Newly appointed Fed Chair Kevin Warsh has stood up five working groups to overhaul how the central bank collects data and sets policy. He named 15 co-leaders spanning finance, technology, and retail — including venture capitalist Marc Andreessen, former Walmart CEO Doug McMillon, and ex-Bank of England Governor Mervyn King. One task force is specifically charged with building real-time indicators of consumer spending, inflation, and economic growth, a capability the Fed has historically lacked.
This review signals that the Fed under Warsh intends to change how it reads the economy — potentially shifting away from lagged government surveys toward private-sector data like point-of-sale transactions and supply-chain flows. If successful, it could make Fed decisions more responsive and reduce the policy overshooting that burned investors in 2022-2023. In the near term, markets should watch whether this structural shift alters how the Fed communicates its inflation and rate outlooks.
No firm scheduled date yet for working group findings. Watch for: next FOMC meeting minutes for any reference to data methodology changes; any public remarks from Kevin Warsh or Doug McMillon on the task force's scope.
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