Warsh raised changing frequency of Fed policy meetings, NYT reports

WASHINGTON, July 31 (Reuters) - ‌U.S. Federal ​Reserve ​Chairman Kevin Warsh at this week's interest-rate-setting meeting raised the idea of ‌reducing the number of the Fed's regularly ⁠scheduled meetings where it sets monetary policy, the New ‌York Times reported on ‌Friday.

The move, if adopted, would break with nearly half a century of practice and ​would serve as the most consequential operational shift so far under the new Fed ⁠leader, who came aboard about two months ago promising "regime change."

It ​would significantly cut back on the information Wall Street and the wider public ​would receive about the direction ‌of interest rate policy and the Fed's interpretation of the state of ⁠inflation and the job market - the focuses if its congressional dual mandate - and the economy more ⁠broadly.

The Fed has held eight scheduled meetings a year ​since 1981, a cadence established under former Chair Paul Volcker. In emergencies - such as during the early days ‌of the COVID-19 pandemic or during the 2007-2009 global financial crisis - Fed ‌leaders have convened unscheduled meetings - either over ⁠the phone or ‌in person - to ​address those exigent circumstances.

(Reporting by Ismail Shakil and Daphne Psaledakis; Editing by David ‌Gregorio)

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