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When it comes to the Federal Reserve, markets are understandably focused on whether the world's most powerful central bank hikes next week and, if it does, whether it is a "one and done" or the start of a cycle. Yet, for the reasons I have detailed in a prior column, the more consequential question for the economy and markets is the extent to which the new chair, Kevin Warsh, succeeds in reforming how the Fed operates and, in this context, minimizing the risk of repeating the policy slippages of recent years. In this regard, media outlets report more support internally for reducing the number of FOMC rate-setting meetings from eight to six and scheduling two dedicated strategy meetings instead. #economy #federalreserve #markets