background for the period covered by the minutes, but are not cited as a reason for proposing a change in the number of meetings. The Fed published the July meeting minutes 3 weeks after the meeting concluded, in line with the usual timetable for publishing minutes of regular meetings. The committee’s next meeting listed on the calendar is on December 8 and 9, 2026, and is associated with a Summary of Economic Projections. The minutes did not announce that this date or the schedule for the rest of the year would change because of the discussion, and Warsh also said any change in practice would not affect the schedule for the rest of 2026.