Fed Chair Warsh says goal is to get monetary policy right, this committee will deliver price stability; Inflation is well ahead of 2%, persistently high prices are a burden

• Economic activity at solid pace.
• Congressional remit of price stability and max employment guided our meeting.
• Refrained from offering projections of his own.
• Encouraged others to participate as they have been.

Statement

• The new statement just gives the facts.
• It was shorter and simpler.
• Dispenses with older language.
• Absent of forward guidance as it is not well suited to current policy state.

Announcing task force on five points for review, the task force will be supported by Fed staff. Will ultimately propose next steps. 

1. Communication: Expects to propose changes, including to SEPs:
2. Balance sheet: Review benefits and risks of ample reserve regime, and composition of balance sheet.
3. Use of data sources: Consider new data sources and methodological changes.
4. Productivity and Jobs: Will survey reach of AI and other general purpose tech.
5. Fed's inflation frameworks: Will examine drivers of inflation.