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The trio of dissenters at the Federal Reserve who backed an increase in interest rates this week contend high inflation could get entrenched in the economy unless the central bank acts decisively to get prices under control.
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The Federal Reserve has met at least eight times a year for decades. Reducing the number of meetings would represent the biggest change by Kevin M. Warsh since he became chairman.
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The main inflation barometer used by the Federal Reserve to set U.S. interest rates fell in June for the first time since the pandemic, underscoring why the Fed took no action this week to raise borrowing costs.
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The economy slowed to 1.5 percent growth in the second quarter, the Commerce Department said Thursday. Inflation cooled to 3.3 percent, but stayed well above the Federal Reserve's target.
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