In a policy switch, the Fed says its October 2028 meeting will not see a vote on interest rates

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The Federal Reserve will use its October meeting in 2027 as a nonvoting session, a departure that is part of a broader initiative from Chairman Kevin Warsh aimed at reducing the central bank's market footprint. According to an announcement Thursday, the rate-setting Federal Open Market Committee will set aside its Oct. 26-27 session for "the discussion of broad monetary policy strategy issues." Warsh announced the move at his October news conference, though he did not set a date. In 2027, there will still be seven voting meetings, with the October session set up as extra time for policy deliberation without a formal vote or post-meeting statement. "Now, what's the reasoning behind this change?