Fed trims 2027 rate votes to seven as Warsh adds strategy-only October

The Federal Reserve will hold seven scheduled rate decisions in 2027 instead of eight, after setting aside its October 26–27 meeting for monetary-policy strategy alone. No vote on the federal funds rate and no policy statement are anticipated at that gathering, according to the Fed's revised tentative calendar.

The change follows an October announcement by Fed Chair Kevin Warsh, who said the committee wanted dedicated time for longer-term thinking alongside its regular reading of the economy. Warsh said one meeting would focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated. The other seven meetings — January, March, April, June, July, September and November — are due to end with rate decisions on their second day.

The final scheduled decision of 2027 moves to November 16–17 from December 7–8, leaving roughly two months before the next regular meeting on January 25–26, 2028. The Fed said it retains the ability to hold additional meetings or act between scheduled gatherings if circumstances require. Warsh, who became Chair on May 22, 2026, has said he expects two strategy meetings and six rate-setting meetings in 2028.

The revised calendar also drops the asterisks that marked the March, June and September meetings as tied to the Summary of Economic Projections. The Fed has not announced that the projections or the dot plot have been abolished; a task force reviewing communications, including the dot plot's future, is still at work. Warsh has not submitted his own forecast since becoming Chair.

The restructuring comes with the federal funds target range at 3.75–4 percent, held at the October 27–28 meeting by a 10–2 vote, with Governors Lisa D. Cook and Beth M. Hammack favouring a 25-basis-point increase. The Fed said activity was expanding at a strong pace while inflation remained elevated. The next scheduled decision is December 9, 2026.