Federal Reserve Chair Wash announced at his first Washington press conference a
reform push creates five special working groups to review the Fed’s policy
framework. The groups will cover Fed communications; the Fed balance sheet; use
and reliance on existing data sources; productivity and employment in a
transition era; and the Fed’s inflation framework. Teams are being formed,
expected to start in the coming weeks, deliver initial analytical frameworks in
autumn, and aim to complete most or all work by year-end. The communications
group is expected to propose “well-considered adjustments,” potentially
including changes to the Summary of Economic Projections (SEP) and the
officials’ dot plot.
