Federal Reserve Chairman Kevin Warsh is considering reducing the frequency of the central bank's scheduled policy meetings, the New York Times reported Friday.

Warsh raised the proposal at this week's gathering of the rate-setting Federal Open Market Committee (FOMC), according to the paper. A Fed spokesperson declined to comment when contacted.

Currently, Fed policymakers convene eight times per year for two-day meetings, after which they announce their policy decisions. A reduction in the number of scheduled meetings would represent a notable shift for the U.S. central bank, arriving at a time when investors have criticized Warsh's efforts to limit forward guidance on the direction of interest rates, and as the Fed faces increasing pressure to take stronger action against inflation. Fewer scheduled meetings would also mean longer intervals between the Fed's regular opportunities to adjust borrowing costs, a structure financial markets have relied on for decades as fixed decision points for pricing expectations.

On Wednesday, FOMC members voted 9-3 to hold interest rates steady. The three dissenting votes marked an unusually high level of internal division for a committee that typically decides by consensus or near-unanimity. While the decision was widely anticipated, investors reacted negatively when Warsh declined to provide a detailed explanation for the move or indicate whether he would support rate increases if inflation failed to decelerate.

Warsh, who assumed leadership of the Fed in May, has signaled plans for additional changes, including potentially scaling back the number of press conferences he holds following policy decisions. He also announced the formation of five task forces tasked with examining possible reforms to the Fed's monetary policy framework, covering areas spanning communications, data, and the central bank's balance sheet.

During his Senate confirmation hearing in April, Warsh was asked whether he was committed to holding an FOMC meeting at least once every eight weeks.

"I believe the statute requires a minimum of four meetings, but four is not enough," Warsh responded. "So having more meetings than that is appropriate. But I've not even begun to look at the meeting schedules for 2027 and beyond."

The Fed has already published its meeting schedule for the remainder of 2026 — with gatherings set for September, October, and December — as well as for 2027. According to the Fed's website, "Each meeting date is tentative until confirmed at the meeting immediately preceding it," a disclaimer that predates Warsh's tenure as chairman.

Under the FOMC's rules of procedure, the committee meets at least four times a year in Washington, D.C., if not more frequently.

"Meetings are held upon the call of the Chair of the Board or at the request of any three members of the Committee," the rules of procedure state.

The Fed has also convened unscheduled meetings during periods of economic and market disruption, such as at the onset of the Covid-19 pandemic in 2020.

The FOMC comprises 12 voting members: the seven officials on the Fed's Board of Governors in Washington, including Warsh; the president of the Federal Reserve Bank of New York, who serves as FOMC vice chair; and four of the 12 presidents of the Fed's regional reserve banks, who serve on a rotating basis as voting members each year.