Changes to the FOMC meeting schedule starting next fall reserve specific meetings for long-term strategy (p. 1).
- The FOMC will maintain eight meetings per year, introducing non-voting strategy meetings in 2027 (one meeting) and 2028 (two strategy meetings, six policy meetings) (p. 1).
The FOMC voted 10–2 to keep the federal funds rate on hold while emphasizing data dependence (pp. 1–2).
- Board Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, voting for a rate hike (p. 2).
- The statement upgraded the description of economic activity pace from "solid" to "strong" while keeping the dual-mandate framing and ample reserves policy unchanged (p. 1).
- The assessment noted that additional data accumulation will guide policy stance to return inflation to the 2% target (p. 1).
Kevin Warsh highlighted stronger economic growth and persistent inflation during his opening remarks (p. 2).
- First-half GDP growth was revised up from 1.8% to 2.4%, with Q3 growth driven by consumer spending above 3% and near double-digit business investment growth (p. 2).
- Capital expenditures reached a historically high share of GDP, led by high-tech investments (p. 2).
- Inflation has run above target for close to six years, and while financial conditions tightened for some, Warsh declined to call overall conditions "tight" (p. 2).
Key points addressed in the press conference Q&A included inflation targets, task forces, and market dynamics (pp. 2–3).
- Warsh reaffirmed a hard 2% inflation target based on PCE, explicitly denying any soft or implicit target (pp. 1, 3).
- Working groups are largely expected to report on time by year-end, with the Productivity and Jobs task force holding a field hearing on November 16th (p. 3).
- Warsh noted that monetary policy is starting to work, and while near-term household inflation expectations rose with high gas prices, long-term confidence in price stability remains (p. 3).

FOMC Statement comparison; Warsh Presser and Q&A

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