The Fed just removed a 2027 rate decision — making the remaining 7 even more important

The Warsh Fed's taciturn nature has already raised the stakes for each FOMC meeting. With fewer hints or forward guidance about what the Fed is thinking and planning comes more suspense.

And next year, those stakes will be even higher as the Fed removes a rate decision from its calendar, making each meeting even more important and potentially adding another layer of uncertainty and volatility to markets .

At the October policy meeting on Wednesday, Fed Chairman Kevin Warsh announced this major change to the Fed's calendar and added that 2028 might feature only six rate decisions. The meetings themselves will remain on the calendar, but instead of the Fed debating rates, broader monetary policy topics will be on the agenda.

The Wednesday meeting saw the Fed hold rates steady, but two dissenting governors wanted a hike.

Warsh said the reasoning behind the schedule change is to "reserve the time and space as an intellectually diverse group for strategic deliberations, for thinking anew about big questions, looking out over longer time horizons."

We've all been wondering how the newly installed chair would reshape the Fed. Already, he's been doing that by changing the nature of the Fed's public communication.

"I don't believe in forward guidance," Warsh said on Wednesday. His remarks echoed his move earlier this year to end the years-long practice of offering forward guidance — removing an important signal for Wall Street and Main Street alike.

Warsh himself has not contributed a "dot" to the central bank's quarterly chart showing where individual policymakers expect short-term interest rates to go, and he doesn't plan to do so.

Now the Fed will also have fewer decisions to discuss.