Fed drops October meeting, leaving seven on its 2027 calendar

The Fed's 2027 calendar now carries seven policy meetings rather than the usual eight, with October gone, according to the central bank's website on Thursday. Its last gathering of 2026 stays where it was: December 8-9. The trimmed schedule gives policymakers one fewer scheduled checkpoint to read the economy and shift course next year.

The timing is not calm. October inflation came in hotter than expected for the second month running, leaving investors glued to every signal on where policy heads next.

Chicago Fed President Austan Goolsbee wasn't mincing words Thursday at the Yahoo Finance Invest 2026 event. Inflation is sitting, in his words, 'way above' the central bank's target, and he warned 'this wasn't a one-off month.' He described price pressures as stalled out and, in several ways, 'going in the wrong direction,' urging the Fed to stay 'sober-minded.'

Cleveland Fed President Beth Hammack pointed to 'real demand pressures' driving inflation, plus secondary pressure from energy costs, and said the Fed has been missing its inflation mandate for years. She wants a more restrictive stance but steadier rate increases so the economy can adjust, and she backed a hike at the Fed's July meeting.

Vice Chair for Supervision Michelle Bowman said persistent inflation and a firming labor market mean there's 'still work to do,' noting the labor market improved more than she expected while progress on inflation 'disappointed' — remarks prepared for the International Economics Council on Foreign Affairs in Washington, DC. Dallas Fed President Lorie Logan said the Fed 'may be possible to move more rapidly' than September's quarter-point increase, calling the current 3.75% to 4% federal funds rate too low. Governor Christopher Waller said a half-point increase should be considered if core inflation stays elevated.