The Federal Reserve will hold seven interest-rate decisions in 2027 across eight meetings, with Oct. 26-27 reserved exclusively for strategy and carrying no rate vote, policy decision or post-meeting statement.

The revised tentative calendar, announced Thursday, makes Oct. 26-27 the Fed’s first scheduled no-vote strategy meeting. The Federal Open Market Committee (FOMC) will announce a policy decision on the second day of each of the other seven meetings, the Fed said.

What does the revised calendar show?

The Fed listed eight meeting dates for 2027:

• Jan. 26-27
• March 16-17
• April 27-28
• June 8-9
• July 27-28
• Sept. 14-15
• Oct. 26-27
• Nov. 16-17

CNBC’s count of the revised schedule identifies seven meetings with rate decisions and none in December. Seven of the eight scheduled gatherings will end with a policy decision; the one remaining gathering will not. The October meeting still runs for two days, but it will carry neither a federal funds rate vote nor a policy statement afterward.

At an Oct. 28 news conference, Fed Chair Kevin Warsh announced the move but left unspecified which meetings would lose their rate votes; the revised calendar identifies Oct. 26-27 as the sole exception. The Fed will retain its eight annual meetings, so the change assigns a different purpose to one gathering rather than cutting the meeting count.

Why remove the rate vote?

Warsh said he expects two strategy meetings in 2028 and six for setting policy. On that expectation, two of 2028’s eight meetings would address strategy and six would set policy. The 2027 calendar instead assigns one of eight meetings to strategy and seven to rate decisions.

“In 2027, one meeting will focus exclusively on broad monetary policy strategy, with neither a vote on the federal funds rate nor a policy statement anticipated,” Warsh said.

That makes 2027 a year with one dedicated strategy session, compared with two expected in 2028. The change does not remove monetary-policy decisions from the 2027 calendar; it leaves seven scheduled rate decisions from Jan. 27 through Nov. 17.

By dedicating October to the broader framework, the Fed gives policymakers additional room to debate policy without a rate-setting result at the meeting’s close. The committee will have completed six rate decisions before October, then return for one final decision on Nov. 17.

What remains unresolved?

Warsh said what the Fed might release after a strategy meeting was “not obvious yet” and that details would not come until fall 2027. The October session therefore has a firm date and mandate, but no announced format for follow-up documents or communications.

“It is equally important we reserve time and space, as an intellectually diverse group, for strategic deliberations,” Warsh said.

That rationale puts institutional capacity ahead of a rate-setting calendar for one meeting while preserving the Fed’s eight-meeting annual schedule. The immediate procedural fact is narrow: the close of the two-day October meeting will carry no rate decision and no accompanying statement.

Warsh’s Oct. 28 announcement left one scheduling point unstated: he did not name the meeting that would lose its rate vote. The revised calendar resolves that point by naming October, while leaving the post-meeting release format unsettled until fall 2027.

The first no-vote strategy session is set for Oct. 26-27, 2027; seven rate decisions remain elsewhere on the calendar, including the final meeting on Nov. 16-17, with no December session.