Federal Reserve to Reduce Interest Rate Meetings to Six Decisions by June 2028

Federal Reserve Chairman Waller stated at a press conference following the interest rate meeting that starting next year, the Fed will gradually adjust its meeting schedule. Waller mentioned that eight meetings per year is an appropriate number for the FOMC, but one of the eight meetings in 2027 will be changed to a strategic discussion without a rate vote, increasing to two in 2028, thus reducing the number of meetings for interest rate decisions to six per year. Waller first proposed reducing the number of meetings in July to allow for more data accumulation between meetings. The Federal Reserve voted 10 to 2 to keep interest rates unchanged. Bond traders are currently betting on about a 90% probability of a rate hike in December.

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