Will the Fed announce changes to the SEP publication process during 2026?

The Fed has published the Summary of Economic Projections (SEP) in its current format since 2009, and structural changes to major communication tools are rare absent crisis conditions or fundamental policy shifts. While Kevin Warsh as Chair might pursue communication modernization (Warsh has previously advocated for Fed transparency reforms), the June 2026 decision to hold rates steady and the modest SEP revision upward (March to June median: 3.4 to 3.8 percent) suggest policy focus on data dependence rather than process overhaul. Changes to SEP publication would require FOMC consensus and would likely be announced well in advance with public consultation, which has not been signaled as of mid-July 2026. The probability is elevated above base rates (approximately 5 to 8 percent annually) only because Warsh's appointment as Chair introduces a known reform-minded leader, but the actual probability remains low because: (1) no recent public statements indicate SEP reform is under consideration, (2) the current dot plot format serves hawkish and dovish communicative needs amid policy divergence (nine of eighteen participants above target range), and (3) remaining months in 2026 are insufficient for deliberation and implementation of major structural changes.