Fed Chair Walsh considers reducing the frequency of Federal Reserve policy meetings.

Fed Chair Walsh is reportedly considering reducing the frequency of the Federal Reserve’s regular interest rate policy meetings, a move that could trigger major upheaval and mark the most significant change to the Fed’s operations in recent years. Currently, the Federal Open Market Committee (FOMC), the Fed’s 12-member policy body, holds eight annual meetings to vote on whether to raise, lower, or keep borrowing costs unchanged. According to four sources familiar with the matter, Walsh proposed adjusting the meeting frequency at this week’s Fed meeting. The sources added that Walsh discussed the legal basis the Fed must follow regarding the minimum number of required annual meetings, as well as a timeline for such adjustments. Walsh reportedly asked officials to share their feedback with him instead of holding a full discussion on the meeting schedule during this week’s session. (The New York Times)