Of all the ways Chairman Kevin Warsh wants to remake the Fed, the least flashy may be the most lasting: He is cutting the number of interest-rate decisions the central bank makes each year

Kevin Warsh, as described in the headline, is reducing the number of interest-rate decisions the Federal Reserve makes each year, a structural change to the central bank's policy calendar rather than a change to the rate level itself. The transmission mechanism runs through policy predictability and the term structure: fewer scheduled decision points could concentrate rate repricing into fewer meetings, potentially increasing the size of market moves on each decision while reducing the frequency of event-driven volatility between them. Short-dated rate futures and front-end Treasury yields would be most directly exposed, since their pricing depends on the probability of moves at each scheduled meeting, while longer-dated Treasuries and rate-sensitive equities would respond more to the revised expectations for the policy path. Traders should watch the Fed's formal communication on the revised meeting schedule and any accompanying guidance on how many decisions will remain and where they fall in the calendar, as this will determine how the repricing of fed funds futures is distributed across the year.

HIGH-impact news is typically a market-moving event with multi-pip or multi-percent intraday reactions. Examples include central bank rate decisions, major CPI/NFP releases, geopolitical shocks, mega-cap earnings beats/misses, and regulatory announcements. Traders typically position-reduce or hedge ahead of scheduled HIGH-impact events, and follow the wire in real time to react to unscheduled ones (war headlines, central-bank emergency statements, surprise corporate actions). The Trading News Terminal squawk box reads every HIGH-impact headline aloud the moment it hits the wire — so active traders don't have to stare at the feed.

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