Vosh: The Federal Reserve needs to develop a new framework to address inflation issues

Golden Finance reports that on April 21, Federal Reserve Chair nominee Wosh said that if appointed and taking charge of the Federal Reserve, he would push for a comprehensive overhaul of policymaking. Wosh told the Senate committee, “In my view, the Federal Reserve needs fundamental policy reform. The mistakes made in addressing inflation during the COVID-19 pandemic require such reform, and I believe this means a shift in how policy is carried out. I believe this means the need for a different, entirely new inflation framework.” Wosh said we need new tools and new ways of communication; he mentioned forward guidance, economic forecasts, and the dot plot. He said the Federal Reserve should wait until the meeting to issue statements, because forecasts could interfere with decision-making.