Kevin Warsh announces changes to Federal Reserve meeting schedule and policy approach

Federal Reserve Chair Kevin Warsh announced fewer meetings for interest rate decisions at an October committee meeting. The change will also mean fewer official statements about the bank's plans.

Warsh has already made these statements shorter. He has not shared his economic forecasts in the Fed's usual report.

He wants the central bank to play a smaller role in financial markets. He says investors spend too much time trying to predict the Fed's actions. Instead, he wants them to focus on economic data.