PANews June 28 news, according to the Wall Street Journal, when sworn in at the White House, Warsh mentioned Greenspan who took office at the same place 39 years ago, and said the other party was “the first person to show me the responsibilities that this position entails.” Within a month of taking office, he has begun to reshape the internal operating framework of the Federal Reserve, announcing the establishment of five special groups to review topics such as communication strategy and economic data sources. “Fed whisperer” Nick Timiraos said supporters believe these reforms help enhance policy credibility. Although the outside world generally sees his direction as a return to the Greenspan era, many of these mechanisms were actually established with Greenspan’s participation back then, and are now the subject of adjustment.

In terms of data usage, Warsh proposed to evaluate new information sources and adjust methods to obtain more “actionable” economic indicators. This thinking is similar to Greenspan’s approach back then—the latter was known for integrating complex and unconventional data into policy discussions. Historically, Greenspan also promoted indicator adjustments. In the mid-1990s, when inflation fell to a low level, he pointed out to Congress that the Consumer Price Index (CPI) overestimated inflation, and the Fed then gradually shifted to using the Personal Consumption Expenditures Price Index (PCE) as the main reference indicator. However, at that time inflation was in a downward phase, so this adjustment was not seen as policy-motivated; while current inflation remains sticky, Warsh faces greater policy pressure.