【Fed Chair Walsh to Release More Details on Task Forces in Coming Weeks】

June 29 – According to the New York Times, soon after taking over as Fed chair, Walsh sent a letter to the central bank's more than 20,000 employees outlining how he plans to lead the institution, which he has long argued is in dire need of a thorough overhaul. In a letter dated June 2, Walsh pledged to promote "an open and sober discussion of the Fed's strategy, policy, and operations."

At the core of Walsh's strategy is a series of task forces focused on five areas he sees as "key to the broad implementation of monetary policy." These areas include: the Fed's communication style; its $6.7 trillion portfolio of government bonds and mortgage-backed securities (MBS); its prioritized data sources; productivity trends and employment conditions; and the models and metrics used to gauge inflation.

According to people familiar with the matter, Walsh will release more details about these task forces in the coming weeks. The goal is to complete the relevant work by year-end, after which policymakers will consider what reforms should be implemented and how exactly to do so. Each task force will be led by a few external experts personally selected by Walsh and assisted by specific staff appointed from within the Fed.