Federal Reserve Chair Kevin Warsh scheduled a press conference for May 29 following the Federal Open Market Committee meeting, as announced by Wall Street Journal reporter Nick Timiraos and Associated Press reporter Chris Rugaber on May 22 via social media. The announcement reflects uncertainty about press conference frequency under Warsh's communication reduction policy, marking a departure from the Jerome Powell era when post-meeting press conferences were routine. Warsh has not committed to holding press conferences after every FOMC meeting, citing his mentor George Shultz's principle that press conferences should only be held when there is something important to communicate. The shift has created ambiguity for Fed watchers accustomed to regular briefings, with veteran reporters now proactively sharing press conference schedules that were previously taken for granted.
Warsh Declines to Commit to Regular FOMC Press Conferences
Timiraos, known as the Fed's unofficial spokesperson, shared a media advisory on his X (formerly Twitter) account stating that Warsh's FOMC press conference would begin at 2:30 PM Eastern Time on May 29. Rugaber also posted the same advisory, noting that "Warsh has not committed to holding press conferences after every meeting." Timiraos added that "there had been some doubt" about whether the press conference would occur.
![Kevin Warsh, Fed Chair]()
At the June FOMC press conference, Warsh avoided directly answering whether he would continue holding press conferences at every meeting. "Press conferences are a very useful way to communicate with households, businesses, and more broadly through people like you (the media)," Warsh stated. "But I had a great mentor, George Shultz (former Secretary of State and Treasury), whose motto was 'press conferences are useful, but when you hold one, make sure you have something important to say.'"
Warsh explained his June appearance by saying, "Today I think I had something important to say regarding our commitment to achieving price stability, our commitment to re-examining practices from the perspective of advancing the Fed, and conveying to you and the American people that these are not idle thoughts."
![FOMC press conference schedule advisory shared by Timiraos]()
Powell Expanded Press Conferences to Every Meeting in 2019
Press conferences by the Fed chair, introduced during Ben Bernanke's tenure, were held four times per year—once per quarter—through the early period of Powell's chairmanship. The practice of holding press conferences at all eight annual FOMC meetings began in January 2019, during Powell's second year as chair.
At the June 2018 FOMC when announcing the expansion, Powell stated, "We want to facilitate an open conversation about what the Fed is doing to support a strong and resilient economy," explaining that increasing press conferences would improve communication.
Warsh announced the establishment of task forces covering five areas at the June FOMC, including one focused on the Fed's communication methods and balance sheet operations.
Market Observers Note Potential Return to Pre-2019 Pattern
The final format for press conferences under Warsh will likely be determined after the communications task force completes its review, though many expect a return to the quarterly schedule. However, reducing press conference frequency could revive the market's previous assumption that monetary policy changes only occur at meetings with press conferences, potentially causing other FOMC meetings to be disregarded.
During Powell's first year in 2018, all four interest rate increases were decided at FOMC meetings in March, June, September, and December—all of which had press conferences. Similarly, all five rate increases during Janet Yellen's four-year tenure as chair occurred at meetings with scheduled press conferences.
FAQ
What did Kevin Warsh announce on May 22 regarding the FOMC meeting?
Warsh scheduled a press conference for May 29 at 2:30 PM Eastern Time following the Federal Open Market Committee meeting, as announced by Wall Street Journal reporter Nick Timiraos and Associated Press reporter Chris Rugaber via social media on May 22.
Why is there uncertainty about FOMC press conferences under Warsh?
Warsh has not committed to holding press conferences after every FOMC meeting, citing his mentor George Shultz's principle that press conferences should only be held when there is something important to communicate, creating ambiguity compared to the Powell era when every meeting included a press conference.
When did the Fed begin holding press conferences at every FOMC meeting?
The practice of holding press conferences at all eight annual FOMC meetings began in January 2019 during Jerome Powell's second year as chair, expanding from the previous quarterly schedule of four press conferences per year.
