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Fed chair names task forces to revisit data and measures; defends outside experts' role
Summary
The chair said he appointed 15 subject-matter experts to task forces to re-evaluate the data and strategy used for monetary policy, and he rejected the idea those groups will determine Fed policy, saying Fed officials retain decision authority.
The chair said he has "called for a task force to revisit both the private and public data we use to make our decision making" and that he selected 15 experts to tackle important questions about measuring inflation and guiding policy. He said the committees will inform Fed deliberations but will not determine policy.
When a reporter pressed on vetting and raised concerns about a named outside participant's political donations, the chair said, "The chairman of the board of the Federal Reserve and the members of the board and the FOMC... will be the consumers of the outputs from 5 different committees" and that the judgments made by those outside groups will inform, but not determine, Fed decisions.
