The New York Times reports Fed chair Kevin Warsh will disclose further details
in the coming weeks on special working groups charged with reviewing Fed
strategy, policy and operations. In a June 2 letter he promised an "open,
clear-eyed discussion" and said the groups will target five market-relevant
areas: the Fed's communications; its $6.7 trillion Treasury and mortgage-backed
securities portfolio; which data the Fed prioritizes; productivity trends and
labor-market conditions; and the models and metrics used to assess inflation.
Warsh aims to complete the reviews by year-end so policymakers can consider what
reforms, if any, to implement. Each group will be led by external appointees
selected by Warsh and supported by designated Fed staff.
