economy
The Fed's new chapter runs through Walmart's ex-CEO
He's part of a new data task force for Chair Kevin Warsh.
TL;DR
- The Fed is exploring real-time data sources like big-box store sales and bank sentiment for a more accurate view of the economy.
- This approach contrasts with traditional, less timely Bureau of Labor Statistics surveys.
- Fed Chair Kevin Warsh has formed a data task force to enhance the 'quality and timeliness of real economic signals'.
- The task force members include former Walmart CEO Doug McMillon, Raj Chetty, and Kevin Murphy.
- Artificial Intelligence (AI) is seen as a potential tool for analyzing this real-time data more effectively.
- Warsh's interest in AI and data is described as 'real and intense'.