Federal Reserve Chairman Walsh formed a team of external experts to review the monetary policy framework

On 10 July, Federal Reserve Chairman Kevin Walsh formed five working groups to conduct a comprehensive review of the Federal Reserve ' s monetary policy operational mechanisms, covering such areas as balance sheet management, policy tools and the impact of artificial intelligence. The Fed indicated that the working groups would operate independently, conduct fact-based research and submit the results of a rigorous analysis to the Federal Open Market Commission. The working group will assess whether there is room for improvement in policy tools, analytical methods and policy frameworks. The team included several eminent economists and former central bank officials. Among them, Raj Chetti, the economist at Harvard University, will be involved in leading the data working group, Mark Anderson, a science and technology investor, will be responsible for the productivity and employment working group, and Greg Manquin, former Chairman of the White House Economic Advisory Committee, will co-lead the inflation working group. Walsh stated that the United States economy had changed dramatically over the past generation, that the transition was now faster and that the Fed needed to ensure that it was in the best position to achieve the twin goals of price stabilization and employment promotion。