Fed Sets Three Strategy Meetings Without Rate Votes in 2027 and 2028

The Federal Reserve will use three regularly scheduled meetings in 2027 and 2028 for policy-strategy discussions without rate votes, leaving fewer formal interest-rate decision points for markets to assess.

One meeting in 2027 and two in 2028 will be set aside for those discussions. No interest-rate vote will take place at those sessions.

The Fed held its federal funds target range at 3.75% to 4% in a 10-2 vote on Oct. 28. The statement was released at 2 p.m. ET (18:00 UTC).

With fewer formal decision points, more economic data may accumulate between some votes, concentrating market attention around each decision. A term premium—the extra return investors demand to hold long-term bonds—may also face pressure if views on the future rate path diverge.

Fed Chair Kevin Warsh did not commit to further action in December.