Federal Reserve Chairman Kevin Warsh has set an ambitious goal of transforming how the U.S. central bank assesses the economy by shifting towards real-time data and reducing its reliance on traditional government statistics, as per a report by Reuters.
Speaking at a monetary policy forum in Sintra, Portugal, Warsh said he wants the Federal Reserve within the next nine to 12 months to begin using new technologies and alternative data sources that provide a more immediate picture of economic activity. According to Reuters, he argued that existing government surveys often suffer from measurement issues and fail to capture current economic conditions quickly enough.
