Report: Waller considers reducing the frequency of Federal Reserve policy meetings.

Kevin M. Warsh is considering reducing the frequency of the Federal Reserve's routine meetings to set interest rates. This move could prompt significant upheaval and represent the most substantial reform to the central bank's operating model in years. The Federal Reserve's policy committee, made up of 12 members, meets eight times a year to vote on whether to raise, lower, or maintain borrowing costs. Four people who were authorized to speak on the condition of anonymity revealed that Warsh proposed adjusting the frequency of these meetings at the Fed's meeting this week. This is the second meeting presided over by Warsh as chair. He signaled that the Fed is likely to finalize a new meeting schedule before its next meeting in mid-September, although the adjustments may be delayed in their implementation. The Federal Reserve declined to comment. Reducing the frequency of meetingsand thus the number of interest rate voteswould mark Warsh's most far-reaching action since taking office. The plan would break with decades-long tradition, reshaping the Fed's approach to managing the economy and potentially undermining its ability to respond swiftly to inflation and labor market fluctuations. With fewer meetings, Wall Street and the public would also gain access to less information regarding the Fed's interest rate outlook, reversing a trend of increased transparency that has persisted for decades.