Fed Chair Waller Announces Five New Working Groups to Reform Central Bank Operations, Targeting Year-End Completion

According to Jin10, Federal Reserve Chair Waller announced on June 18 plans to establish five new special working groups to advance Fed reforms. The groups will focus on: communication mechanisms; the Fed's balance sheet; data sources and dependencies; productivity and employment issues in a transition era; and the Fed's inflation framework. Waller said most or all working groups are expected to complete their work by year-end, with preliminary analysis frameworks set to begin in autumn. The communications group may propose modifications to the Fed's Summary of Economic Projections (SEP), which displays interest rate expectations from 19 senior officials. Team assembly is underway, with official launches anticipated in coming weeks.
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