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Fed names members of Warsh task forces for policy review
The five task forces will cover communications, balance sheet policy, economic data quality, productivity and jobs, and inflation frameworks, each led by three members.
The Federal Reserve has published the membership of the task forces Chair Kevin Warsh announced ahead of his first monetary policy meeting, according to FXStreet.
The Fed’s statement reiterated its commitment to price stability and its maximum employment mandate, saying the goals will be pursued with rigor. It also laid out five task-force focus areas: communications, balance sheet policy, improving the quality and timeliness of economic data, productivity and jobs, and developing inflation frameworks.
Each task force will be integrated by three members, including former Bank of England Governor Mervyn King, former Reserve Bank of India Governor Raghuram Rajan, former Federal Reserve Governor Jeremy Stein, and Arminio Fraga, former president of the Central Bank of Brazil.
The Fed said the task forces will be supported by Fed staff and expected to operate independently to produce findings for the FOMC, where monetary policy decisions are made at eight meetings each year. The policy statement also emphasized that the Fed uses interest-rate adjustments to pursue its dual mandate, with stronger or weaker dollar effects depending on whether inflation is above or below its 2% target.