Looks like a .32 Magnum Magnum.
Link to press release.
Federal Premium® has partnered with Ruger® to introduce a new personal defense revolver cartridge designed to deliver 357 Magnum ballistics out of a 32-caliber diameter platform—and with 20-percent less recoil. The 327 Federal Magnum is designed for use in lightweight, small frame revolvers like the proven Ruger SP101 platform. The gun and ammunition will be available on shelf by January 2008.
Link to press release.