Fed Chair Kevin Warsh stressed after Wednesday’s rate decision that inflation remains too high. “Americans are still dealing with inflation that has been running above the committee’s objective for close to six years,” he said. “It’s our responsibility to get inflation down.” He described the labor market as “quite positive.”
Warsh also announced a change to the meeting calendar. In 2027, one FOMC meeting will be devoted entirely to monetary policy strategy, with no vote on interest rates and no policy statement. In 2028, the Fed plans two strategy meetings and six regular policy meetings. Warsh said the schedule is “more than some administrative detail,” because how policymakers spend their time shapes the quality of their decisions.
He gave an update on the five task forces announced at his first FOMC meeting in June. They are reviewing Fed operations, including balance sheet management and the possible impact of artificial intelligence on monetary policy. Warsh said he has not yet received anything resembling a final report. He expects that “some, but not all” of the groups will meet their year-end deadline, so part of the work will run into 2027. This is news, not investment advice.
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