Fed Chair Warsh says decided to change FOMC schedule next fall and 8 meetings is right number a year; one meeting will not have a vote on policy rate and will be focused on strategy

• Expect in 2028 to have 6 policy-settings meetings.

A change to the FOMC meeting cadence is an institutional plumbing story, not a policy signal in itself, and episodes of calendar redesign at central banks have historically mattered more for how policy is transmitted than for where rates are set. Reducing the number of policy-setting meetings lengthens the interval over which a decision must hold, which in comparable frameworks has tended to raise the weight placed on each meeting's statement and projections and to increase the role of inter-meeting communication when the data turn between decisions. A dedicated non-voting strategy session follows a pattern seen at other central banks, where separating framework discussion from the rate decision has allowed longer-horizon questions, balance sheet, tools, reaction function, to be aired without markets reading every remark as a near-term signal. The practical distinction worth drawing is between the vote count, which changes little, and the optionality lost: fewer scheduled decision points means any mid-cycle adjustment leans more heavily on unscheduled action or forward guidance, both of which carry their own precedents. What bears watching is how the statement, minutes and press conference formats are reallocated across the slimmer calendar, since that determines whether information flow to the curve front end actually thins or just concentrates. Confidence in the read is high; the implications are structural rather than directional.