Federal Reserve Chair Kevin Warsh announced that the central bank will reduce its policy meetings, cutting annual rate decisions from eight to six by 2028. Under the phased schedule, one of the eight FOMC meetings in 2027 will be converted into a strategic discussion session with no rate vote, rising to two such sessions in 2028. Warsh first proposed reducing the number of policy meetings at the July meeting, arguing that more data can accumulate between sessions. The announcement follows the Fed's decision to hold rates unchanged by a 10-2 vote. Meanwhile, bond traders are pricing in roughly a 90% probability of a Fed rate hike in December, according to Bloomberg.