1 hour ago
4
The Federal Reserve’s rate-setting committee discussed whether to overhaul its decades-old meeting schedule at its July gathering but ultimately decided to change nothing. The FOMC minutes, released on August 19, 2026, show that Chair Kevin Warsh pitched a reorganization of the committee’s annual calendar, only to see colleagues opt for the status quo.
The federal funds rate target range held steady at 3.5%-3.75%, marking the fifth consecutive meeting without an adjustment.
What Warsh proposed, and what happened next
According to the minutes from the July 28-29 meeting, Warsh suggested trimming the number of policy-focused meetings from eight to six. The remaining two sessions would be dedicated to deeper economic discussions rather than rate decisions.
The eight-meeting cadence has been the FOMC’s standard operating procedure since the early 1980s. The 2026 calendar, which was set back in 2024, includes meetings in January, March, April, June, July, September, October, and December. All eight remain on the books.
Warsh, who assumed the chair role around mid-2026, appears to be in the early innings of putting his stamp on how the Fed operates. The July meeting was one of his first sessions running the show under the existing framework.
The rate picture: steady as she goes
The decision to hold rates at 3.5%-3.75% for the fifth straight meeting reflects the committee’s reaffirmed commitment to price stability. Economic growth and inflation dynamics were discussed at length, though the committee saw no reason to adjust its policy stance in either direction.
Why meeting structure matters more than you’d think
Reducing to six policy meetings would concentrate decision-making into fewer windows. The two proposed discussion-only sessions would give the committee space to debate structural economic questions without the pressure of an immediate rate decision hanging over the conversation. The European Central Bank, for instance, makes rate decisions roughly six times per year.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
