Federal Reserve Meeting Minutes: Walsh pushes to reduce the number of policy meetings during the year

Comparing news, the minutes of the Federal Reserve meeting show that Federal Reserve Chairman Walsh proposed an idea: reduce the number of Federal Open Market Committee (FOMC) policy meetings from 8 to 6 per year.

According to the minutes of the meeting, “The Chairman pointed out that scheduling six meetings a year, approximately every two months, will allow more information to accumulate between the two meetings than the current arrangement, while also leaving more time for policy makers and Federal Reserve staff to study and consider strategic issues of monetary policy.”

Subsequently, Walsh sought the opinions of committee members on the idea. The minutes clearly state that the number of meetings will not be adjusted this year. Reducing the number of policy meetings would mean a major change in the way the Federal Reserve operates.