PANews, June 18 – According to Jinshi reports, the new Federal Reserve Chair Warsh, at his first press conference in Washington, announced the launch of efforts to advance Federal Reserve reforms, including the establishment of five new special task forces. Warsh stated: "I will set up task forces in five areas closely related to the execution of monetary policy — first, the Fed's communication mechanisms; second, the Fed's balance sheet; third, the use of and reliance on existing data sources; fourth, productivity and employment issues in an era of transition; and fifth, the Fed's inflation framework. These topics all carry real-world significance and important implications, and in my view, they deserve a thorough re-examination."

He expressed hope that most, if not all, of the task forces will complete their work by the end of this year. The relevant teams are still being formed, are expected to launch in the coming weeks, and will begin providing preliminary analytical frameworks in the fall. Warsh also noted that the task force responsible for communication mechanisms is expected to ultimately propose "well-considered adjustment recommendations," which may include modifications to the Fed's Summary of Economic Projections (SEP). The SEP contains the "dot plot," used to display the interest rate expectations of 19 senior officials. Warsh also pointed out that most private-sector executives use real-time information, which generally requires little significant revision, whereas government data is frequently revised.