⚡ Kevin Warsh (Fed Chair nominee): ✔ Inflation is significantly above the 2% target. ✔ Economic activity is growing at a steady pace. ✔ Persistently high prices are a burden. ✔ The recent past does not necessarily have to be a prologue to rising inflation. ✔ The Chairs are unanimous in their commitment to ensuring price stability. ✔ Today's monetary policy statement was shorter and simpler; the old wording is absent. ✔ The statement also omits forward guidance, which is ill-suited to the current state of policy. ✔ I have refrained from presenting my own forecasts. ✔ I am appointing task forces in five areas: communication, the Fed's balance sheet, data sources, productivity and employment, and the Fed's inflation frameworks. ✔ Each independent task force will include the best minds from within and outside the economics profession, supported by Fed staff. ❗ I expect to propose changes, including modifications to the Summary of Economic Projections (SEP). ✔ I anticipate that the communications task force will recommend changes to the SEP. ✔ The data task force will examine new data sources and methodological changes. ✔ The productivity and jobs task force will study the extent of the impact of AI and other general-purpose technologies. ✔ The inflation framework task force will study the factors influencing inflation. ✔ The task forces will begin work within the next couple of weeks. ❗ I expect to see some results from the working groups by autumn. ✔ The 2% inflation target is a long-standing Fed goal; I see no reason to revise it until we have achieved that target. ✔ We have the opportunity and the obligation to ensure inflation is at the 2% level. ❗️This post will be updated.