Federal Reserve New Chair Warsh Implements Reforms at First Meeting, Establishes Five Major Working Groups to Restructure Economic Analysis Framework

"Fed Mouthpiece" Nick Timiraos wrote that new Fed Chair Kevin Warsh announced the formation of five working groups at the dinner of the first meeting after taking office, aimed at re-examining how the Fed interprets the economy. This move was immediately questioned by Governor Chris Waller, who stated that once the member list is published, the conclusions can be predicted. Warsh had previously persuaded Trump to appoint him and now faces a greater challenge—how to get 18 colleagues to abandon the traditional mindsets he believes have gone off track. The first major test will arrive this Wednesday.