US Stock Market: Fed's Warsh targets real-time economic data overhaul, unveils global advisory task forces
Awaiting price reaction for this filing.
US Fed Chairman Warsh announced plans to overhaul the central bank's economic data systems within 9 to 12 months, criticising existing government surveys for delayed and inaccurate information that contributed to prolonged inflation above the 2% target. He will unveil five new advisory task forces next week covering economic data methods, Fed communications, balance sheet, productivity and employment, and the inflation framework, with international experts including former Bank of England Governor Mervyn King expected to participate. Warsh avoided signalling any shift in monetary policy but reiterated the Fed's commitment to the 2% inflation target, even as the US BLS prepares for new leadership following major downward revisions to employment data.