Federal Reserve Chair Kevin Warsh’s plan to reduce annual interest-rate decisions from eight to six is raising concerns about greater volatility in the US$32 trillion Treasury market. The transition would begin next year, when seven decisions are planned, with two meetings eventually devoted to broader strategy discussions. Speaking after the Federal Open Market Committee (FOMC), the Fed’s rate-setting panel, met on October 27-28, Warsh said the change would give officials more "time and space" to consider policy and declined to commit to a future rate path. He also indicated that higher rates are beginning to ripple into artificial intelligence. Traders view the plan, alongside Warsh’s retreat from forward guidance, as part of a less predictable approach that could produce sharper repricing around policy announcements, increase the risk of emergency action between meetings and raise the premium on longer-term debt. The October 28 announcement and Warsh’s dovish tone lifted shorter-dated Treasuries while longer maturities lagged, with 30-year yields rising about 10 basis points relative to two-year yields. Two-year rate-volatility measures have so far barely moved, and the Fed has not identified which 2027 meeting will become a fall strategy session, although October is considered the leading candidate.