Reports citing sources on Friday indicate that Federal Reserve Chair Kevin Warsh is exploring a reduction in the number of regular monetary policy meetings held each year, as part of his broader push for reform at the central bank.

According to the reports, Warsh floated the idea during this week's Federal Open Market Committee (FOMC) meeting, sparking discussions on adjusting the frequency of policy sessions. A Fed spokesperson declined to comment on the matter.

Currently, the Fed convenes eight two-day monetary policy meetings annually, followed by the release of interest rate decisions and policy statements. This week, the FOMC voted 9-3 to hold the federal funds rate target range steady at 3.5% to 3.75%.

Since taking office as Fed Chair in May, Warsh has repeatedly signaled a desire to overhaul the institution's operational and communication framework. He has previously stated that he is considering reducing the number of post-meeting press conferences to lessen the market's reliance on forward guidance, encouraging financial markets to instead base policy expectations more on economic data and market pricing.

Additionally, Warsh recently announced the formation of five working groups to evaluate several areas of the Fed, including its policy communication mechanism, economic data systems, and balance sheet management, with a mandate to study potential reforms.

Market participants suggest that reducing the frequency of policy meetings would imply a further shift in the pace of Fed adjustments and communication methods. However, discussions remain at a preliminary stage, and no final decision on implementation has been made.