Kevin Warsh pushes Fed to use real time economic data
Federal Reserve Chair Kevin Warsh just pitched a plan to use real time economic data (think instant updates instead of old reports) to help the Fed make better decisions on things like interest rates and inflation.
Speaking in Portugal, Warsh called out how slow, outdated stats can mess with policy, saying new tech could give a clearer picture of what's really happening right now.
Warsh launches 5 data task forces
Warsh is rolling out five task forces, including one focused on finding fresh ways to gather data (not just relying on government numbers).
US agencies are also stepping up: the Bureau of Labor Statistics is working to fix its job numbers after past mistakes, and the Bureau of Economic Analysis will update how it tracks inflation by September.
The goal? More accurate information for smarter decisions that actually reflect what's going on in people's lives.