TechFlow News, April 21: Jerome Powell’s nominee for Federal Reserve Chair, Philip N. W. Wash, stated that if confirmed and appointed to lead the Fed, he would push for comprehensive reforms in policymaking. Speaking before a Senate committee, Wash said: “In my view, the Federal Reserve needs fundamental policy reform. The missteps made during the pandemic-era inflation response necessitate such reform—and I believe this entails a shift in how policy is implemented. I believe it calls for a different, entirely new inflation framework.” Wash emphasized the need for new tools and new communication methods, citing forward guidance, economic forecasts, and the dot plot. He added that the Fed should wait until meetings to issue statements, as forecasts could hinder decision-making. (Jinshi)
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