The Fed's new chapter runs through Walmart's ex-CEO
When Mike Allen and I are curious about the " real economy ," we talk to sources at big-box stores for a read on real-time sales trends, or friends at super-regional banks to gauge the mood and money movement. To us, that's the real world and real data, imperfect but less imperfect than dated Bureau of Labor Statistics surveys built for a different time and economy. Why it matters: Fed Chair…
The Federal Reserve's new chapter is set to unfold through the lens of Walmart's former CEO, Doug McMillon, who has been appointed to lead a task force aimed at enhancing the quality and timeliness of economic data that informs the Fed's policy decisions. This development comes as Federal Chair Kevin Warsh faces intense scrutiny for his communication style, his vow of a "new chapter" at the Fed, and his relationship with President Trump.
The group includes Raj Chetty, a Harvard economics professor, and Kevin Murphy, an economics professor emeritus from the University of Chicago.
The task force's mission is to leverage artificial intelligence (AI) to aggregate and analyze real-time data feeds, enabling policymakers to make more informed decisions. If the AI approach proves ineffective, it could prove detrimental to the Fed's operations. The ultimate goal of Warsh's new chapter may be the integration of McMillon's insights and expertise into the Fed's decision-making process.
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